Alujain announces its annual consolidated financial results

25/02/2013 08:32 AST

Alujain announces its annual consolidated financial results for the period ended 31 December 2012:

1- Net Income was SR51.68 million as compared to net loss of SR9.95 million for the previous year.

2- Earnings per common share was SR0.75 as compared to loss of SR0.14 for the previous year.

3- Gross profit was SR292.42 million as compared to SR158.81 million for the previous year with an increase of 84%.

4- Operating income was SR215.01 million as compared to SR94.52 million for the previous year with an increase of 127%.

5- The reasons for increase in net profits during 2012 as compared to net losses during 2011 is attributed mainly to higher operational efficiencies, increase in production quantities with consequential higher sales volume allowing for lower cost per ton. The sales quantities during 2011 were low due to the scheduled turnaround and crash shutdowns of the plant. During 2012, corresponding to the higher sales volume, the Sales & Marketing expenses also increased by SR 3.7 million due mainly to higher warehouse management cost. Also, the general & administrative expenses increased by SR 9.4 million mainly due to the increase in Fees and Legal expenses for the re-financing activities, Manpower cost and IT related expenses.

6- Certain reclassifications were made in comparative numbers to conform to the current period.


Tadawul

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