Astra Industrial Group announces the interim financial results for the period ended 31/12/2011
1. Net profit for the fourth quarter is SAR 62.9 million, compared to SAR 58.6 million for the corresponding quarter of the previous year, an increase of 7 % and compared to SAR 58.5 million for the previous quarter, an increase of 8 %.
2. Gross profit for the fourth quarter is SAR 147.1 million, compared to SAR 136.4 million for the corresponding quarter of the previous year, an increase of 8 %.
3. Operating profit for the fourth quarter is SAR 49.1 million, compared to SAR 47.9 million for the corresponding quarter of the previous year, an increase of 3 %.
4. Net profit for the twelve months is SAR 250.7 million, compared to SAR 259.0 million for the same period of the previous year, a decrease of 3 %.
5. Earnings per share during the twelve months is SAR 3.38 compared to SAR 3.49 for the same period of the previous year.
6. Gross profit for the twelve months is SAR 578.2 million, compared to SAR 485.1 million for the same period of the previous year, an increase of 19 %.
7. Operating profit during the twelve months is SAR 191.7 million, compared to SAR 175.3 million in the same period of the previous year, an increase of 9 %.
8. The increase in net income, gross profit and operating income for the fourth quarter ended December 31, 2011 compared to the same period in the previous year and third quarter of 2011 is mainly due to increase in sales from all of the company sectors.
The decrease in net income for the year ended December 31, 2011 compared to previous year is mainly due to non-recurring profit in 2010 Financial Statements from the sale of Arabian Company for Comforts & Pillows of SR 29 Million. By deducting the effect of non-recurring profit, the current year profit would be higher by 9%. The increase in gross profit and operating income for the year ended December 31, 2011 compared to the previous year, is mainly due to the increase in sales from all sectors. Operating income for the fourth quarter and the year increased at a lower percentage than the increase in gross profit percentage due to marketing expenses related to new markets. The comparative numbers is the audited numbers for previous year.
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