05 February 2013
Saudi Arabian Amiantit announces the annual financial results for the period ended December 31, 2012 as follows ;.
1.The net income for the twelve months amounted to SR 111.3 million compared to SR 151.2 million for the prior year, representing a decrease of 26%
2.The earning per share amounted to SR 0.99 compared to SR 1.31 for the prior year.
3.The gross profit amounted to SR 556.6 million compared to SR 642.9 million for the prior year, representing a decrease of 13%
4.The income from operation amounted to SR 263.3 million compared to 324.3 million for the prior year, representing a decrease of 19%
5.Income for the year declined due to decrease of sales by 3% compared to the prior year. The management adopted the policy of containing the sales knowing that this would result in declining sales growth because of the notable increase of the outstanding receivables and the willingness of the management to control and decrease the growth of the receivables by way of controlling the credit sales. Other reason of declined profits is the share of the company in the net losses of Associates amounting to SR 39.3 Million compared to SR 11.4 Million for the prior year. Financial charges increased by 19% compared to the prior year due to the increase of the outstanding receivables from various customers. The company has continued improving productivity and rationalizing expenditure. Therefore, operating expenses decreased by 8% compared to the twelve months of prior year.
6.Orders in hand as of 31/12/2012 are still on good levels
7.Certain amounts in the comparative 2011 financial statements have been reclassified to conform to 2012 presentation
Saudi Arabian Amiantit announces the annual financial results for the period ended December 31, 2012 as follows ;.
1.The net income for the twelve months amounted to SR 111.3 million compared to SR 151.2 million for the prior year, representing a decrease of 26%
2.The earning per share amounted to SR 0.99 compared to SR 1.31 for the prior year.
3.The gross profit amounted to SR 556.6 million compared to SR 642.9 million for the prior year, representing a decrease of 13%
4.The income from operation amounted to SR 263.3 million compared to 324.3 million for the prior year, representing a decrease of 19%
5.Income for the year declined due to decrease of sales by 3% compared to the prior year. The management adopted the policy of containing the sales knowing that this would result in declining sales growth because of the notable increase of the outstanding receivables and the willingness of the management to control and decrease the growth of the receivables by way of controlling the credit sales. Other reason of declined profits is the share of the company in the net losses of Associates amounting to SR 39.3 Million compared to SR 11.4 Million for the prior year. Financial charges increased by 19% compared to the prior year due to the increase of the outstanding receivables from various customers. The company has continued improving productivity and rationalizing expenditure. Therefore, operating expenses decreased by 8% compared to the twelve months of prior year.
6.Orders in hand as of 31/12/2012 are still on good levels
7.Certain amounts in the comparative 2011 financial statements have been reclassified to conform to 2012 presentation
© Tadawul 2013
