SPPC Announces Its Interim Consolidated Financial Results

20/01/2013 09:32 AST

Saudi Printing & Packaging Company (SPPC) announces its interim consolidated financial results for the period ended December 31, 2012:

1. The net income for the fourth quarter was SR 86.0 Million compared to SR 9.6 Million for the same quarter of 2011, representing an increase of% 795.8 and compared to SR 6.9 Million for the previous quarter, representing an increase of %1,146.4

2. The gross profit for the fourth quarter was SR 52.7 Million compared to SR 18.3 Million for the same quarter of 2011, representing an increase of %188.0

3. The income from operations for the fourth quarter was SR 16.1 Million compared to SR 6.1 Million for the same quarter of 2011, representing an increase of %163.9

4. The net income for the twelve months ended December 31, 2012 was SR 124.6 Million compared to SR 36.0 Million for the same period of 2011, representing an increase of 246.1%.

5. The earnings per share for the twelve months ended December 31, 2012 was SR 2.08 compared to SR 0.6 for the same period of 2011.

6. The gross profit for the twelve months ended December 31, 2012 was SR 150.8 Million compared to SR 75.6 Million for the same period of 2011, representing an increase of 99.5%.

7. The profit from operations for the twelve months ended December 31, 2012 was SR 67.2 Million compared to SR 38.9 Million for the same period of 2011, representing an increase of % 72.8.

8. The main reason for the increase in net income for the fourth quarter of 2012 compared to the same quarter of 2011 is attributable to a capital gain amounting to SR 77.0 Million included in other income arising from the sale of a part of SPPCs land located in Dhahban district in Jeddah, in addition to including the financial results for the fourth quarter of 2012 of Emirates National Factory for Plastic Industries L.L.C., the wholly acquired company, in SPPCs interim consolidated financial statements.

9. The main reason for the increase in net income for the twelve months ended December 31, 2012 compared to the same period of 2011 is mainly attributable to the above mentioned capital gain and including the financial results of the second half of 2011 of the acquired company in SPPCs interim consolidated financial statements.

10. The main reason for the increase in net income for the fourth quarter 2012 compared to the previous quarter of the current year is mainly attributable to the above mentioned capital gain and including the above mentioned financial results of the fourth quarter of the acquired company in SPPCs interim consolidated financial statements.

11. The Auditors Review Report included the following )Emphasis of a Matter(: "We would like to draw the attention that the financial results of Emirates National Factory for Plastic Industries L.L.C. have been consolidated in these interim consolidated financial statements effective July 1, 2012 to December 31, 2012, as disclosed in Note )1"(.

12. It is also worth mentioning that during the interim review conducted by the Auditors, the total consideration for the acquisition of Emirates National Factory for Plastic Industries was reduced from SR 656 Million to SR 642 Million.

Note: Certain figures have been reclassified to conform to the current presentation of 2012.

Tadawul