Saudi Industrial Export Company Announces Its Interm Financial Results

14/04/2013 13:54 AST

SAUDI INDUSTRIAL EXPORT COMPANY ANNOUNCES ITS INTERM FINANCIAL RESULTS FOR THE FIRST QUARTER ENDING AT 31/03/2013 ( THREE MONTHS ):

1- The company's net profit during the first quarter was SR 2.7 million compared to SR 444 thousands for the same quarter last year with an increase of 508.1%, And compared to SR 590 thousands for the last quarter with an increase of 357.6%.

2- The company's gross profit during the first quarter was SR 4.0 million compared to SR 1.5 million for the same quarter last year with an increase of 166.7% .

3- The company's income from operation during the first quarter was SR 2.9 million compared to SR 488 thousands for the same quarter last year with an increase of 494.3% .

4- The Earnings per share during three months was SR 0.25 compared to SR 0.04 for the same quarter last year.

5- The reasons for the increase in sales and profit during the first quarter of 2013 compared to the same quarter last year is mainly due to the increase in export to the Ethiopian Market, where export increased by 63% in addition to the increase of local sales of food products, where local sales increased by 408%.

6- The reasons for the increase in profit during the first quarter of 2013 compared to fourth quarter of last year is due to increase in export volume and increase in profit margin for exports to Ethiopian Market.


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