Alujain incurs SAR 150 mln losses in H1 2019

17/10/2019 Argaam Exclusive

Alujain Corp. incurred net loss after zakat and tax of SAR 149.7 million in H1 2019, versus net profit of SAR 126.5 million in year-earlier period.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 12.11 11.31 (6.6 %)
Gross Income 1.65 2.56 55.4 %
Operating Income (9.23) (3.42) 63.0 %
Net Income 126.45 (149.72) (218.4 %)
Average Shares 69.20 69.20 -
EPS (Riyals) 1.83 (2.16) (218.4 %)

The company was hit by losses from NATPET due to production halt in Q4 2018.

 

Additionally, the first half zakat provision worth SAR 14.31 million included the additional differences issued by GAZT for the period from 2003 to 2016.

 

NATPET’s recorded total losses of SAR 162.07 million in H1, compared to total profit of SAR 345.1 million a year earlier.

 

In Q2 2019, the company sustained net losses after zakat and tax of SAR 71 million, against net profit of SAR 63.9 million a year earlier, due to NATPET losses.

 

When compared to the previous quarter, net losses narrowed by 9.8 percent, as the company allocated a provision for the additional differences issued by GAZT for the period from 2003 to 2016.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 7.05 6.56 (6.9 %)
Gross Income 1.76 1.75 (1.0 %)
Operating Income (2.14) (1.03) 51.7 %
Net Income 63.99 (71.01) (211.0 %)
Average Shares 69.20 69.20 -
EPS (Riyals) 0.92 (1.03) (211.0 %)

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