MUBARRAD presents the Annual Financial Results

25/02/2013 09:11 AST

The financial Results for the period ended in 31/12/2012 are as explained in the following section:

1. The net profit amounted to 2.27 SR million, compared to the net loss of SR (119.68) million in the previous year.

2. The profit-per-share amounted to 0.13 SR, compared to the loss-per-share of SR (6.65) in the previous year.

3. The gross profit amounted to 5.75 SR million, compared to 2.23 SR million in the previous year. Thereby an increase of 157.85%.

4. The operational profit amounted to 731SR thousand, compared to the operational loss of SR (5.02) million in the previous year.

5. The net profit during this current period in comparison with the incurred net loss during the same period from the previous year has been attained due to the increased activity revenues, and decreased operational, general and administrative expenses during this current quarter and thereby the inclusion of the same period from the previous year to the followings:

- The Recognition of permanent decrease in the value of investment securities which are available for sale at SR (104.56) million through the income statement in accordance with the fair market value of the investments in 31/03/11.

- The loss incurred from the devaluation of inactive properties and equipments with the amount of SR(8.75) million according to the net book value or the fair value, whichever is lower, and the ownership of This fleet is returned to the company from the period of 1986 to 2004.

- The bad debts that was not collected with the amount of SR (4.29) million, which has been made dates back to the period from 1996 to 2008.

- Increased dedicated stagnant spare parts with the amount of SR (805) thousand, compared to stagnant spare parts which specific units have been sold long before.

The increased gross profit during this current period compared to the same period of the previous year is due to the more improved technical operations that resulted in increased activity revenues.

The operational profit during this current period compared to the same period of the previous year has been attained due to the increased activity revenues and decreased general and administrative expenses.

6. The reclassification of some comparative numbers of the previous period to conform to the current period presentation has been completed.

Tadawul