MIRA INFORM REPORT

 

 

Report Date :

25.07.2012

 

IDENTIFICATION DETAILS

 

Name :

ABDULLAH AL OTHAIM MARKETS CO

 

 

Registered Office :

East Ring Road, Exit 14 Eastern Ring Road, Exit 14, Rabwah P.O.Box 41700

Riyadh, 11531

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

21.05.1980

 

 

Legal Form :

Public Subsidiary

 

 

Line of Business :

Retail sale in non-specialised stores with food, beverages or tobacco predominating

 

 

No. of Employees :

5,097

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Saudi Arabia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

Top of Form

Bottom of Form

Abdullah Al Othaim Markets Co

                                                                                                                                                    

 

East Ring Road, Exit 14

Eastern Ring Road, Exit 14, Rabwah

P.O.Box 41700

Riyadh, 11531

Saudi Arabia

 

Tel:

966-1-2547000

Fax:

966-1-4933264

 

www.othaimmarkets.com

 

Employees:

5,097

Company Type:

Public Subsidiary

Corporate Family:

5 Companies

Ultimate Parent:

Al Othaim Holding Co

Traded:

Saudi Arabian Stock Exchange:

4001

Incorporation Date:

21-May-1980

Auditor:

Deloitte & Touche LLP

Financials in:

USD (mil)

 

 

Fiscal Year End:

31-Dec-2011

Reporting Currency:

Saudi Riyal

Annual Sales:

1,090.8  1

Net Income:

40.0

Total Assets:

446.8  2

Market Value:

509.9

 

(27-Jun-2012)

                                      

Business Description       

 

Abdullah Al-Othaim Markets Company is a Saudi Arabia-based joint stock company engaged in the retail and wholesale trade of food stuff, in addition to constructing commercial malls and investing in their sales or leases. The Company undertakes wholesale trading in food supplies, fish, meat, cars and its spare parts, agricultural crops and livestock, and household equipment; constructing, managing, operating and maintaining of super markets, malls, and storage and cooling warehouses; cooked and non-cooked catering services; computer services, and operating and maintaining electrical and mechanical equipment. During the year 2011, the Company operated seven hypermarkets, 65 supermarkets, eight wholesale outlets and 26 corners. For the three months ended 31 March 2012, Abdullah Al-Othaim Markets Company's total revenue increased 5% to SAR1.01B. Net income decreased 7% to SAR33.9M. Total revenue reflects an increase in demand for the Company's products and services. Net income was offset by significant increase in general and administrative expense, as well as selling and distribution expenses. The company is listed in Saudi Stock Exchange.

          

Industry                                                                                                                                      

 

Industry

Retail (Grocery)

ANZSIC 2006:

4110 - Supermarket and Grocery Stores

NACE 2002:

5211 - Retail sale in non-specialised stores with food, beverages or tobacco predominating

NAICS 2002:

44511 - Supermarkets and Other Grocery (except Convenience) Stores

UK SIC 2003:

5211 - Retail sale in non-specialised stores with food, beverages or tobacco predominating

US SIC 1987:

5411 - Grocery Stores

                     

Key Executives           

                       

 

Name

Title

Abdul Aziz Saleh Ali Al Othaim

Vice Chairman of the Board, Chief Executive Officer

Mohammed Abdul Khalil

Chief Executive Officer

Abdulaziz S A Al Othaim

Manager

Sabah Mohammed M. Al Mutlaq

Independent Member of the Board

Abdullah S A Al Othaim

Chairman

 

    Significant Developments                                                                                     

 

Topic

#*

Most Recent Headline

Date

Mergers / Acquisitions

1

Abdullah Al -Othaim Markets Co. Acquires Land Plot

15-Aug-2011

Officer Changes

1

Abdullah Al -Othaim Markets Co. Announces Chief Executive Officer Resignation

2-Jul-2012

Equity Financing / Related

1

Capital Market Authority Approves Abdullah Al -Othaim Markets Co. Capital Increase

27-May-2012

* number of significant developments within the last 12 months

 

 

       Financial Summary                                                                                                             

 

As of 31-Mar-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

0.48

1.32

Quick Ratio (MRQ)

0.12

0.58

Debt to Equity (MRQ)

0.59

0.87

Sales 5 Year Growth

17.55

6.35

Net Profit Margin (TTM) %

3.35

1.92

Return on Assets (TTM) %

8.72

6.14

Return on Equity (TTM) %

30.00

14.00

 

 

 

   Stock Snapshot                                  

 

Traded: Saudi Arabian Stock Exchange: 4001

 

As of 27-Jun-2012

   Financials in: SAR

Recent Price

85.00

 

EPS

6.64

52 Week High

106.25

 

Price/Sales

0.47

52 Week Low

83.00

 

Dividend Rate

3.00

Avg. Volume (mil)

0.07

 

Price/Earnings

13.89

Market Value (mil)

1,912.50

 

Price/Book

3.60

 

 

 

Beta

0.39

 

Price % Change

Rel S&P 500%

4 Week

-5.29%

0.32%

13 Week

-6.34%

10.68%

52 Week

-12.37%

-13.09%

Year to Date

-15.00%

-17.17%

 

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = SAR 3.750258
2 - Balance Sheet Item Exchange Rate: USD 1 = SAR 3.7502

 

 

Corporate Overview

 

Location
East Ring Road, Exit 14
Eastern Ring Road, Exit 14, Rabwah
P.O.Box 41700
Riyadh, 11531
Saudi Arabia

 

Tel:

966-1-2547000

Fax:

966-1-4933264

 

www.othaimmarkets.com

Quote Symbol - Exchange

4001 - Saudi Arabian Stock Exchange

Sales SAR(mil):

4,090.9

Assets SAR(mil):

1,675.6

Employees:

5,097

Fiscal Year End:

31-Dec-2011

 

Industry:

Retail (Grocery)

Incorporation Date:

21-May-1980

Company Type:

Public Subsidiary

Quoted Status:

Quoted

 

Chief Executive Officer :

Mohammed Abdul Khalil

 

Company Web Links

Company Contact/E-mail

 

Financial Information

 

Home Page

Contents

Industry Codes

Business Description

Financial Data

Market Data

Shareholders

Key Corporate Relationships

Industry Codes

 

ANZSIC 2006 Codes:

3601

-

General Line Grocery Wholesaling

451

-

Cafes, Restaurants and Takeaway Food Services

3602

-

Meat, Poultry and Smallgoods Wholesaling

350

-

Motor Vehicle and Motor Vehicle Parts Wholesaling

3020

-

Non-Residential Building Construction

1171

-

Bread Manufacturing (Factory based)

4110

-

Supermarket and Grocery Stores

1140

-

Fruit and Vegetable Processing

9422

-

Electronic (except Domestic Appliance) and Precision Equipment Repair

 

NACE 2002 Codes:

5010

-

Sale of motor vehicles

5211

-

Retail sale in non-specialised stores with food, beverages or tobacco predominating

5132

-

Wholesale of meat and meat products

4521

-

General construction of buildings and civil engineering works

1581

-

Manufacture of bread; manufacture of fresh pastry goods and cakes

1533

-

Processing and preserving of fruit and vegetables not elsewhere classified

5530

-

Restaurants

5139

-

Non-specialised wholesale of food, beverages and tobacco

5272

-

Repair of electrical household goods

 

NAICS 2002 Codes:

311812

-

Commercial Bakeries

424470

-

Meat and Meat Product Merchant Wholesalers

423110

-

Automobile and Other Motor Vehicle Merchant Wholesalers

311411

-

Frozen Fruit, Juice, and Vegetable Manufacturing

236220

-

Commercial and Institutional Building Construction

811412

-

Appliance Repair and Maintenance

722211

-

Limited-Service Restaurants

424410

-

General Line Grocery Merchant Wholesalers

44511

-

Supermarkets and Other Grocery (except Convenience) Stores

 

US SIC 1987:

5141

-

Groceries, General Line

1542

-

General Contractors-Nonresidential Buildings, Other than Industrial Buildings and Warehouses

7629

-

Electrical and Electronic Repair Shops, Not Elsewhere Classified

5012

-

Automobiles and Other Motor Vehicles

2037

-

Frozen Fruits, Fruit Juices, and Vegetables

5812

-

Eating Places

5411

-

Grocery Stores

5147

-

Meats and Meat Products

2051

-

Bread and Other Bakery Products, Except Cookies and Crackers

 

UK SIC 2003:

5139

-

Non-specialised wholesale of food, beverages and tobacco

1581

-

Manufacture of bread; manufacture of fresh pastry goods and cakes

5132

-

Wholesale of meat and meat products

45212

-

Construction of domestic buildings

1533

-

Processing and preserving of fruit and vegetables not elsewhere classified

5530

-

Restaurants

5272

-

Repair of electrical household goods

5211

-

Retail sale in non-specialised stores with food, beverages or tobacco predominating

5010

-

Sale of motor vehicles

 

 

Business Description

Abdullah Al-Othaim Markets Company is a Saudi Arabia-based joint stock company engaged in the retail and wholesale trade of food stuff, in addition to constructing commercial malls and investing in their sales or leases. The Company undertakes wholesale trading in food supplies, fish, meat, cars and its spare parts, agricultural crops and livestock, and household equipment; constructing, managing, operating and maintaining of super markets, malls, and storage and cooling warehouses; cooked and non-cooked catering services; computer services, and operating and maintaining electrical and mechanical equipment. During the year 2011, the Company operated seven hypermarkets, 65 supermarkets, eight wholesale outlets and 26 corners. For the three months ended 31 March 2012, Abdullah Al-Othaim Markets Company's total revenue increased 5% to SAR1.01B. Net income decreased 7% to SAR33.9M. Total revenue reflects an increase in demand for the Company's products and services. Net income was offset by significant increase in general and administrative expense, as well as selling and distribution expenses. The company is listed in Saudi Stock Exchange.

 

More Business Descriptions

Operation of supermarkets and wholesale and other retail trade in food and consumer goods

 

 

 

 

 

 

 

 

Financial Data

 

Financials in:

SAR(mil)

 

Revenue:

4,090.9

Net Income:

150.1

Assets:

1,675.6

Long Term Debt:

166.2

 

Total Liabilities:

1,144.3

 

Working Capital:

0.0

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

16.3%

-7.3%

12.7%

 

 

Market Data

Quote Symbol:

4001

Exchange:

Saudi Arabian Stock Exchange

Currency:

SAR

Stock Price:

85.0

Stock Price Date:

06-27-2012

52 Week Price Change %:

-12.4

Market Value (mil):

1,912,500.0

 

SEDOL:

B3BQB93

ISIN:

SA1230K1UGH7

 

Equity and Dept Distribution:

04/10 Name and address changed.

