Food Products Company announces its interim financial results for the period ending 31st December 2011 (twelve months).
1. Net profit during the 4th Quarter was SR 1,602,659 compared to a net profit of SR 90,224 for the same quarter last year, resulting in an increase of 1,676 %. The same is compared to a net profit of SR 2,013,293 for the previous quarter, resulting in a decrease of 20 %.
2. Gross profit during the 4th Quarter was SR 4,881,567 compared to SR 4,640,195 for the same quarter last year resulting in an increase of 5 %.
3. Total operating profit for the 4th Quarter was SR 102,852 compared to SR 370,063 for the same quarter last year, a decrease of 72 %.
4. Net profit for 12 months is SR 10,531,448 compared to SR 17,424,898 for the same period last year, a decrease of 40 %.
5. Net earnings per share for 12 months were SR 0.53 compared to SR 0.87 for the same period last year.
6. Gross profit for the 12 months was SR 29,438,165 compared to SR 27,710,842 for the same period last year, an increase of 6 %.
7. Total operating profit for the 12 months was SR 9,866,616 compared to SR 9,462,422 for the same period last year, an increase of 4 %.
8. The increase in the net profit of the 4th quarter, compared to that of the same quarter last year is attributed to the increase in the non-operating profit. On the other hand, the operating profit has decreased compared to the same period of last year despite the fact that total sales actually increased by 18 % at the same prices of last year. The mentioned decrease of operating profit is caused by an increase in the general and administration expenses, namely due to payment of the first installments, out of 5, of the settlement of arrears with ZAKAT department, trailing back to the period between 2004 to 2007, paid 427,382 in fourth quarter .Reduced operating profit is also attributed to the increase in the cost of local and imported raw materials and packaging materials.
The decrease in net profit for the whole year, compared to last year is attributed, 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 a total price of SR 9,739,103.
The Auditors report in the 2nd quarter spotted an accumulated error in the summation of General and Administration expenses.This error, however, was later corrected .
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