Arabian Cement Company announces its interim consolidated financial results for the period ended 31/03/2013 :
1-Arabian Cement reported a net income of SR 157.3 million for the first quarter ended 31 March 2013 compared to SR 146.1 million for the same quarter previous year, a growth of 7.7% and compared to SR 78.6 million for the fourth quarter of last year, a growth of 100.1%.
2- Gross profit for the first quarter ended 31 March 2013 amounted to SR 168.2 million compared to SR 174.4 million for the same quarter previous year, a decline of (3.6)%.
3-Operating profit for the first quarter ended 31 March 2013 amounted to SR 157.6 million compared to SR 151.7 million for the same same quarter previous year, a growth of 3.9%.
4-Earnings per share for the three months ended 31 March 2013 reached SR 1.97 compared to SR 1.83 for the same period previous year.
5-The increase in net income for the first quarter ended 31 March 2013 compared to the same period previous year is mainly driven by the decrease in operating expenses and the increase in other income.
6-The decrease in gross profit for the first quarter ended 31 March 2013 compared to the same period previous year is mainly driven by the decrease in sales revenue.
7-The increase in net income for the first quarter ended 31 March 2013 compared to the fourth quarter previous year is mainly driven by the increase in sales revenue and decrease in cost of goods sold as a result of scheduled plant shutdowns in the fourth quarter of year 2012.
8-The company had restated the financial statements presentation of some items for the period ended 31/03/2012 to be consistent with the classification used for the same period this year.
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