 

 

Shareholders

 

 

Major Shareholders

Al Othaim Holding Company

 

 

 

 

 

Key Corporate Relationships

Auditor:

Deloitte & Touche LLP

 

Auditor:

Deloitte & Touche Bakr Abulkhair & Co, Deloitte & Touche LLP

 

 

 

 

 

 

 

 

 

 

Corporate Structure News

 

Abdullah Al Othaim Markets Co
Total Corporate Family Members: 5

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Al Othaim Holding Co

Parent

Riyadh

Saudi Arabia

Retail (Grocery)

 

4,270

Abdullah Al Othaim Markets Co

Subsidiary

Riyadh

Saudi Arabia

Retail (Grocery)

1,090.8

5,097

Abdullah Al-Othaim Investment & Real Estate Development Company

Subsidiary

Riyadh

Saudi Arabia

Real Estate Operations

 

 

Al Othaim Real Estate Investment & Development Co Ltd

Subsidiary

Riyadh

Saudi Arabia

Real Estate Operations

 

 

Al Othaim Academy for Training and Development

Subsidiary

Riyadh

Saudi Arabia

Schools

 

 

 

 

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

Abdullah S A Al Othaim

 

Chairman

Chairman

Abdul Aziz Saleh Ali Al Othaim

 

Vice Chairman of the Board, Chief Executive Officer

Chairman

Biography:

Mr. Abdul Aziz Saleh Ali Al Othaim serves as Vice Chairman of the Board and Chief Executive Officer of Abdullah Al Othaim Markets Co. He is also Member of the Board of Saudi Chamber of Commerce, L'Azurde 4 Elements, and Vice Chairman of the Board of International Market Center. He is also Chief Executive Officer of Lazordi Group. Mr. Al Othaim is a Member of the Company's Nomination and Compensation, and Executive Committees.

 

Youssef Mohamed Al Kafari

 

Director

Director/Board Member

 

 

Biography:

Mr. Yousef Mohammed N. Al Gafari is Non-Executive Member of the Board of Abdullah Al Othaim Markets Co. He is graduated in Business Administration from King Saud University. Mr. Al Gafari is a Member of the Board of L'Azurde 4 Elements and Abdullah Al Othaim for Investment and Real Estate Development Company. He has 15 years of experience in Administration, Organization and Human Resources. Previously he worked for Lazorodi Group as Co-Chief Executive Officer. He also worked as Recruitment Director in Saudi American Bank.

 

Education:

King Saud University (Business Administration)

 

Sabah Mohammed M. Al Mutlaq

 

Independent Member of the Board

Director/Board Member

 

 

Biography:

Mr. Sabah Mohammed M. Al Mutlaq is Independent Member of the Board of Abdullah Al Othaim Markets Co. He also serves as a Member of the Board of Mawten Real Estate and Masheed Arabia Co.

 

Saleh Mohammed S. Al Othaim

 

Non-Executive Member of the Board, representing Al Othaim Holding Co.

Director/Board Member

 

 

Fahad Abdullah Saleh Al Othaim

 

Non-Executive Member of the Board

Director/Board Member

 

 

Biography:

Mr. Fahd Abdullah Saleh Al Othaim serves as Non-Executive Member of the Board of Abdullah Al Othaim Markets Co. He also serves as a Member of the Board of Abdullah Al Othaim for Investment and Real Estate Development Company. Mr. Al Othaim holds a Bachelors degree in Business Administration from King Saud University. He has worked as Assistant Managing Director of Al Othaim Trade Company. He is Chairman of the Company's Executive Committee and Member of Nomination and Compensation Committee.

 

Education:

King Saud University, B (Business Administration)

 

Abdul Salam Saleh A. Al Rajhi

 

Independent Member of the Board

Director/Board Member

 

 

Biography:

Mr. Abdul Salam Saleh A. Al Rajhi is Independent Member of the Board of Abdullah AL Othaim Markets Co. He also serves as a Member of the Board of Wasatah Capital.

 

Abdul Aziz Saleh A. Al Rebdi

 

Independent Member of the Board

Director/Board Member

 

 

Biography:

Mr. Abdul Aziz Saleh A. Al Rebdi is Independent Member of the Board of Abdullah Al Othaim Markets Co. He also serves as Member of Board of Saudi United Cooperative Insurance Company, Obeikan Investment Group and Obeikan Glass Co.

 

Education:

King Fahd University of Petroleum and Minerals, B (Industrial Management)

 

 

Executives

 

Name

Title

Function

Abdul Aziz Saleh Ali Al Othaim

 

Vice Chairman of the Board, Chief Executive Officer

Chief Executive Officer

Biography:

Mr. Abdul Aziz Saleh Ali Al Othaim serves as Vice Chairman of the Board and Chief Executive Officer of Abdullah Al Othaim Markets Co. He is also Member of the Board of Saudi Chamber of Commerce, L'Azurde 4 Elements, and Vice Chairman of the Board of International Market Center. He is also Chief Executive Officer of Lazordi Group. Mr. Al Othaim is a Member of the Company's Nomination and Compensation, and Executive Committees.

 

Mohammed Abdul Khalil

 

Chief Executive Officer

Chief Executive Officer

 

Abdulaziz S A Al Othaim

 

Manager

Administration Executive

 

 

 

Significant Developments

 

 

 

 

Abdullah Al -Othaim Markets Co. Announces Chief Executive Officer Resignation

Jul 02, 2012


Abdullah Al -Othaim Markets Co. announced that its Chief Executive Officer (CEO), Mr. Abdul Aziz Saleh Ali Al Othaim has submitted his resignation to the Board of Directors from his position as a CEO and Board Member due to personal matters. The Board of Directors has accepted this resignation to be effective from July 2, 2012.

Capital Market Authority Approves Abdullah Al -Othaim Markets Co. Capital Increase

May 27, 2012


Abdullah Al -Othaim Markets Co. announced that the Capital Market Authority Approves the Company's request to increase its capital from SAR 225,000,000 to SAR 297,533,030 for the purpose of acquiring the remaining interest in Abdullah Al-Othaim Real Estate Investment and Development Company. The Company's prospectus will be publicly posted prior to the Extraordinary General Assembly Meeting, which will allow the Company's shareholders to make an informed decision when voting on the capital increase for the purpose described.

Abdullah Al -Othaim Markets Co. Acquires Land Plot

Aug 15, 2011


Abdullah Al -Othaim Markets Co. announced that it has acquired a land plot, which is located in Al Riyadh City, near the Industrial Area, at a total price of SAR 102 million. The land plot is of 433,345 square meters and it will be utilized by the Company for its warehouses and logistic facilities construction and development project, which will serve the Company's activities, as well as for constructing housing units for the Company's employees.

 

 

 

 

Annual Income Statement

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Restated Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

SAR

SAR

SAR

SAR

SAR

Exchange Rate (Period Average)

3.750258

3.750188

3.750409

3.751248

3.747242

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

1,090.8

938.3

836.8

773.1

619.2

Revenue

1,090.8

938.3

836.8

773.1

619.2

Total Revenue

1,090.8

938.3

836.8

773.1

619.2

 

 

 

 

 

 

    Cost of Revenue

1,004.7

864.1

780.5

725.7

578.0

Cost of Revenue, Total

1,004.7

864.1

780.5

725.7

578.0

Gross Profit

86.2

74.2

56.3

47.4

41.1

 

 

 

 

 

 

    Selling/General/Administrative Expense

40.5

36.2

32.5

32.1

25.2

Total Selling/General/Administrative Expenses

40.5

36.2

32.5

32.1

25.2

    Depreciation

3.7

-

-

-

-

Depreciation/Amortization

3.7

-

-

-

-

    Other Operating Expense

0.0

0.4

0.0

-

-

Other Operating Expenses, Total

0.0

0.4

0.0

-

-

Total Operating Expense

1,048.8

900.7

813.1

757.8

603.2

 

 

 

 

 

 

Operating Income

42.0

37.6

23.8

15.3

16.0

 

 

 

 

 

 

Gain (Loss) on Sale of Assets

0.2

-

-

-

-

    Other Non-Operating Income (Expense)

-4.7

2.8

-4.1

0.6

0.5

Other, Net

-4.7

2.8

-4.1

0.6

0.5

Income Before Tax

37.6

40.4

19.6

15.8

16.4

 

 

 

 

 

 

Total Income Tax

0.9

1.1

0.6

0.5

0.5

Income After Tax

36.6

39.3

19.0

15.4

16.0

 

 

 

 

 

 

    Equity In Affiliates

3.4

3.9

1.7

1.2

-

Net Income Before Extraord Items

40.0

43.2

20.7

16.6

16.0

Net Income

40.0

43.2

20.7

16.6

16.0

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

40.0

43.2

20.7

16.6

16.0

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

40.0

43.2

20.7

16.6

16.0

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

22.5

22.5

22.5

22.5

22.5

Basic EPS Excl Extraord Items

1.78

1.92

0.92

0.74

0.71

Basic/Primary EPS Incl Extraord Items

1.78

1.92

0.92

0.74

0.71

Diluted Net Income

40.0

43.2

20.7

16.6

16.0

Diluted Weighted Average Shares

22.5

22.5

22.5

22.5

22.5

Diluted EPS Excl Extraord Items

1.78

1.92

0.92

0.74

0.71

Diluted EPS Incl Extraord Items

1.78

1.92

0.92

0.74

0.71

Dividends per Share - Common Stock Primary Issue

-

0.80

0.67

0.40

0.19

Gross Dividends - Common Stock

-

18.0

15.0

9.0

4.3

Depreciation, Supplemental

19.7

13.1

11.8

10.0

8.0

Total Special Items

-0.2

-

-

-

-

Normalized Income Before Tax

37.4

40.4

19.6

15.8

16.4

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

-

-

-

-

Inc Tax Ex Impact of Sp Items

0.9

1.1

0.6

0.5

0.5

Normalized Income After Tax

36.5

39.3

19.0

15.4

16.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

39.8

43.2

20.7

16.6

16.0

 

 

 

 

 

 

Basic Normalized EPS

1.77

1.92

0.92

0.74

0.71

Diluted Normalized EPS

1.77

1.92

0.92

0.74

0.71

Amort of Intangibles, Supplemental

0.4

0.1

0.0

-

0.2

Rental Expenses

2.3

2.6

1.8

1.8

1.1

Advertising Expense, Supplemental

5.3

3.3

2.6

4.1

3.1

Normalized EBIT

42.0

37.6

23.8

15.3

16.0

Normalized EBITDA

62.1

50.9

35.6

25.2

24.1

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Restated Normal
31-Dec-2011

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

SAR

SAR

SAR

SAR

SAR

Exchange Rate

3.7502

3.75025

3.75075

3.7531

3.75055

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

11.6

12.1

28.6

7.1

4.8

Cash and Short Term Investments

11.6

12.1

28.6

7.1

4.8

    Trade Accounts Receivable - Net

-

-

0.0

15.3

12.8

Total Receivables, Net

-

-

0.0

15.3

12.8

Total Inventory

83.0

76.1

58.7

57.8

55.3

Prepaid Expenses

28.1

23.7

24.0

20.8

15.3

Total Current Assets

122.8

111.8

111.3

101.0

88.2

 

 

 

 

 

 

