Alujain 2022 net profit tumbles 93% to SAR 119.3 mln; Q4 loss at SAR 18.2 mln

30/03/2023 Argaam Exclusive

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Alujain Corp.
40.60
(1.15) (2.75 %)

Alujain Corp. (ALUJAIN)

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Alujain Corp. reported a net profit of SAR 119.3 million in 2022, a 93% slump compared to SAR 1.62 billion a year earlier.



Financials (M)

Item 2021 2022 Change‬
Revenues 519.30 1,911.18 268.0 %
Gross Income 119.09 403.69 239.0 %
Operating Income 57.64 158.38 174.8 %
Net Income 1,622.31 64.54 (96.0 %)
Average Shares 69.20 69.20 -
EPS (Riyals) 23.44 0.93 (96.0 %)

This was driven by a drop year-on-year (YoY) in Alujain’s profit share from its subsidiary, National Petrochemical Industries Company (NATPET). The company also indicated that last year results included a profit of SAR 1.352 billion on a reevaluation of fair-value of Alujain ownership in NATPET, in accordance with the IFRS. Alujain also cited higher financial as well as depreciation costs on NATPET assets fair valuation.

 


Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 502.76 453.73 (9.8 %)
Gross Income 116.24 73.62 (36.7 %)
Operating Income 72.55 4.19 (94.2 %)
Net Income 1,413.31 (72.94) (105.2 %)
Average Shares 69.20 69.20 -
EPS (Riyals) 20.42 (1.05) (105.2 %)

Alujain incurred a net loss of SAR 18.2 million in Q4 2022, versus a net profit of SAR 1.4 billion in the year earlier period.

 

On a sequential basis, Alujain turned to loss from SAR 18.7 million profit in Q3 2022.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 2.64 billion by Dec. 31, 2022, compared to SAR 2.61 billion in a year earlier period. 

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