CITYCEMENT Announces Fourth Quarter Net Profit of SR 43.51 Million

15/01/2013 08:28 AST

City Cement Company announces its interim consolidated financial results for the period ended 31/12/2012:

1. The net profit for the fourth quarter reached SR 43.51 million compared to SR 66.56 million for the same quarter of previous year, a decrease of 34.63%, against a net profit of SR 39.03 million for the third quarter of 2012, representing a increase of 11.48%.

2. The gross profit during the fourth quarter was SR 52.05 million compared to SR 78.81 million for the corresponding quarter last year, a decrease of 33.95%.

3. The operating profit during the fourth quarter was SR 47.99 million compared to SR 69.69 million for the corresponding quarter last year, a decrease of 31.14%.

4. The net profit during the twelve months was SR 242.96 million against SR 222.66 million for the corresponding period last year, an increase of 9.11%.

5. The earning per share (EPS) for the twelve months amounted to SR 2.00 against SR 2.53 for the same period of the previous year.

6. The gross profit during the twelve months was SR 279.76 million against SR 242.33 million for the corresponding period last year, an increase of 15.44%.

7. The operating profit during the twelve months was SR 265.54 million against SR 230.46 million for the corresponding period last year, an increase of 15.22%.

8. The reason for the decline in net profit during the fourth quarter over the same period last year was due to one of the cement mills break down for major maintenance.

9. The main reason for the rise in net profit during the twelve months over the same period last year was due to the increase in sales volume.

10. The reason for the growth in net profit of the fourth quarter compared to the previous third quarter is due to the observance of Ramadan and Eid Al-Fitr holiday which affected the third quarter sales in addition to IPO expenses charged to the third quarter.

11. Earnings per share was calculated for the three months and twelve months ended on December 31, 2012 and 2011 by dividing income from operations and net income for each period by the average number of shares during the periods, which amounted to twelve months ended December 31, 2012 121,438,797 shares, and for the three months ended December 31, 2012 189,200,000 shares (on 31 December 2011 the number of shares equal 88 million shares).

12. Comparative figures for the period ended 31/12/2011 have been reclassified to conform to the current period ended 31/12/2012 presentation.

Tadawul