        Buildings

158.2

154.0

65.8

47.1

40.0

        Land/Improvements

85.0

53.1

19.7

19.7

19.7

        Machinery/Equipment

115.5

103.8

97.5

81.3

65.0

        Construction in Progress

15.5

10.5

70.6

65.6

14.6

    Property/Plant/Equipment - Gross

374.3

321.5

253.6

213.8

139.3

    Accumulated Depreciation

-85.5

-68.8

-61.5

-50.7

-41.1

Property/Plant/Equipment - Net

288.8

252.7

192.2

163.1

98.2

Intangibles, Net

3.5

3.9

-

-

-

    LT Investment - Affiliate Companies

31.7

28.0

26.5

23.9

22.7

Long Term Investments

31.7

28.0

26.5

23.9

22.7

    Other Long Term Assets

-

-

-

-

0.0

Other Long Term Assets, Total

-

-

-

-

0.0

Total Assets

446.8

396.4

329.9

287.9

209.1

 

 

 

 

 

 

Accounts Payable

185.3

155.9

125.8

113.6

103.7

Payable/Accrued

22.1

19.7

17.1

12.2

9.8

Notes Payable/Short Term Debt

16.4

18.9

1.7

70.0

20.7

Current Portion - Long Term Debt/Capital Leases

27.6

26.9

23.6

3.5

1.9

    Other Payables

-

-

0.0

2.3

-

Other Current liabilities, Total

-

-

0.0

2.3

-

Total Current Liabilities

251.4

221.4

168.1

201.6

136.0

 

 

 

 

 

 

    Long Term Debt

44.3

47.8

64.6

2.3

6.7

Total Long Term Debt

44.3

47.8

64.6

2.3

6.7

Total Debt

88.3

93.6

89.8

75.9

29.3

 

 

 

 

 

 

    Pension Benefits - Underfunded

9.5

7.7

5.8

4.3

3.2

Other Liabilities, Total

9.5

7.7

5.8

4.3

3.2

Total Liabilities

305.1

276.8

238.5

208.3

145.9

 

 

 

 

 

 

    Common Stock

60.0

60.0

60.0

60.0

60.0

Common Stock

60.0

60.0

60.0

60.0

60.0

Retained Earnings (Accumulated Deficit)

81.7

59.6

31.4

19.7

3.1

Total Equity

141.7

119.6

91.4

79.7

63.1

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

446.8

396.4

329.9

287.9

209.1

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

22.5

22.5

22.5

22.5

22.5

Total Common Shares Outstanding

22.5

22.5

22.5

22.5

22.5

Employees

-

-

-

-

5,097

Deferred Revenue - Current

4.5

4.1

3.0

2.2

1.6

Total Long Term Debt, Supplemental

-

-

23.6

-

1.9

Long Term Debt Maturing within 1 Year

-

-

23.6

-

1.9

Long Term Debt Matur. in Year 6 & Beyond

-

-

0.0

-

0.0

Total Operating Leases, Supplemental

128.3

111.7

124.4

114.7

113.2

Operating Lease Payments Due in Year 1

12.3

10.2

9.4

11.1

9.2

Operating Lease Payments Due in Year 2

11.1

8.6

26.0

8.9

29.8

Operating Lease Payments Due in Year 3

11.1

8.6

8.7

8.9

9.9

Operating Lease Payments Due in Year 4

11.1

8.6

8.7

8.9

9.9

Operating Lease Payments Due in Year 5

11.1

8.6

8.7

8.9

9.9

Operating Lease Pymts. Due in 2-3 Years

22.2

17.2

34.6

17.8

39.7

Operating Lease Pymts. Due in 4-5 Years

22.2

17.2

17.3

17.8

19.8

Oper. Lse. Pymts. Due in Year 6 & Beyond

71.6

67.0

63.0

68.1

44.6

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Restated Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

SAR

SAR

SAR

SAR

SAR

Exchange Rate (Period Average)

3.750258

3.750188

3.750409

3.751248

3.747242

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

41.0

44.3

21.3

17.1

16.4

    Depreciation

19.7

13.1

11.8

10.0

8.0

Depreciation/Depletion

19.7

13.1

11.8

10.0

8.0

    Amortization of Intangibles

0.4

0.1

-

-

0.2

Amortization

0.4

0.1

-

-

0.2

    Unusual Items

-0.2

-0.3

-0.1

-0.1

0.0

    Equity in Net Earnings (Loss)

-3.4

-3.9

-1.7

-1.2

-

    Other Non-Cash Items

1.8

2.3

1.6

1.0

1.6

Non-Cash Items

-1.8

-1.8

-0.2

-0.3

1.6

    Accounts Receivable

-4.5

2.2

-3.2

-5.5

-6.1

    Inventories

-7.0

-17.3

-0.9

-2.5

-16.5

    Accounts Payable

31.9

30.3

16.8

12.4

-

    Accrued Expenses

-

-

-

-

44.6

    Other Operating Cash Flow

-1.0

-0.6

12.6

-0.6

-27.5

Changes in Working Capital

19.5

14.6

25.3

3.9

-5.6

Cash from Operating Activities

78.7

70.2

58.2

30.6

20.6

 

 

 

 

 

 

    Purchase of Fixed Assets

-55.9

-74.1

-40.9

-75.4

-25.8

Capital Expenditures

-55.9

-74.1

-40.9

-75.4

-25.8

    Sale of Fixed Assets

0.3

0.3

0.2

0.4

0.1

    Purchase of Investments

-0.2

0.0

-0.9

0.0

-

    Intangible, Net

0.0

-4.0

-

-

-

    Other Investing Cash Flow

0.0

2.3

-

-

-

Other Investing Cash Flow Items, Total

0.1

-1.4

-0.7

0.4

0.1

Cash from Investing Activities

-55.8

-75.5

-41.6

-75.0

-25.6

 

 

 

 

 

 

    Cash Dividends Paid - Common

-18.0

-15.0

-9.0

0.0

-

Total Cash Dividends Paid

-18.0

-15.0

-9.0

0.0

-

Issuance (Retirement) of Debt, Net

-5.3

3.7

13.9

46.7

3.9

Cash from Financing Activities

-23.3

-11.3

4.9

46.7

3.9

 

 

 

 

 

 

Net Change in Cash

-0.4

-16.5

21.5

2.3

-1.1

 

 

 

 

 

 

Net Cash - Beginning Balance

12.1

28.6

7.1

4.8

5.9

Net Cash - Ending Balance

11.6

12.1

28.6

7.1

4.8

Cash Taxes Paid

1.0

0.6

0.4

0.5

0.4

 

 

 

 

Annual Income Statement

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Restated Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

SAR

SAR

SAR

SAR

SAR

Exchange Rate (Period Average)

3.750258

3.750188

3.750409

3.751248

3.747242

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Sales

1,051.3

912.6

817.3

757.2

606.8

    Rent Income

39.5

25.7

19.6

15.9

12.3

Total Revenue

1,090.8

938.3

836.8

773.1

619.2

 

 

 

 

 

 

    Cost of Sales

1,004.7

864.1

780.5

725.7

578.0

    Selling & Distribution Expense

27.8

23.6

20.1

21.4

10.3

    General & Administrative

12.7

12.6

12.4

10.7

14.8

    Provision For Impairement

0.0

0.4

0.0

-

-

    Depreciation

3.7

-

-

-

-

Total Operating Expense

1,048.8

900.7

813.1

757.8

603.2

 

 

 

 

 

 

    Finance Charges

-3.3

-

-

-

-0.8

    Others Income

-1.3

2.8

-4.1

0.6

1.2

    Gain from Sale of Fixed Assets

0.2

-

-

-

-

Net Income Before Taxes

37.6

40.4

19.6

15.8

16.4

 

 

 

 

 

 

Provision for Income Taxes

0.9

1.1

0.6

0.5

0.5

Net Income After Taxes

36.6

39.3

19.0

15.4

16.0

 

 

 

 

 

 

    Equity in Affiliate

3.4

3.9

1.7

1.2

-

Net Income Before Extra. Items

40.0

43.2

20.7

16.6

16.0

Net Income

40.0

43.2

20.7

16.6

16.0

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

40.0

43.2

20.7

16.6

16.0

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

40.0

43.2

20.7

16.6

16.0

 

 

 

 

 

 

Basic Weighted Average Shares

22.5

22.5

22.5

22.5

22.5

Basic EPS Excluding ExtraOrdinary Items

1.78

1.92

0.92

0.74

0.71

Basic EPS Including ExtraOrdinary Items

1.78

1.92

0.92

0.74

0.71

Diluted Net Income

40.0

43.2

20.7

16.6

16.0

Diluted Weighted Average Shares

22.5

22.5

22.5

22.5

22.5

Diluted EPS Excluding ExtraOrd Items

1.78

1.92

0.92

0.74

0.71

Diluted EPS Including ExtraOrd Items

1.78

1.92

0.92

0.74

0.71

DPS-Common Stock

-

0.80

0.67

0.40

0.19

Gross Dividends - Common Stock

-

18.0

15.0

9.0

4.3

Normalized Income Before Taxes

37.4

40.4

19.6

15.8

16.4

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.9

1.1

0.6

0.5

0.5

Normalized Income After Taxes

36.5

39.3

19.0

15.4

16.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

39.8

43.2

20.7

16.6

16.0

 

 

 

 

 

 

Basic Normalized EPS

1.77

1.92

0.92

0.74

0.71

Diluted Normalized EPS

1.77

1.92

0.92

0.74

0.71

Depreciation

19.7

13.1

11.8

10.0

8.0

Amortization

0.4

0.1

0.0

-

0.2

Rent

2.3

2.6

1.8

1.8

1.1

Advertising

5.3

3.3

2.6

4.1

3.1

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Restated Normal
31-Dec-2011

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

SAR

SAR

SAR

SAR

SAR

Exchange Rate

3.7502

3.75025

3.75075

3.7531

3.75055

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalent

11.6

12.1

28.6

7.1

4.8

    Prepayments to Suppliers

28.1

23.7

24.0

20.8

15.3

    Inventory

83.0

76.1

58.7

57.8

55.3

    Other Receivables

-

-

0.0

15.3

12.8

Total Current Assets

122.8

111.8

111.3

101.0

88.2

 

 

 

 

 

 

    Payments for Investments in Associates

31.7

28.0

26.5

23.9

22.7

    Lands

85.0

53.1

19.7

19.7

19.7

    Machinery & Equipments

50.1

44.1

39.4

29.9

22.6

    Buildings

129.2

128.1

42.6

26.8

26.0

    Vehicles

13.9

12.7

12.7

11.8

7.5

    Computers

21.5

18.8

16.7

14.3

12.3

    Furnitures

29.9

28.2

28.7

25.3

22.7

    Leasehold Improvements

29.0

26.0

23.2

20.3

14.0

    Accumulated Depreciation

-85.5

-68.8

-61.5

-50.7

-41.1

    Work in Progress

15.5

10.5

70.6

65.6

14.6

    Intangibles, Net

3.5

3.9

-

-

-

    Preoperation Expenses

-

-

-

-

0.0

Total Assets

446.8

396.4

329.9

287.9

209.1

 

 

 

 

 

 

