1. Net income for the second quarter decreased to SAR 12.38 million which is lower than the same period last year of SAR 21.34 million and has decreased by compared to Q1 2012 of SAR 18.32 million.

2. Gross profit for the Q2 decreased to SAR 22.87 million which is lower than the same period of last year of SAR 29.74 million.

3. Operating profit for the Q2 decreased to SAR 13.32 million which is lower than the same period of last year of SAR 21.17 million by.

4. Net income for the first 6 months of this year decreased to SAR 30.7 million which is lower than first 6 months of last year of SAR 42.35 million by.

5. Gross profit for the first 6 months of this year decreased to SAR 52 million which is lower than the first 6 months of last year of SAR 58.49 million by 11.1%.

6. Operating profit for the first 6 months of this year decreased to SAR 32.68 million which is lower than the first 6 months of last year of SAR 42.21 million by 22.6%.

7. The reason for the decrease in net income for the Q2 and first 6 months of year 2012 compared to same period of last year is mainly due to the low margin on the export projects sales because of global price competition coupled with increase in raw material price although total sales for the Q2 2012 increased by 22% at SAR 187 million compared to same period of last year of SAR 153 million and delivered quantity for the Q2 2012 total at 43,000 tonnes increased by 22% compared to same period last year of 35,000 tonnes.

Source - Tadawul

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