City Cement Company Announces Its Interim Financial Results

15/04/2013 09:43 AST

CITY CEMENT COMPANY ANNOUNCES ITS INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDED 31/03/2013 (THREE MONTHS):

1. The net profit for the first quarter reached SR 51.79 million compared to SR 83.44 million for the same quarter of previous year, an decrease of 37.93%, against a net profit of SR 43.51 million for the forth quarter of 2012, representing a increase of 19.03%.

2. The gross profit during the first quarter was SR 57.06 million compared to SR 87.65 million for the corresponding quarter last year, a decrease of 34.90%.

3. The operating profit during the first quarter was SR 54.29 million compared to SR 85.44 million for the corresponding quarter last year, a decrease of 36.46%.

4. The earning per share (EPS) for the three months amounted to SR 0.27 against SR 0.88 for the same period of the previous year.

5. The reason for the decrease in net profit in the first quarter compared to the same quarter last year is due to the stalling of one of the cement mills which has been fixed during the first week of Feb. 2013

6. The reason for increase in net profit for this quarter compared to previous quarter was due to the completion of fixing the stalled cement mill and returning it to normal productive situation.

7. EPS was calculated for the three months ended 31/03/2013 and 2012 by dividing operating profit and net profit for each period over weighted average number of shares outstanding for each period. the weighted average shares for the period ended 31/03/2013 were 189,200,000 shares (31/03/2012 were 94,600,000 shares)

8. Comparative figures for the period ended 31/03/2012 have been reclassified to conform to the current period ended 31/03/2013 presentation.

Tadawul