    ST Loans & Murabaha

16.4

18.9

1.7

70.0

20.7

    Accounts Payables

185.3

155.9

125.8

113.6

103.7

    Due to Related Parties

-

-

0.0

2.3

-

    Accrued Expenses & Other Liabilities

22.1

19.7

17.1

12.2

9.8

    Current Portion of LT Debt & Murabahat

27.6

26.9

23.6

3.5

1.9

Total Current Liabilities

251.4

221.4

168.1

201.6

136.0

 

 

 

 

 

 

    LT Debt & Murabahat

44.3

47.8

64.6

2.3

6.7

Total Long Term Debt

44.3

47.8

64.6

2.3

6.7

 

 

 

 

 

 

    End of Service Indemnity

9.5

7.7

5.8

4.3

3.2

Total Liabilities

305.1

276.8

238.5

208.3

145.9

 

 

 

 

 

 

    Share Capital

60.0

60.0

60.0

60.0

60.0

    Statutury Reserve

15.2

11.2

6.9

4.8

3.1

    Voluntary Reserve

3.3

3.3

3.3

0.0

-

    Retained Earnings

63.1

45.1

21.2

14.9

0.0

    Unrealised gains on Investments AFS

0.1

0.0

-

-

-

Total Equity

141.7

119.6

91.4

79.7

63.1

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

446.8

396.4

329.9

287.9

209.1

 

 

 

 

 

 

    S/O-Common Stock

22.5

22.5

22.5

22.5

22.5

Total Common Shares Outstanding

22.5

22.5

22.5

22.5

22.5

Deferred Revenue

4.5

4.1

3.0

2.2

1.6

Full-Time Employees

-

-

-

-

5,097

Current maturities

-

-

23.6

-

1.9

Total Long Term Debt, Supplemental

-

-

23.6

-

1.9

Due in 1 Year

12.3

10.2

9.4

11.1

9.2

Due from 1 to 5 Years

44.4

34.4

26.0

35.6

29.8

Due After 5 Years & Less Than 23 Years

71.6

67.0

63.0

68.1

44.6

Optg leases-year 2

-

-

26.0

-

29.8

Total Operating Leases, Supplemental

128.3

111.7

124.4

114.7

113.2

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Restated Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

SAR

SAR

SAR

SAR

SAR

Exchange Rate (Period Average)

3.750258

3.750188

3.750409

3.751248

3.747242

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

41.0

44.3

21.3

17.1

16.4

    Depreciation

19.7

13.1

11.8

10.0

8.0

    Amortizations

0.4

0.1

-

-

0.2

    Gain on Sale of Fixed Assets

-0.2

-0.3

-0.1

-0.1

0.0

    Share in Profit of Associates

-3.4

-3.9

-1.7

-1.2

-

    End of Service Endmnity

1.8

1.9

1.6

1.0

1.6

    Provision For Impairement

0.0

0.4

-

-

-

    Prepayments to Suppliers

-

-

-

-

-6.1

    Inventory

-7.0

-17.3

-0.9

-2.5

-16.5

    Other Receivables & Prepayments

-4.5

2.2

-3.2

-5.5

-

    Accounts Payables

31.9

30.3

16.8

12.4

-

    Accrued Expenses

-

-

-

-

44.6

    Paid Zakat

-1.0

-0.6

-0.4

-0.5

-0.4

    Related Parties

-

0.0

13.1

-0.1

-27.1

Cash from Operating Activities

78.7

70.2

58.2

30.6

20.6

 

 

 

 

 

 

    Investment in Associate Company

-0.2

0.0

-0.9

0.0

-

    Purchase of Fixed Assests

-55.9

-74.1

-40.9

-75.4

-25.8

    Intangible Assets

0.0

-4.0

-

-

-

    Cash Dividend Received

0.0

2.3

-

-

-

    Sale of Fixed Assets

0.3

0.3

0.2

0.4

0.1

Cash from Investing Activities

-55.8

-75.5

-41.6

-75.0

-25.6

 

 

 

 

 

 

    Loans from Banks

-5.3

3.7

13.9

46.7

3.9

    Div Paid

-18.0

-15.0

-9.0

0.0

-

Cash from Financing Activities

-23.3

-11.3

4.9

46.7

3.9

 

 

 

 

 

 

Net Change in Cash

-0.4

-16.5

21.5

2.3

-1.1

 

 

 

 

 

 

Net Cash Biginning Balance

12.1

28.6

7.1

4.8

5.9

Net Cash Ending Balance

11.6

12.1

28.6

7.1

4.8

    Cash Taxes Paid

1.0

0.6

0.4

0.5

0.4

 

 

 

 

Financial Health

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

Key Indicators USD (mil)

 

Quarter
Ending
31-Mar-2012

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

270.0

4.78%

1,090.8

16.26%

12.15%

17.55%

Operating Income1

8.5

-25.83%

42.0

11.70%

40.09%

24.66%

Income Available to Common Excl Extraord Items1

9.0

-7.25%

40.0

-7.32%

34.08%

20.84%

Basic EPS Excl Extraord Items1

0.40

-7.25%

1.78

-7.31%

34.08%

20.84%

Capital Expenditures2

2.7

-8.79%

55.9

-24.56%

-9.50%

19.15%

Cash from Operating Activities2

7.4

-80.31%

78.7

12.04%

36.98%

49.42%

Free Cash Flow

4.6

-86.52%

22.8

-

-

-

Total Assets3

456.8

17.11%

446.8

12.70%

15.74%

22.91%

Total Liabilities3

306.0

9.82%

305.1

10.22%

13.55%

26.08%

Total Long Term Debt3

47.0

13.92%

44.3

-7.20%

166.35%

39.71%

Total Common Shares Outstanding3

22.5

0.00%

22.5

0.00%

0.00%

0.00%

1-ExchangeRate: SAR to USD Average for Period

3.750318

 

3.750258

 

 

 

2-ExchangeRate: SAR to USD Average for Period

3.750318

 

3.750258

 

 

 

3-ExchangeRate: SAR to USD Period End Date

3.750350

 

3.750200

 

 

 

Key Ratios

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Profitability

Gross Margin

7.90%

7.91%

6.73%

6.13%

6.64%

Operating Margin

3.85%

4.01%

2.84%

1.98%

2.58%

Pretax Margin

3.44%

4.31%

2.35%

2.05%

2.65%

Net Profit Margin

3.67%

4.60%

2.47%

2.15%

2.58%

Financial Strength

Current Ratio

0.49

0.51

0.66

0.50

0.65

Long Term Debt/Equity

0.31

0.40

0.71

0.03

0.11

Total Debt/Equity

0.62

0.78

0.98

0.95

0.46

Management Effectiveness

Return on Assets

8.69%

10.83%

6.15%

6.18%

8.65%

Return on Equity

30.63%

40.92%

24.15%

23.24%

25.17%

Efficiency

Inventory Turnover

12.63

12.82

13.39

12.83

12.27

Asset Turnover

2.59

2.58

2.71

3.11

3.36

Receivables Turnover

-

-

-

54.95

83.40

Market Valuation USD (mil)

P/E (TTM)

12.97

.

Enterprise Value2

596.3

Price/Sales (TTM)

0.46

.

Enterprise Value/Revenue (TTM)

0.54

Price/Book (MRQ)

3.38

.

Enterprise Value/EBITDA (TTM)

10.16

Market Cap as of 27-Jun-20121

509.9

.

 

 

1-ExchangeRate: SAR to USD on 27-Jun-2012

3.750400

 

 

 

2-ExchangeRate: SAR to USD on 31-Mar-2012

3.750350

 

 

 

 

 

 

 

Annual Ratios

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 



 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Financial Strength

Current Ratio

0.49

0.51

0.66

0.50

0.65

Quick/Acid Test Ratio

0.05

0.05

0.17

0.11

0.13

Working Capital1

-128.6

-109.6

-56.8

-100.7

-47.7

Long Term Debt/Equity

0.31

0.40

0.71

0.03

0.11

Total Debt/Equity

0.62

0.78

0.98

0.95

0.46

Long Term Debt/Total Capital

0.19

0.22

0.36

0.02

0.07

Total Debt/Total Capital

0.38

0.44

0.50

0.49

0.32

Payout Ratio

-

41.69%

72.56%

54.20%

27.10%

Effective Tax Rate

2.48%

2.72%

3.19%

2.95%

2.84%

Total Capital1

229.9

213.2

181.2

155.6

92.4

 

 

 

 

 

 

Efficiency

Asset Turnover

2.59

2.58

2.71

3.11

3.36

Inventory Turnover

12.63

12.82

13.39

12.83

12.27

Days In Inventory

28.90

28.47

27.25

28.45

29.75

Receivables Turnover

-

-

-

54.95

83.40

Days Receivables Outstanding

-

-

-

6.64

4.38

Revenue/Employee2

-

-

-

-

121,368

Operating Income/Employee2

-

-

-

-

3,130

EBITDA/Employee2

-

-

-

-

4,726

 

 

 

 

 

 

Profitability

Gross Margin

7.90%

7.91%

6.73%

6.13%

6.64%

Operating Margin

3.85%

4.01%

2.84%

1.98%

2.58%

EBITDA Margin

5.69%

5.42%

4.26%

3.27%

3.89%

EBIT Margin

3.85%

4.01%

2.84%

1.98%

2.58%

Pretax Margin

3.44%

4.31%

2.35%

2.05%

2.65%

Net Profit Margin

3.67%

4.60%

2.47%

2.15%

2.58%

COGS/Revenue

92.10%

92.09%

93.27%

93.87%

93.36%

SG&A Expense/Revenue

3.71%

3.86%

3.89%

4.15%

4.06%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

8.69%

10.83%

6.15%

6.18%

8.65%

Return on Equity

30.63%

40.92%

24.15%

23.24%

25.17%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

1.01

-0.17

0.77

-1.99

-0.23

Operating Cash Flow/Share 2

3.50

3.12

2.59

1.36

0.92

1-ExchangeRate: SAR to USD Period End Date

3.7502

3.75025

3.75075

3.7531

3.75055

2-ExchangeRate: SAR to USD Average for Period

3.7502

3.75025

3.75075

3.7531

3.75055

 

Current Market Multiples

Market Cap/Earnings (TTM)

12.97

Market Cap/Equity (MRQ)

3.38

Market Cap/Revenue (TTM)

0.46

Market Cap/EBIT (TTM)

13.38

Market Cap/EBITDA (TTM)

8.69

Enterprise Value/Earnings (TTM)

15.17

Enterprise Value/Equity (MRQ)

3.96

Enterprise Value/Revenue (TTM)

0.54

Enterprise Value/EBIT (TTM)

15.64

Enterprise Value/EBITDA (TTM)

10.16

 

 

 

 

 

Annual Income Statement

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Restated Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

SAR

SAR

SAR

SAR

SAR

Exchange Rate (Period Average)

3.750258

3.750188

3.750409

3.751248

3.747242

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

1,090.8

938.3

836.8

773.1

619.2

Revenue

1,090.8

938.3

836.8

773.1

619.2

Total Revenue

1,090.8

938.3

836.8

773.1

619.2

 

 

 

 

 

 

    Cost of Revenue

1,004.7

864.1

780.5

725.7

578.0

Cost of Revenue, Total

1,004.7

864.1

780.5

725.7

578.0

Gross Profit

86.2

74.2

56.3

47.4

41.1

 

