Dr. Turki Bin Masood Al-Hayder, the Chairman of the Board of Directors of Food Products Company announces the interim financial results for the half year ended 30/06/2011 as follows:
1. Net profit during the 2nd Quarter was SR 2,322,756 compared to a net profit of SR 12,088,598 for the same quarter last year, resulting in a decrease of 81 %. The same is compared to a net profit of SR 4,475,253 for the previous quarter, resulting in a decrease of 48 %.
2. Gross profit during the 2nd Quarter was SR 8,289,372 compared to SR 7,698,948 for the same quarter last year resulting in an increase of 8 %.
3. Total operating profit for the 2nd Quarter was SR 3,062,813 compared to SR 2,716,906 for the same quarter last year, an increase of 13%.
4. Net profit for 6 months is SR 6,915,495, compared to SR 15,140,295 for the same period last year, a decrease of 54 %.
5. Net earnings per share for 6 months were SR 0.35, compared to SR 0.76 for the same period last year.
6. Gross profit for the 6 months was SR 17,029,525 compared to SR 15,819,051 for the same period last year, an increase of 8 %.
7. Total operating profit for the 6 months was SR 6,939,839, compared to SR 6,003,888 for the same period last year, an increase of 16 %.
8. Mr. Mofarrah Abdallah Al-Marzoug, The Managing Director of Food Products Company attributed the 12 % sales increase in the first 6 months, compared to the same period last year, to tapping new markets for the company products, and to opening new sales outlets that resulted in higher Gross profit and higher operational profit despite higher prices of raw materials and packaging materials.
He also attributed the decrease in net profit in the first 6 months, compared to the same period last year, to the decrease in other revenues which were higher last year due to selling of a building and conceding the right of land rent of one of the companys premises to a neighboring Saudi company in the Second Industrial City for 9,739,103 SR .
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