Zoujaj announces its interim financial results

15/10/2012 10:27 AST

The National Company For Glass Industries (Zoujaj) announces its interim financial results for the period ending 30th September 2012 as follows:

1.For the third quarter ended 30th September 2012, Zoujaj achieved a net profit of SAR 11.7 million as compared to the same period last year of SAR 21.1 million, an decrease of (44.5%), and compared to the 2nd quarter of year 2012 of SAR 15.9 million, an decrease of (26.4 %).

2.The total gross profit for the third quarter amounted to SAR 9.8 million as compared to the same period last year SAR 9.4 million, an increase of 4.3%.

3.The operating profit for the third quarter amounted to SAR 6.8 million, as compared to the same period last year SAR 7.0 million, a decrease of (2.9 %)

4.The total net profit for the nine month period ended 30th September 2012 amounted to SAR 45.2 million, as compared to the same period last year SAR 75.8 million, an decrease of (40.4 %).

5.The Earnings per share for the nine month period were SAR 1.51 as compared to SAR 2.53 for the same period last year

6.The total gross profit for the nine month period amounted to SAR 31.8 million as compared to the same period last year SAR 34.8 million, a decrease of (8.6%)

7.The operating profit for the nine month period amounted to SAR 22.6 million, as compared to the same period last year SAR 26.3 million, a decrease of (14.1 %)

8.The reason for the decrease in the net income for the nine month ended 30th September 2012 as compared with the last year same period and previous quarter, mainly due to decrease in the average selling price of associated companies operating in float glass as a result of market competition. Regarding the decrease in the gross margin and operating profit for the nine month ended 30th September 2012 as compared with the same period last year, due to decrease in glass container sales volume as a result of low finished goods inventory transfer from year 2011.

Tadawul