SIDC announces interim consolidated financial results

22/01/2013 07:50 AST

Saudi Industrial Development Company (SIDC) announces interim consolidated financial results for the period ended 31/12/2012 (TWELVE MONTHS).

1-Net profit during the fourth quarter is (4.4) million riyals compared to (2.2) million riyals for the same quarter last year, an increase of 100% compared to net profit (9.4) million riyals for the previous quarter, a decrease of 53%.

2-The gross profit during the fourth quarter is (21.4) million riyals compared to (18) million riyals for the same quarter of previous year, an increase of 19%.

3-Net operating profit during the fourth quarter is (3.8) million riyals compared to net operating profit (3.2) million riyals for the same quarter of previous year, an increase of 19%. 4-Net profit during the period of twelve months is (33.5) million riyals compared to net profit (24.6) million riyals for the corresponding period of previous year, an increase of 36%.

5-Earnings per share during the period of twelve months are (0.84) riyals compared to earnings per share (0.62) riyals compared to same period last year.

6-The gross profit during the period of twelve months (94.7) million riyals compared to gross profit (78.5) million riyals for the same period of previous year, an increase of 21%.

7-Net operating profit during the period of twelve months is (36.7) million riyals compared to net operating profit (26.1) million riyals for same period of previous year, an increase of 41%. 8-The reason for Companys higher net profits in the present quarter compared to the same quarter last year is due to lower production costs.

9-The reason for Companys higher net profit in the current period compared to the same period of the previous year is due to increase sales and lower production costs.

10-The reason for the lower net profit during the current quarter compared with the previous quarter of this year is due to increased operating expenses and lower sales.

11-Financial statements were amended for the same period of the previous year and the current year after the consolidation of the financial statements of the Arabian Spring and Foam Mattresses Mfg. Company ltd "Sleep High- Egypt" for comparison purpose.

Tadawul