The results are as follows:
1. The Net Profit for the 2nd quarter ended 30 June 2011 amounted to SAR 62.5 million, an increase of 100 % compared to the same period last year (SAR 31.2 millions) and an increase of 43 % compared to the 1st quarter 2011 (SAR 43.7 million).
2. The Gross Profit for the 2nd quarter ended 30 June 2011 amounted to SAR 160.3 million, an increase of 46 % compared to the same period last year (SAR 109.7 million) .
3. The Operating Profit for the 2nd quarter ended 30 June 2011 amounted to SAR 72.3 million, an increase of 84 % compared to the same period last year (SAR 39.2 millions).
4. The Net Profit for the first six months ended 30 June 2011 amounted to SAR 106.3 million, an increase of 105% compared to the same period last year (SAR 51,9 millions).
5. The Earning per share (EPS) for the six months ended 30 June 2011 was SAR 0.11 compared to SAR 0.06for the same period last year.
6. The Gross Profit for the first six months ended 30 June 2011 amounted to SAR 288.2 million, an increase of 51 % compared to the same period last year (SAR 190.2 million)
7. The Operating Profit for the first six months ended 30 June 2011 amounted to SAR 109.2 million, an increase of 96 % compared to the same period last year (SAR 55.7 millions).
8. The net income increase in the second quarter and in the six month period ended 30 June 2011 compared to the same period last year is attributed to:
an increase in the average realized prices of gold, an increase in gold ounces sold; and Lower Zakat provision. The net income improvement was achieved despite the low return on investment deposits of an Islamic Murabaha.
The second quarter 2011 improvement compared with first quarter 2011 is due to the same reasons as above and in addition to the decrease in General and Administrative cost.
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