SIECO Announces Its Interm Financial Results For the 4th Quarter

13/01/2013 07:38 AST

1- The company's net profit during the fourth quarter is SR 590 thousands compared to profit SR 142 thousands for the same quarter last year with a increase of 315.5% , and compared to profit SR 1.3 million for the last quarter with a decrease of 54.6% .

2- The company's gross profit during the fourth quarter is SR 2.3 million compared to profit SR 1.3 million for the same quarter last year with an increase of 76.9%.

3- The company's operating profit for the fourth quarter is SR 1.2 million compared to loss SR 184 thousands for the same quarter last year.

4- The company's net profit during the twelve months is SR 2.8 million compared to profit SR 9.3 million for the same period last year with a decrease of 69.9%.

5- The earnings per share during twelve months is SR 0.26 compared to earning SR 0.86 for the same period last year.

6- The company's gross profit during the twelve months is SR 6.9 million compared to SR 13.5 million profits for the same period last year with a decrease of 48.9%.

7- The company's operating profit during twelve months is SR 2.6 million compared to profit SR 8.8 million for the same period last year with a decrease of 70.5%.

8- The reason for the increase in Sales and Profit during fourth quarter compared to same quarter last year is due to increase in sale and export to Ethiopians market with new products.

9-The decrease in sales and profit during the period and compared to the same period last year is due to decrease in export volume of the raw material for fertilizer manufacturing to China market, in addition to fallen profit margin due to high supply and low demand, despite the export of new products to Ethiopians market and the increase of food distribution in local market.

10-The decrease in profit during the fourth quarter compared to previous quarter is due to decrease in profit margin due to high competition by Chinese and Indian products, also reduction in non operational income (other income) has contributed significantly in the decrease of profit.

11-Fourth Quarter result has been compared to last year audited result.

Tadawul