Anaam Holding net plunges 78% in Q2

20/07/2011 00:00 AST

Anaam International Holding Group's net profit dropped 78 percent to SR1.1 million in the second quarter compared to SR4.9 million for the same period of 2010, a company statement posted on Tadawul website said Tuesday. It plunged 50 percent from SR2.2 million reached in the first quarter of this year.

The decrease in profit for the first half of 2011 compared to the same period of 2010 is mainly due to gain on sale of investments of SR5.2 million in the first six month of 2010. The decrease in profit during Q2 compared to Q1 of 2011 is due to gain on sale of fixed assets of SR2.8 million in Q1 of 2011.

Meanwhile, gross profit for Q2 2011 jumped 55 percent to SR6.5 million compared to SR4.2 million for the same period of 2010.

Operating profit for Q2 2011 is 1.1 million compared to SR213 thousand for the same period of 2010, representing an increase of 416 percent.

The increase in gross profit is due to increase in sales by 104 percent compared to the same period last year, which affected positively in increasing of operating profit by 416 percent in Q2 of 2011 compared to Q2 of 2010, the company said.

Net profit for the six months is SR3.3 million compared to SR5.1 million for same period of 2010, representing a decrease of 35 percent.

Earnings per share were SR0.30 for the first 6 months compared to SR0.47 for the same period of 2010.

6. Gross profit for the six months totaled SR11.3 million compared to SR6.3 million for the same period of 2010, representing an increase of 79 percent.

Saudi Gazette