Zoujaj announces its interim financial results

20/01/2013 11:10 AST

The National Company For Glass Industries (Zoujaj) announces its interim financial results for the period ending 31st December 2012 as follows:

1.For the fourth quarter ended 31st December 2012, Zoujaj incurred a net loss of SAR (1.6) million as compared a net profit to the same period last year of SAR 5.3 million ,and compared to the 3rd quarter of year 2012 of SAR 11.7 million.

2.The total gross profit for the fourth quarter amounted to SAR 10.0 million as compared to the same period last year SAR 8.8 million, an increase of 13.6%.

3. The operating profit for the fourth quarter amounted to SAR 6.7 million, as compared to the same period last year SAR 6.0 million, an increase of 11.7 %.

4.The total net profit for the twelve month period ended 31st December 2012 amounted to SAR 43.6 million, as compared to the same period last year SAR 81.1 million, an decrease of (46.2 %).

5.The Earnings per share for the twelve month period ended 31st December were SAR 1.46 as compared to SAR 2.70 for the same period last year.

6.The total gross profit for the twelve month period amounted to SAR 41.8 million as compared to the same period last year SAR 43.6 million, a decrease of (4.1%).

7.The operating profit for the twelve month period ended 31st December 2012 amounted to SAR 29.3 million, as compared to the same period last year SAR 32.4 million, a decrease of (9.6 %).

8.The reason for Loss in the net profit for the quarter ended 31st December 2012 as compared with last year same period was mainly due to decrease in the average price of associated companies operating in float glass as a result of market competition, asset impairment loss of associated company as well as production stoppage for repairs and maintenance and related cost incurred by associated company.

9.The reason for the decrease in the net income for the twelve month ended 31st December 2012 as compared with the last year same period, mainly due to decrease in the average selling price of associated companies operating in float glass as a result of market competition, asset impairment loss of associated company, production stoppage loss for repairs and maintenance and related cost incurred by associated company. Regarding the decrease in the gross margin and operating profit for the twelve month ended 31st December 2012 as compared with the same period last year, due to decrease in glass container sales volume as a result of low finished goods inventory transfer from year 2011.

10.The reason for Loss in the net profit for the quarter ended 31st December 2012 as compared with last quarter was mainly due to decrease in the average price of associated companies operating in float glass as a result of market competition, asset impairment loss of associated company, production stoppage for repairs and maintenance and related cost incurred by associated company and provision for shares available for sale.

Tadawul