 

 

 

 

 

    Selling/General/Administrative Expense

40.5

36.2

32.5

32.1

25.2

Total Selling/General/Administrative Expenses

40.5

36.2

32.5

32.1

25.2

    Depreciation

3.7

-

-

-

-

Depreciation/Amortization

3.7

-

-

-

-

    Other Operating Expense

0.0

0.4

0.0

-

-

Other Operating Expenses, Total

0.0

0.4

0.0

-

-

Total Operating Expense

1,048.8

900.7

813.1

757.8

603.2

 

 

 

 

 

 

Operating Income

42.0

37.6

23.8

15.3

16.0

 

 

 

 

 

 

Gain (Loss) on Sale of Assets

0.2

-

-

-

-

    Other Non-Operating Income (Expense)

-4.7

2.8

-4.1

0.6

0.5

Other, Net

-4.7

2.8

-4.1

0.6

0.5

Income Before Tax

37.6

40.4

19.6

15.8

16.4

 

 

 

 

 

 

Total Income Tax

0.9

1.1

0.6

0.5

0.5

Income After Tax

36.6

39.3

19.0

15.4

16.0

 

 

 

 

 

 

    Equity In Affiliates

3.4

3.9

1.7

1.2

-

Net Income Before Extraord Items

40.0

43.2

20.7

16.6

16.0

Net Income

40.0

43.2

20.7

16.6

16.0

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

40.0

43.2

20.7

16.6

16.0

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

40.0

43.2

20.7

16.6

16.0

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

22.5

22.5

22.5

22.5

22.5

Basic EPS Excl Extraord Items

1.78

1.92

0.92

0.74

0.71

Basic/Primary EPS Incl Extraord Items

1.78

1.92

0.92

0.74

0.71

Diluted Net Income

40.0

43.2

20.7

16.6

16.0

Diluted Weighted Average Shares

22.5

22.5

22.5

22.5

22.5

Diluted EPS Excl Extraord Items

1.78

1.92

0.92

0.74

0.71

Diluted EPS Incl Extraord Items

1.78

1.92

0.92

0.74

0.71

Dividends per Share - Common Stock Primary Issue

-

0.80

0.67

0.40

0.19

Gross Dividends - Common Stock

-

18.0

15.0

9.0

4.3

Depreciation, Supplemental

19.7

13.1

11.8

10.0

8.0

Total Special Items

-0.2

-

-

-

-

Normalized Income Before Tax

37.4

40.4

19.6

15.8

16.4

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

-

-

-

-

Inc Tax Ex Impact of Sp Items

0.9

1.1

0.6

0.5

0.5

Normalized Income After Tax

36.5

39.3

19.0

15.4

16.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

39.8

43.2

20.7

16.6

16.0

 

 

 

 

 

 

Basic Normalized EPS

1.77

1.92

0.92

0.74

0.71

Diluted Normalized EPS

1.77

1.92

0.92

0.74

0.71

Amort of Intangibles, Supplemental

0.4

0.1

0.0

-

0.2

Rental Expenses

2.3

2.6

1.8

1.8

1.1

Advertising Expense, Supplemental

5.3

3.3

2.6

4.1

3.1

Normalized EBIT

42.0

37.6

23.8

15.3

16.0

Normalized EBITDA

62.1

50.9

35.6

25.2

24.1

 

 

 

 

Interim Income Statement

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Reclassified Normal
31-Mar-2012

Filed Currency

SAR

SAR

SAR

SAR

SAR

Exchange Rate (Period Average)

3.750318

3.750353

3.750278

3.750151

3.750249

 

 

 

 

 

 

    Net Sales

270.0

256.7

303.0

273.4

257.7

Revenue

270.0

256.7

303.0

273.4

257.7

Total Revenue

270.0

256.7

303.0

273.4

257.7

 

 

 

 

 

 

    Cost of Revenue

250.9

235.1

281.0

251.5

237.1

Cost of Revenue, Total

250.9

235.1

281.0

251.5

237.1

Gross Profit

19.2

21.7

22.0

21.9

20.6

 

 

 

 

 

 

    Selling/General/Administrative Expense

10.6

11.5

13.3

11.2

9.1

Total Selling/General/Administrative Expenses

10.6

11.5

13.3

11.2

9.1

Total Operating Expense

261.5

246.6

294.3

262.7

246.2

 

 

 

 

 

 

Operating Income

8.5

10.2

8.7

10.7

11.5

 

 

 

 

 

 

        Investment Income - Non-Operating

1.3

-

-

-

1.0

    Interest/Investment Income - Non-Operating

1.3

-

-

-

1.0

Interest Income (Expense) - Net Non-Operating Total

1.3

-

-

-

1.0

Gain (Loss) on Sale of Assets

-0.1

-

-

-

0.0

    Other Non-Operating Income (Expense)

-0.5

-0.4

-0.7

0.0

-2.5

Other, Net

-0.5

-0.4

-0.7

0.0

-2.5

Income Before Tax

9.2

9.8

8.0

10.7

10.0

 

 

 

 

 

 

Total Income Tax

0.2

0.1

0.2

0.4

0.3

Income After Tax

9.0

9.7

7.8

10.3

9.7

 

 

 

 

 

 

    Equity In Affiliates

-

0.0

1.8

0.6

-

Net Income Before Extraord Items

9.0

9.7

9.6

11.0

9.7

Net Income

9.0

9.7

9.6

11.0

9.7

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

9.0

9.7

9.6

11.0

9.7

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

9.0

9.7

9.6

11.0

9.7

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

22.5

22.5

22.5

22.5

22.5

Basic EPS Excl Extraord Items

0.40

0.43

0.43

0.49

0.43

Basic/Primary EPS Incl Extraord Items

0.40

0.43

0.43

0.49

0.43

Diluted Net Income

9.0

9.7

9.6

11.0

9.7

Diluted Weighted Average Shares

22.5

22.5

22.5

22.5

22.5

Diluted EPS Excl Extraord Items

0.40

0.43

0.43

0.49

0.43

Diluted EPS Incl Extraord Items

0.40

0.43

0.43

0.49

0.43

Dividends per Share - Common Stock Primary Issue

0.00

-

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

-

0.0

0.0

0.0

Depreciation, Supplemental

5.3

5.1

5.0

4.8

4.8

Total Special Items

0.1

-

-

-

0.0

Normalized Income Before Tax

9.3

9.8

8.0

10.7

10.0

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

-

-

-

0.0

Inc Tax Ex Impact of Sp Items

0.2

0.1

0.2

0.4

0.3

Normalized Income After Tax

9.1

9.7

7.8

10.3

9.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

9.1

9.7

9.6

11.0

9.7

 

 

 

 

 

 

Basic Normalized EPS

0.40

0.43

0.43

0.49

0.43

Diluted Normalized EPS

0.40

0.43

0.43

0.49

0.43

Amort of Intangibles, Supplemental

0.1

0.1

0.1

0.1

0.1

Normalized EBIT

8.5

10.2

8.7

10.7

11.5

Normalized EBITDA

13.9

15.4

13.8

15.6

16.4

 

 

 

 

Annual Balance Sheet

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Restated Normal
31-Dec-2011

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

SAR

SAR

SAR

SAR

SAR

Exchange Rate

3.7502

3.75025

3.75075

3.7531

3.75055

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

11.6

12.1

28.6

7.1

4.8

Cash and Short Term Investments

11.6

12.1

28.6

7.1

4.8

    Trade Accounts Receivable - Net

-

-

0.0

15.3

12.8

Total Receivables, Net

-

-

0.0

15.3

12.8

Total Inventory

83.0

76.1

58.7

57.8

55.3

Prepaid Expenses

28.1

23.7

24.0

20.8

15.3

Total Current Assets

122.8

111.8

111.3

101.0

88.2

 

 

 

 

 

 

        Buildings

158.2

154.0

65.8

47.1

40.0

        Land/Improvements

85.0

53.1

19.7

19.7

19.7

        Machinery/Equipment

115.5

103.8

97.5

81.3

65.0

        Construction in Progress

15.5

10.5

70.6

65.6

14.6

    Property/Plant/Equipment - Gross

374.3

321.5

253.6

213.8

139.3

    Accumulated Depreciation

-85.5

-68.8

-61.5

-50.7

-41.1

Property/Plant/Equipment - Net

288.8

252.7

192.2

163.1

98.2

Intangibles, Net

3.5

3.9

-

-

-

    LT Investment - Affiliate Companies

31.7

28.0

26.5

23.9

22.7

Long Term Investments

31.7

28.0

26.5

23.9

22.7

    Other Long Term Assets

-

-

-

-

0.0

Other Long Term Assets, Total

-

-

-

-

0.0

Total Assets

446.8

396.4

329.9

287.9

209.1

 

 

 

 

 

 

Accounts Payable

185.3

155.9

125.8

113.6

103.7

Payable/Accrued

22.1

19.7

17.1

12.2

9.8

Notes Payable/Short Term Debt

16.4

18.9

1.7

70.0

20.7

Current Portion - Long Term Debt/Capital Leases

27.6

26.9

23.6

3.5

1.9

    Other Payables

-

-

0.0

2.3

-

Other Current liabilities, Total

-

-

0.0

2.3

-

Total Current Liabilities

251.4

221.4

168.1

201.6

136.0

 

 

 

 

 

 

    Long Term Debt

44.3

47.8

64.6

2.3

6.7

Total Long Term Debt

44.3

47.8

64.6

2.3

6.7

Total Debt

88.3

93.6

89.8

75.9

29.3

 

 

 

 

 

 

    Pension Benefits - Underfunded

9.5

7.7

5.8

4.3

3.2

Other Liabilities, Total

9.5

7.7

5.8

4.3

3.2

Total Liabilities

305.1

276.8

238.5

208.3

145.9

 

 

 

 

 

 

    Common Stock

60.0

60.0

60.0

60.0

60.0

Common Stock

60.0

60.0

60.0

60.0

60.0

Retained Earnings (Accumulated Deficit)

81.7

59.6

31.4

19.7

3.1

Total Equity

141.7

119.6

91.4

79.7

63.1

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

446.8

396.4

329.9

287.9

209.1

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

22.5

22.5

22.5

22.5

22.5

Total Common Shares Outstanding

22.5

22.5

22.5

22.5

22.5

Employees

-

-

-

-

5,097

Deferred Revenue - Current

4.5

4.1

3.0

2.2

1.6

Total Long Term Debt, Supplemental

-

-

23.6

-

1.9

Long Term Debt Maturing within 1 Year

-

-

23.6

-

1.9

Long Term Debt Matur. in Year 6 & Beyond

-

-

0.0

-

0.0

Total Operating Leases, Supplemental

128.3

111.7

124.4

114.7

113.2

Operating Lease Payments Due in Year 1

12.3

10.2

9.4

11.1

9.2

Operating Lease Payments Due in Year 2

11.1

8.6

26.0

8.9

29.8

Operating Lease Payments Due in Year 3

11.1

8.6

8.7

8.9

9.9

Operating Lease Payments Due in Year 4

11.1

8.6

8.7

8.9

9.9

Operating Lease Payments Due in Year 5

11.1

8.6

8.7

8.9

9.9

Operating Lease Pymts. Due in 2-3 Years

22.2

17.2

34.6

17.8

39.7

Operating Lease Pymts. Due in 4-5 Years

22.2

17.2

17.3

17.8

19.8

Oper. Lse. Pymts. Due in Year 6 & Beyond

71.6

67.0

63.0

68.1

44.6

 

