1. The net loss during the Q3 of 2011 amounts to SAR 14.8 million as against net loss of 71.5 million for the same quarter of last year, a decrease of 79 % and against profit of SAR 22.6 million for the previous quarter.
2. The gross profit during the Q3 of 2011 amounts to SAR 22.8 million as against loss of SAR 35.2 million for the same quarter of last year.
3. The operating loss during the Q3 amounts to SAR 19 million as against loss of SAR 80.8 million for the same quarter of last year, a decrease of 76 %.
4. The net profit during the nine months amounts to SAR 28 million as against net loss of SAR 97.0 million for the same period of last year.
5. The profit per share during the nine months of 2011 amounts to SAR 0.37 as against loss of SAR 1.28 for the same period of last year.
6. The gross profit during the 9 months of 2011 amounts to SAR 142.3 million as against SAR 7.5 million for the same period of last year an increase of 1794 %.
7. The operating profit during the nine months amounts to SAR 22.5 million as against loss of SAR 114.3 million for the same period of last year.
8. The decrease in losses in the Q3 of 2011 compared to the same quarter last year is due to increase in sales and gradual improvement in profits. The improvement in the profits for the nine month period of the current year compared to the losses during the same period last year is due to the increase in sales and improvement in profit margins.
9. The networth of the company has been temporarily reduced due to reduction in cumulative changes in fair value as explained in the Notes to the Financial Statements, Note No.8. This arises from the fact that we have confirmed orders, exceeding over SAR 2.1 billion that have been fully hedged and these fixed prices when compared with the lower prevailing end September market metal price impact the Cumulative changes in fair value adversely. These orders will be shipped out with positive margins in the subsequent period and this reduction in the networth will then be restored. This is the normal manner of dealing with such fluctuations in our business, and the hedging mechanism keeps the company fully protected against day to day metal price variations.
(Sourced from Tadawul)
