KHC announces the interim consolidated financial results for the period ended 30/06/2012:
1. Net income for the second quarter was SR 178.9 million compared to the net income of SR 163.5 million for the same quarter in 2011, representing an increase of 9.4 %, and compared to the net income for the last quarter of SR 100.8 million, representing an increase of 77.5%.
2. Gross profit for the second quarter amounted to SR 238.3 million compared to the same quarter in 2011 of SR 341.6 million, representing a decrease of 30.2%.
3. Income from operations for the second quarter amounted to SR 290.9 million compared to SR 286 million for the same quarter in 2011, which represents an increase of 1.7%.
4. Net income for the six month period amounts to SR 279.7 million compared to the net income of SR 254.1 million for the same period in 2011, which represents an increase of 10.1%.
5. Earnings per share for the six months period, amounted to SR 0.08 compared to SR 0.07 for the same period in 2011. Note that the earnings per share computation were made by dividing the number of current weighted average of outstanding shares.
6. Gross profit for the six months period was SR 513.1 million, compared to SR 518.9 million for the same period in 2011, which represents a decrease of 1.1%.
7. Income from operations for the six months period was SR 509 million, compared to SR 494.4million for the same period in 2011, which represents an increase of 3%.
8. The reason for the change in net profit for the period and an increase in the companys income is due to income from investments and profits from the sale of real estate investments as well as dividends from investments in financial markets despite the low performance of international hotel companies as a result of current events in the Middle East. Please note that some figures were adjusted for comparison periods.
9. The increase in net income for the second quarter is due to an increase in income from investments, an increase in dividends received, and a reversal of impairment loss, despite the slight decrease in income from investments and international hotel companies as a result of current events in the Middle East.
10. The reason for the decrease in total revenue and total costs and expenses is due to a change in reporting for our investment in Trade Centre Company Ltd (TCCL), from consolidated method to the equity method made in the second quarter of 2011.
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