 

 

 

Interim Balance Sheet

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

SAR

SAR

SAR

SAR

SAR

Exchange Rate

3.75035

3.7502

3.7504

3.75005

3.75015

 

 

 

 

 

 

    Cash & Equivalents

2.7

11.6

0.4

9.3

3.9

Cash and Short Term Investments

2.7

11.6

0.4

9.3

3.9

    Trade Accounts Receivable - Net

-

-

-

23.5

-

Total Receivables, Net

-

-

-

23.5

-

Total Inventory

89.6

83.0

79.0

95.8

77.0

Prepaid Expenses

27.5

28.1

25.7

-

24.4

Total Current Assets

119.8

122.8

105.0

128.5

105.4

 

 

 

 

 

 

        Buildings

170.4

158.2

157.3

156.4

154.7

        Land/Improvements

85.3

85.0

85.0

53.2

53.1

        Machinery/Equipment

118.0

115.5

111.0

110.3

106.8

        Construction in Progress

5.7

15.5

13.4

9.9

10.5

    Property/Plant/Equipment - Gross

379.4

374.3

366.7

329.8

325.0

    Accumulated Depreciation

-90.4

-85.5

-80.6

-78.0

-73.3

Property/Plant/Equipment - Net

289.0

288.8

286.1

251.8

251.8

Intangibles, Net

3.4

3.5

3.6

3.7

3.8

    LT Investment - Affiliate Companies

44.5

31.7

31.6

29.7

29.0

Long Term Investments

44.5

31.7

31.6

29.7

29.0

Total Assets

456.8

446.8

426.3

413.7

390.0

 

 

 

 

 

 

Accounts Payable

183.6

185.3

178.7

199.6

180.6

Payable/Accrued

23.6

22.1

23.3

21.4

20.0

Notes Payable/Short Term Debt

10.7

16.4

32.4

5.3

2.7

Current Portion - Long Term Debt/Capital Leases

31.3

27.6

22.5

21.7

26.0

    Dividends Payable

-

-

-

-

0.0

Other Current liabilities, Total

-

-

-

-

0.0

Total Current Liabilities

249.2

251.4

256.9

248.2

229.4

 

 

 

 

 

 

    Long Term Debt

47.0

44.3

28.3

34.6

41.2

Total Long Term Debt

47.0

44.3

28.3

34.6

41.2

Total Debt

89.0

88.3

83.3

61.7

69.9

 

 

 

 

 

 

    Pension Benefits - Underfunded

9.9

9.5

9.2

8.7

8.1

Other Liabilities, Total

9.9

9.5

9.2

8.7

8.1

Total Liabilities

306.0

305.1

294.4

291.4

278.7

 

 

 

 

 

 

    Common Stock

60.0

60.0

60.0

60.0

60.0

Common Stock

60.0

60.0

60.0

60.0

60.0

Retained Earnings (Accumulated Deficit)

90.7

81.7

71.9

62.3

51.3

Total Equity

150.7

141.7

131.9

122.3

111.3

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

456.8

446.8

426.3

413.7

390.0

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

22.5

22.5

22.5

22.5

22.5

Total Common Shares Outstanding

22.5

22.5

22.5

22.5

22.5

Total Long Term Debt, Supplemental

-

-

-

21.7

26.0

Long Term Debt Maturing within 1 Year

-

-

-

21.7

26.0

Long Term Debt Matur. in Year 6 & Beyond

-

-

-

0.0

0.0

Total Operating Leases, Supplemental

124.8

128.3

-

113.3

109.3

Operating Lease Payments Due in Year 1

11.3

12.3

-

10.6

10.1

Operating Lease Payments Due in Year 2

10.9

11.1

-

9.0

8.6

Operating Lease Payments Due in Year 3

10.9

11.1

-

9.0

8.6

Operating Lease Payments Due in Year 4

10.9

11.1

-

9.0

8.6

Operating Lease Payments Due in Year 5

10.9

11.1

-

9.0

8.6

Operating Lease Pymts. Due in 2-3 Years

21.8

22.2

-

18.0

17.2

Operating Lease Pymts. Due in 4-5 Years

21.8

22.2

-

18.0

17.2

Oper. Lse. Pymts. Due in Year 6 & Beyond

69.9

71.6

-

66.6

64.8

 

 

 

 

Annual Cash Flows

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Restated Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

SAR

SAR

SAR

SAR

SAR

Exchange Rate (Period Average)

3.750258

3.750188

3.750409

3.751248

3.747242

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

41.0

44.3

21.3

17.1

16.4

    Depreciation

19.7

13.1

11.8

10.0

8.0

Depreciation/Depletion

19.7

13.1

11.8

10.0

8.0

    Amortization of Intangibles

0.4

0.1

-

-

0.2

Amortization

0.4

0.1

-

-

0.2

    Unusual Items

-0.2

-0.3

-0.1

-0.1

0.0

    Equity in Net Earnings (Loss)

-3.4

-3.9

-1.7

-1.2

-

    Other Non-Cash Items

1.8

2.3

1.6

1.0

1.6

Non-Cash Items

-1.8

-1.8

-0.2

-0.3

1.6

    Accounts Receivable

-4.5

2.2

-3.2

-5.5

-6.1

    Inventories

-7.0

-17.3

-0.9

-2.5

-16.5

    Accounts Payable

31.9

30.3

16.8

12.4

-

    Accrued Expenses

-

-

-

-

44.6

    Other Operating Cash Flow

-1.0

-0.6

12.6

-0.6

-27.5

Changes in Working Capital

19.5

14.6

25.3

3.9

-5.6

Cash from Operating Activities

78.7

70.2

58.2

30.6

20.6

 

 

 

 

 

 

    Purchase of Fixed Assets

-55.9

-74.1

-40.9

-75.4

-25.8

Capital Expenditures

-55.9

-74.1

-40.9

-75.4

-25.8

    Sale of Fixed Assets

0.3

0.3

0.2

0.4

0.1

    Purchase of Investments

-0.2

0.0

-0.9

0.0

-

    Intangible, Net

0.0

-4.0

-

-

-

    Other Investing Cash Flow

0.0

2.3

-

-

-

Other Investing Cash Flow Items, Total

0.1

-1.4

-0.7

0.4

0.1

Cash from Investing Activities

-55.8

-75.5

-41.6

-75.0

-25.6

 

 

 

 

 

 

    Cash Dividends Paid - Common

-18.0

-15.0

-9.0

0.0

-

Total Cash Dividends Paid

-18.0

-15.0

-9.0

0.0

-

Issuance (Retirement) of Debt, Net

-5.3

3.7

13.9

46.7

3.9

Cash from Financing Activities

-23.3

-11.3

4.9

46.7

3.9

 

 

 

 

 

 

Net Change in Cash

-0.4

-16.5

21.5

2.3

-1.1

 

 

 

 

 

 

Net Cash - Beginning Balance

12.1

28.6

7.1

4.8

5.9

Net Cash - Ending Balance

11.6

12.1

28.6

7.1

4.8

Cash Taxes Paid

1.0

0.6

0.4

0.5

0.4

 

 

 

 

Interim Cash Flows

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

12 Months

9 Months

6 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

SAR

SAR

SAR

SAR

SAR

Exchange Rate (Period Average)

3.750318

3.750258

3.750224

3.750196

3.750249

 

 

 

 

 

 

Net Income/Starting Line

9.2

41.0

31.2

21.4

10.0

    Depreciation

5.3

19.7

14.6

9.6

4.8

Depreciation/Depletion

5.3

19.7

14.6

9.6

4.8

    Amortization of Intangibles

0.1

0.4

0.3

0.2

0.1

Amortization

0.1

0.4

0.3

0.2

0.1

    Unusual Items

0.1

-0.2

-0.2

-0.1

0.0

    Equity in Net Earnings (Loss)

-1.3

-3.4

-3.4

-1.6

-1.0

    Other Non-Cash Items

0.4

1.8

1.5

1.0

0.4

Non-Cash Items

-0.8

-1.8

-2.1

-0.7

-0.6

    Accounts Receivable

0.6

-4.5

-3.9

-1.7

-2.7

    Inventories

-6.6

-7.0

-2.9

-19.7

-1.0

    Accounts Payable

-0.4

31.9

-

47.7

26.7

    Accrued Expenses

-

-

28.4

-

-

    Other Operating Cash Flow

-

-1.0

-1.0

-1.0

-

Changes in Working Capital

-6.4

19.5

20.6

25.3

23.1

Cash from Operating Activities

7.4

78.7

64.5

55.8

37.4

 

 

 

 

 

 

    Purchase of Fixed Assets

-2.7

-55.9

-48.0

-8.7

-3.0

Capital Expenditures

-2.7

-55.9

-48.0

-8.7

-3.0

    Sale of Fixed Assets

0.1

0.3

0.2

0.1

0.0

    Investment, Net

-11.5

-0.2

-0.1

-

-

    Intangible, Net

-

0.0

0.0

-

-

    Other Investing Cash Flow

-2.9

0.0

0.0

-

-0.9

Other Investing Cash Flow Items, Total

-14.3

0.1

0.1

0.1

-0.8

Cash from Investing Activities

-17.1

-55.8

-47.9

-8.7

-3.8

 

 

 

 

 

 

    Cash Dividends Paid - Common

0.0

-18.0

-18.0

-18.0

-18.0

Total Cash Dividends Paid

0.0

-18.0

-18.0

-18.0

-18.0

Issuance (Retirement) of Debt, Net

0.7

-5.3

-10.3

-31.9

-23.7

Cash from Financing Activities

0.7

-23.3

-28.3

-49.9

-41.7

 

 

 

 

 

 

Net Change in Cash

-9.0

-0.4

-11.7

-2.8

-8.1

 

 

 

 

 

 

Net Cash - Beginning Balance

11.6

12.1

12.1

12.1

12.1

Net Cash - Ending Balance

2.7

11.6

0.4

9.3

3.9

Cash Taxes Paid

-

1.0

1.0

1.0

-

 

 

 

 

Annual Income Statement

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Restated Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

SAR

SAR

SAR

SAR

SAR

Exchange Rate (Period Average)

3.750258

3.750188

3.750409

3.751248

3.747242

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Sales

1,051.3

912.6

817.3

757.2

606.8

    Rent Income

39.5

25.7

19.6

15.9

12.3

Total Revenue

1,090.8

938.3

836.8

773.1

619.2

 

 

 

 

 

 

    Cost of Sales

1,004.7

864.1

780.5

725.7

578.0

    Selling & Distribution Expense

27.8

23.6

20.1

21.4

10.3

    General & Administrative

12.7

12.6

12.4

10.7

14.8

    Provision For Impairement

0.0

0.4

0.0

-

-

    Depreciation

3.7

-

-

-

-

Total Operating Expense

1,048.8

900.7

813.1

757.8

603.2

 

