SPPC announces its interim consolidated financial results

21/04/2013 16:18 AST

Saudi Printing & Packaging Company (SPPC) announces its interim consolidated financial results for the period ended March 31, 2013:

1. The net income for the first quarter was SR 13.7 Million compared to SR 8.1 Million for the same quarter of the previous year, representing an increase of 69.1% and compared to SR 86.0 Million for the fourth quarter of the previous year; representing a decrease of 84.1%.

2. The gross profit for the first quarter was SR 57.7 Million compared to SR 19.8 Million for the same quarter of the previous year, representing an increase of 191.4%.

3. The income from operations for the first quarter was SR 26.5 Million compared to SR 10.5 Million for the same quarter of the previous year, representing an increase of 152.4%. 4. The earnings per share for the first quarter was SR 0.23 compared to SR 0.14 for the same quarter of the previous year.

5. The increase in net income, gross profit, income from operations and other income for the first quarter of 2013 compared to the same quarter of the previous year is mainly attributable to including the financial results of the first quarter of 2013 of Emirates National Factory for Plastic Industries L.L.C. (ENPI), which was wholly acquired during the third quarter of 2012, in SPPCs interim consolidated financial statements.

6. The decrease in net income for the first quarter of 2013 compared to the fourth quarter of 2012 is mainly attributable to a capital gain amounting to SR 77.0 Million included in other income for the fourth quarter of 2012 arising from the sale of part of SPPCs land located in Dhahban district in Jeddah.

7. The main reason for increase in the following expenses in the first quarter of 2013 compared to the same quarter in 2012 is mainly attributable to the following reasons: - Selling & marketing expenses and general & administrative expenses: including ENPI expenses of the first quarter of 2013.

- Financial charges: including ENPI expenses of the first quarter of 2013 and financial charges of ENPIs acquisition.

Tadawul