Financial Results : Alujain’s net profit rises 8% to SAR 207.3 mln in 2020

Alujain’s net profit rises 8% to SAR 207.3 mln in 2020

01/03/2021 Argaam Exclusive

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Alujain Holding Corp. posted a net profit after Zakat and tax of SAR 207.3 million in 2020, an increase of 8% from SAR 191.2 million a year earlier.



Financials (M)

Item 2019 2020 Change‬
Revenues 23.73 14.38 (39.4 %)
Gross Income 5.70 1.34 (76.5 %)
Operating Income (11.71) (26.25) (124.1 %)
Net Income 191.16 207.29 8.4 %
Average Shares 69.20 69.20 -
Earnings Per Share before unusual items (Riyals) (3.82) 0.26 106.8 %
EPS (Riyals) 2.76 3.00 8.4 %

The profit growth was spurred by Alujain’s higher profit share from its affiliate, National Petrochemical Industries Co. (NATPET), by SAR 19.76 million, and a decline of SAR 12.76 million in Zakat provision in 2020, compared to a year earlier.

 

The 2019 provision also included additional differences issued by the General Authority of Zakat and Tax (GAZT) for the period from 2003 to 2016.

 

Alujain attributed NATPET’s profit rise to receiving the remaining part of the final insurance settlement of SAR 330 million. The company resumed operations and production after completing the reconstruction of NATPET factory, which suspended operations since Q4 2018.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 5.73 3.87 (32.5 %)
Gross Income 1.53 0.38 (75.2 %)
Operating Income (6.72) (4.08) 39.3 %
Net Income 449.33 54.75 (87.8 %)
Average Shares 69.20 69.20 -
Earnings Per Share before unusual items (Riyals) (0.09) 0.79 1021.5 %
EPS (Riyals) 6.49 0.79 (87.8 %)

The fourth-quarter net profit after Zakat and tax plunged 88% year-on-year (YoY) to SAR 54.8 million.

 

Shareholders’ equity, excluding minority interest, increased by 14.36% YoY to SAR 1.690 billion in 2020.

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