 

 

 

 

 

    Finance Charges

-3.3

-

-

-

-0.8

    Others Income

-1.3

2.8

-4.1

0.6

1.2

    Gain from Sale of Fixed Assets

0.2

-

-

-

-

Net Income Before Taxes

37.6

40.4

19.6

15.8

16.4

 

 

 

 

 

 

Provision for Income Taxes

0.9

1.1

0.6

0.5

0.5

Net Income After Taxes

36.6

39.3

19.0

15.4

16.0

 

 

 

 

 

 

    Equity in Affiliate

3.4

3.9

1.7

1.2

-

Net Income Before Extra. Items

40.0

43.2

20.7

16.6

16.0

Net Income

40.0

43.2

20.7

16.6

16.0

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

40.0

43.2

20.7

16.6

16.0

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

40.0

43.2

20.7

16.6

16.0

 

 

 

 

 

 

Basic Weighted Average Shares

22.5

22.5

22.5

22.5

22.5

Basic EPS Excluding ExtraOrdinary Items

1.78

1.92

0.92

0.74

0.71

Basic EPS Including ExtraOrdinary Items

1.78

1.92

0.92

0.74

0.71

Diluted Net Income

40.0

43.2

20.7

16.6

16.0

Diluted Weighted Average Shares

22.5

22.5

22.5

22.5

22.5

Diluted EPS Excluding ExtraOrd Items

1.78

1.92

0.92

0.74

0.71

Diluted EPS Including ExtraOrd Items

1.78

1.92

0.92

0.74

0.71

DPS-Common Stock

-

0.80

0.67

0.40

0.19

Gross Dividends - Common Stock

-

18.0

15.0

9.0

4.3

Normalized Income Before Taxes

37.4

40.4

19.6

15.8

16.4

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.9

1.1

0.6

0.5

0.5

Normalized Income After Taxes

36.5

39.3

19.0

15.4

16.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

39.8

43.2

20.7

16.6

16.0

 

 

 

 

 

 

Basic Normalized EPS

1.77

1.92

0.92

0.74

0.71

Diluted Normalized EPS

1.77

1.92

0.92

0.74

0.71

Depreciation

19.7

13.1

11.8

10.0

8.0

Amortization

0.4

0.1

0.0

-

0.2

Rent

2.3

2.6

1.8

1.8

1.1

Advertising

5.3

3.3

2.6

4.1

3.1

 

 

 

 

Interim Income Statement

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Reclassified Normal
31-Mar-2012

Filed Currency

SAR

SAR

SAR

SAR

SAR

Exchange Rate (Period Average)

3.750318

3.750353

3.750278

3.750151

3.750249

 

 

 

 

 

 

    Sales

260.3

246.7

292.3

263.2

249.1

    Rent Income

9.7

10.0

10.7

10.2

8.6

Total Revenue

270.0

256.7

303.0

273.4

257.7

 

 

 

 

 

 

    Cost of Sales

250.9

235.1

281.0

251.5

237.1

    Selling & Distribution Expense

7.4

8.4

9.5

6.8

5.9

    General & Administrative

3.3

3.1

3.7

4.4

3.2

Total Operating Expense

261.5

246.6

294.3

262.7

246.2

 

 

 

 

 

 

    Finance Charges

-0.8

-0.8

-0.8

-

-0.8

    Others Income

0.2

0.4

0.2

0.0

-1.7

    G/L on Sale of Fixed Assets

-0.1

-

-

-

0.0

    Share of Result of Associate

1.3

-

-

-

1.0

Net Income Before Taxes

9.2

9.8

8.0

10.7

10.0

 

 

 

 

 

 

Provision for Income Taxes

0.2

0.1

0.2

0.4

0.3

Net Income After Taxes

9.0

9.7

7.8

10.3

9.7

 

 

 

 

 

 

    Equity in Affiliates

-

0.0

1.8

0.6

-

Net Income Before Extra. Items

9.0

9.7

9.6

11.0

9.7

Net Income

9.0

9.7

9.6

11.0

9.7

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

9.0

9.7

9.6

11.0

9.7

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

9.0

9.7

9.6

11.0

9.7

 

 

 

 

 

 

Basic Weighted Average Shares

22.5

22.5

22.5

22.5

22.5

Basic EPS Excluding ExtraOrdinary Items

0.40

0.43

0.43

0.49

0.43

Basic EPS Including ExtraOrdinary Items

0.40

0.43

0.43

0.49

0.43

Diluted Net Income

9.0

9.7

9.6

11.0

9.7

Diluted Weighted Average Shares

22.5

22.5

22.5

22.5

22.5

Diluted EPS Excluding ExtraOrd Items

0.40

0.43

0.43

0.49

0.43

Diluted EPS Including ExtraOrd Items

0.40

0.43

0.43

0.49

0.43

DPS-Common Stock

0.00

-

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

-

0.0

0.0

0.0

Normalized Income Before Taxes

9.3

9.8

8.0

10.7

10.0

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.2

0.1

0.2

0.4

0.3

Normalized Income After Taxes

9.1

9.7

7.8

10.3

9.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

9.1

9.7

9.6

11.0

9.7

 

 

 

 

 

 

Basic Normalized EPS

0.40

0.43

0.43

0.49

0.43

Diluted Normalized EPS

0.40

0.43

0.43

0.49

0.43

Depreciation

5.3

5.1

5.0

4.8

4.8

Amortizations

0.1

0.1

0.1

0.1

0.1

 

 

 

 

Annual Balance Sheet

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Restated Normal
31-Dec-2011

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

SAR

SAR

SAR

SAR

SAR

Exchange Rate

3.7502

3.75025

3.75075

3.7531

3.75055

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalent

11.6

12.1

28.6

7.1

4.8

    Prepayments to Suppliers

28.1

23.7

24.0

20.8

15.3

    Inventory

83.0

76.1

58.7

57.8

55.3

    Other Receivables

-

-

0.0

15.3

12.8

Total Current Assets

122.8

111.8

111.3

101.0

88.2

 

 

 

 

 

 

    Payments for Investments in Associates

31.7

28.0

26.5

23.9

22.7

    Lands

85.0

53.1

19.7

19.7

19.7

    Machinery & Equipments

50.1

44.1

39.4

29.9

22.6

    Buildings

129.2

128.1

42.6

26.8

26.0

    Vehicles

13.9

12.7

12.7

11.8

7.5

    Computers

21.5

18.8

16.7

14.3

12.3

    Furnitures

29.9

28.2

28.7

25.3

22.7

    Leasehold Improvements

29.0

26.0

23.2

20.3

14.0

    Accumulated Depreciation

-85.5

-68.8

-61.5

-50.7

-41.1

    Work in Progress

15.5

10.5

70.6

65.6

14.6

    Intangibles, Net

3.5

3.9

-

-

-

    Preoperation Expenses

-

-

-

-

0.0

Total Assets

446.8

396.4

329.9

287.9

209.1

 

 

 

 

 

 

    ST Loans & Murabaha

16.4

18.9

1.7

70.0

20.7

    Accounts Payables

185.3

155.9

125.8

113.6

103.7

    Due to Related Parties

-

-

0.0

2.3

-

    Accrued Expenses & Other Liabilities

22.1

19.7

17.1

12.2

9.8

    Current Portion of LT Debt & Murabahat

27.6

26.9

23.6

3.5

1.9

Total Current Liabilities

251.4

221.4

168.1

201.6

136.0

 

 

 

 

 

 

    LT Debt & Murabahat

44.3

47.8

64.6

2.3

6.7

Total Long Term Debt

44.3

47.8

64.6

2.3

6.7

 

 

 

 

 

 

    End of Service Indemnity

9.5

7.7

5.8

4.3

3.2

Total Liabilities

305.1

276.8

238.5

208.3

145.9

 

 

 

 

 

 

    Share Capital

60.0

60.0

60.0

60.0

60.0

    Statutury Reserve

15.2

11.2

6.9

4.8

3.1

    Voluntary Reserve

3.3

3.3

3.3

0.0

-

    Retained Earnings

63.1

45.1

21.2

14.9

0.0

    Unrealised gains on Investments AFS

0.1

0.0

-

-

-

Total Equity

141.7

119.6

91.4

79.7

63.1

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

446.8

396.4

329.9

287.9

209.1

 

 

 

 

 

 

    S/O-Common Stock

22.5

22.5

22.5

22.5

22.5

Total Common Shares Outstanding

22.5

22.5

22.5

22.5

22.5

Deferred Revenue

4.5

4.1

3.0

2.2

1.6

Full-Time Employees

-

-

-

-

5,097

Current maturities

-

-

23.6

-

1.9

Total Long Term Debt, Supplemental

-

-

23.6

-

1.9

Due in 1 Year

12.3

10.2

9.4

11.1

9.2

Due from 1 to 5 Years

44.4

34.4

26.0

35.6

29.8

Due After 5 Years & Less Than 23 Years

71.6

67.0

63.0

68.1

44.6

Optg leases-year 2

-

-

26.0

-

29.8

Total Operating Leases, Supplemental

128.3

111.7

124.4

114.7

113.2

 

 

 

 

Interim Balance Sheet

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

SAR

SAR

SAR

SAR

SAR

Exchange Rate

3.75035

3.7502

3.7504

3.75005

3.75015

 

 

 

 

 

 

    Cash & Equivalent

2.7

11.6

0.4

9.3

3.9

    Prepayments to Suppliers

27.5

28.1

25.7

-

24.4

    Inventory

89.6

83.0

79.0

95.8

77.0

    Other Receivables

-

-

-

23.5

-

Total Current Assets

119.8

122.8

105.0

128.5

105.4

 

 

 

 

 

 

    Payments for Investments in Associates

44.5

31.7

31.6

29.7

29.0

    Land

85.3

85.0

85.0

53.2

53.1

    Machinery & Equipments

51.0

50.1

48.2

47.2

45.5

    Buildings

140.6

129.2

129.2

128.8

128.1

    Vehicles

14.6

13.9

13.4

13.2

13.0

    Computers

22.0

21.5

20.4

20.6

19.9

    Furniture & Fixtures

30.3

29.9

29.0

29.3

28.5

    Leasehold Improvements

29.8

29.0

28.0

27.6

26.6

    Depreciation

-90.4

-85.5

-80.6

-78.0

-73.3

    Work in Progress

5.7

15.5

13.4

9.9

10.5

    Intangibles, Net

3.4

3.5

3.6

3.7

3.8

Total Assets

456.8

446.8

426.3

413.7

390.0

 

 

 

 

 

 

    ST Loans & Murabaha

10.7

16.4

32.4

5.3

2.7

    Accounts Payables

183.6

185.3

178.7

199.6

180.6

    Accrued Expenses & Other Liabilities

23.6

22.1

23.3

21.4

20.0

    Dividends Payable

-

-

-

-

0.0

    Current Portion of LT Debt & Murabahat

31.3

27.6

22.5

21.7

26.0

Total Current Liabilities

249.2

251.4

256.9

248.2

229.4

 

 

 

 

 

 

    LT Debt & Murabahat

47.0

44.3

28.3

34.6

41.2

Total Long Term Debt

47.0

44.3

28.3

34.6

41.2

 

 

 

 

 

 

    End of Service Indemnity

9.9

9.5

9.2

8.7

8.1

Total Liabilities

306.0

305.1

294.4

291.4

278.7

 

 

 

 

 

 

    Share Capital

60.0

60.0

60.0

60.0

60.0

    Statutury Reserve

15.2

15.2

11.2

11.2

11.2

    Voluntary Reserve

3.3

3.3

3.3

3.3

3.3

    Retained Earnings

72.1

63.1

57.4

47.8

36.8

    Unrealised gains on Investments AFS

0.1

0.1

-

-

-

Total Equity

150.7

141.7

131.9

122.3

111.3

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

456.8

446.8

426.3

413.7

390.0

 

 

 

 

 

 

    S/O-Common Stock

22.5

22.5

22.5

22.5

22.5

Total Common Shares Outstanding

22.5

22.5

22.5

22.5

22.5

Current maturities

-

-

-

21.7

26.0

Total Long Term Debt, Supplemental

-

-

-

21.7

26.0

Within 1 Year

11.3

12.3

-

10.6

10.1

Less than 5 Years

43.5

44.4

-

36.1

34.3

Within 5 - 23 Years

69.9

71.6

-

66.6

64.8

Total Operating Leases, Supplemental

124.8

128.3

-

113.3

109.3

 

 

 

 

Annual Cash Flows

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Restated Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

SAR

SAR

SAR

SAR

SAR

Exchange Rate (Period Average)

3.750258

3.750188

3.750409

3.751248

3.747242

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

41.0

44.3

21.3

17.1

16.4

    Depreciation

19.7

13.1

11.8

10.0

8.0

    Amortizations

0.4

0.1

-

-

0.2

    Gain on Sale of Fixed Assets

-0.2

-0.3

-0.1

-0.1

0.0

    Share in Profit of Associates

-3.4

-3.9

-1.7

-1.2

-

    End of Service Endmnity

1.8

1.9

1.6

1.0

1.6

    Provision For Impairement

0.0

0.4

-

-

-

    Prepayments to Suppliers

-

-

-

-

-6.1

    Inventory

-7.0

-17.3

-0.9

-2.5

-16.5

    Other Receivables & Prepayments

-4.5

2.2

-3.2

-5.5

-

    Accounts Payables

31.9

30.3

16.8

12.4

-

    Accrued Expenses

-

-

-

-

44.6

    Paid Zakat

-1.0

-0.6

-0.4

-0.5

-0.4

    Related Parties

-

0.0

13.1

-0.1

-27.1

Cash from Operating Activities

78.7

70.2

58.2

30.6

20.6

 

 

 

 

 

 

    Investment in Associate Company

-0.2

0.0

-0.9

0.0

-

    Purchase of Fixed Assests

-55.9

-74.1

-40.9

-75.4

-25.8

    Intangible Assets

0.0

-4.0

-

-

-

    Cash Dividend Received

0.0

2.3

-

-

-

    Sale of Fixed Assets

0.3

0.3

0.2

0.4

0.1

Cash from Investing Activities

-55.8

-75.5

-41.6

-75.0

-25.6

 

 

 

 

 

 

    Loans from Banks

-5.3

3.7

13.9

46.7

3.9

    Div Paid

-18.0

-15.0

-9.0

0.0

-

Cash from Financing Activities

-23.3

-11.3

4.9

46.7

3.9

 

 

 

 

 

 

Net Change in Cash

-0.4

-16.5

21.5

2.3

-1.1

 

 

 

 

 

 

Net Cash Biginning Balance

12.1

28.6

7.1

4.8

5.9

Net Cash Ending Balance

11.6

12.1

28.6

7.1

4.8

    Cash Taxes Paid

1.0

0.6

0.4

0.5

0.4

 

 

 

 

Interim Cash Flows

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

12 Months

9 Months

6 Months

3 Months

UpdateType/Date

Updated Normal
31-Mar-2012

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Filed Currency

SAR

SAR

SAR

SAR

SAR

Exchange Rate (Period Average)

3.750318

3.750258

3.750224

3.750196

3.750249

 

 

 

 

 

 

Net Income

9.2

41.0

31.2

21.4

10.0

    Depreciation

5.3

19.7

14.6

9.6

4.8

    Amortizations

0.1

0.4

0.3

0.2

0.1

    Gain on Sale of Fixed Assets

0.1

-0.2

-0.2

-0.1

0.0

    Profit from Associate

-1.3

-3.4

-3.4

-1.6

-1.0

    End of Service Endmnity

0.4

1.8

1.5

1.0

0.4

    Inventory

-6.6

-7.0

-2.9

-19.7

-1.0

    Other Receivables & Prepayments

0.6

-4.5

-3.9

-1.7

-2.7

    Accounts Payables

-0.4

31.9

-

47.7

26.7

    Provision for Impairement

-

0.0

-

-

-

    Accrued Expenses

-

-

28.4

-

-

    Paid Zakat

-

-1.0

-1.0

-1.0

-

Cash from Operating Activities

7.4

78.7

64.5

55.8

37.4

 

 

 

 

 

 

    Investment in Sister Co.

-11.5

-0.2

-0.1

-

-

    Purchase of Fixed Assests

-2.7

-55.9

-48.0

-8.7

-3.0

    Intangible Assets

-

0.0

0.0

-

-

    Dividends Received

-

0.0

0.0

-

-

    Projects in Progress

-2.9

-

-

-

-0.9

    Sale of Fixed Assets

0.1

0.3

0.2

0.1

0.0

Cash from Investing Activities

-17.1

-55.8

-47.9

-8.7

-3.8

 

 

 

 

 

 

    Loans from Banks

0.7

-5.3

-10.3

-31.9

-23.7

    Dividends Paid

0.0

-18.0

-18.0

-18.0

-18.0

Cash from Financing Activities

0.7

-23.3

-28.3

-49.9

-41.7

 

 

 

 

 

 

Net Change in Cash

-9.0

-0.4

-11.7

-2.8

-8.1

 

 

 

 

 

 

Net Cash Biginning Balance

11.6

12.1

12.1

12.1

12.1

Net Cash Ending Balance

2.7

11.6

0.4

9.3

3.9

    Cash Taxes Paid

-

1.0

1.0

1.0

-

 

 

 

 

Business Segments

Financials in: As Reported (mil)

Annual

 

 

 

External Revenue   USD (mil)

 

31-Dec-11

31-Dec-10

Retail/ Commecial Trading

1,074.0

98.5 %

931.5

99.3 %

Property Rental

16.8

1.5 %

6.8

0.7 %

Segment Total

1,090.8

100 %

938.3

100 %

Consolidated Total

1,090.8

100 %

938.3

100 %

Exchange Rate: SAR to USD

3.750258

 

3.750188

 

Total Revenue   USD (mil)

 

31-Dec-11

31-Dec-10

Retail/ Commecial Trading

1,074.0

98.5 %

931.5

99.3 %

Property Rental

16.8

1.5 %

6.8

0.7 %

Segment Total

1,090.8

100 %

938.3

100 %

Consolidated Total

1,090.8

100 %

938.3

100 %

Exchange Rate: SAR to USD

3.750258

 

3.750188

 

 

Gross Profit   USD (mil)

 

31-Dec-11

31-Dec-10

Retail/ Commecial Trading

78.6

91.2 %

71.4

96.3 %

Property Rental

7.5

8.8 %

2.8

3.7 %

Segment Total

86.2

100 %

74.2

100 %

Consolidated Total

86.2

100 %

74.2

100 %

Exchange Rate: SAR to USD

3.750258

 

3.750188

 

Gross Margin (%)  

 

31-Dec-11

31-Dec-10

Retail/ Commecial Trading

7.3

-

7.7

-

Property Rental

44.8

-

40.7

-

Segment Total

7.9

-

7.9

-

Consolidated Total

7.9

-

7.9

-

 

Long Lived Assets   USD (mil)

 

31-Dec-11

31-Dec-10

Retail/ Commecial Trading

132.4

48.5 %

97.2

40.1 %

Property Rental

140.9

51.5 %

145.0

59.9 %

Segment Total

273.3

100 %

242.2

100 %

Consolidated Total

273.3

100 %

242.2

100 %

Exchange Rate: SAR to USD

3.750200

 

3.750250

 

 

 

 

Business Segments

Financials in: As Reported (mil)

 

Interim

 

 

External Revenue   USD (mil)

 

31-Mar-12

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

Retail/Commercial Trading

260.3

100 %

269.4

94.1 %

292.3

100 %

263.2

100 %

249.1

100 %

Property Rental

0.0

0 %

16.8

5.9 %

0.0

0 %

0.0

0 %

0.0

0 %

Segment Total

260.3

100 %

286.2

100 %

292.3

100 %

263.2

100 %

249.1

100 %

Consolidated Total

260.3

100 %

286.2

100 %

292.3

100 %

263.2

100 %

249.1

100 %

Exchange Rate: SAR to USD

3.750318

 

3.750353

 

3.750278

 

3.750151

 

3.750249

 

Total Revenue   USD (mil)

 

31-Mar-12

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

Retail/Commercial Trading

260.3

100 %

269.4

94.1 %

292.3

100 %

263.2

100 %

249.1

100 %

Property Rental

0.0

0 %

16.8

5.9 %

0.0

0 %

0.0

0 %

0.0

0 %

Segment Total

260.3

100 %

286.2

100 %

292.3

100 %

263.2

100 %

249.1

100 %

Consolidated Total

260.3

100 %

286.2

100 %

292.3

100 %

263.2

100 %

249.1

100 %

Exchange Rate: SAR to USD

3.750318

 

3.750353

 

3.750278

 

3.750151

 

3.750249

 

 

Gross Profit   USD (mil)

 

31-Mar-12

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

Retail/Commercial Trading

16.9

88.1 %

19.8

91.5 %

20.1

91.3 %

21.1

91.4 %

18.8

91.3 %

Property Rental

2.3

11.9 %

1.8

8.5 %

1.9

8.7 %

2.0

8.6 %

1.8

8.7 %

Segment Total

19.2

100 %

21.7

100 %

22.0

100 %

23.1

100 %

20.6

100 %

Consolidated Total

19.2

100 %

21.7

100 %

22.0

100 %

23.1

100 %

20.6

100 %

Exchange Rate: SAR to USD

3.750318

 

3.750353

 

3.750278

 

3.750151

 

3.750249

 

Gross Margin (%)  

 

31-Mar-12

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

Retail/Commercial Trading

6.5

-

7.4

-

6.9

-

8.0

-

7.6

-

Property Rental

-

-

10.9

-

-

-

-

-

-

-

Segment Total

7.4

-

7.6

-

7.5

-

8.8

-

8.3

-

Consolidated Total

7.4

-

7.6

-

7.5

-

8.8

-

8.3

-

 

 

Bottom of Form

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.01

UK Pound

1

Rs.86.89

Euro

1

Rs.67.83

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions