‎“Alujain” profits decreased to 17 million riyals during Q2, by ‎‎73%‎

The net profit after zakat and tax for Alujain Company decreased to 17 million riyals during the second quarter, compared to 63 million riyals in the same quarter of last year, by 73%. This came after today’s announcement of the preliminary financial results for the period ending on June 30, 2023.

The operational profit amounted to 40 million riyals in the second quarter, compared to 87 million riyals in the same quarter of last year, a decline of 54%.

As for the total profit, it amounted to 79 million riyals in the second quarter, compared to 144 million riyals in the same quarter of last year, a decrease of 45%.

The net profit after zakat and tax during the 6-month period amounted to 10 million riyals, compared to 119 million riyals in the same period last year, a decline of 92%.

Earnings per share in the current period amounted to 0.2 riyals, compared to 2.41 riyals in the same period last year.

The decrease in net profit during the current quarter compared to the same quarter of the previous year is due to the following main reasons:

1. Selling quantity decreased by 4% and selling prices decreased by 27.5% despite the lower cost of propane during the current quarter.
2. High financing costs
3. Decrease in other non-recurring revenues (by 22 million riyals).

The reason for the increase in net profit during the current quarter compared to the previous quarter is due to an increase in the quantities sold by 5% and a decrease in the cost of propane by 18.4%.

The reason for the decrease in net profit during the current period compared to the same period of the previous year is due to:

1. Sale prices reduced by 30%
2. High financing costs
3. Other low income

The company said that some of the balances of the financial statements have been reclassified to conform to the current period.

Netpet results (for the current quarter)

1. Netpet’s sales during the current quarter amounted to 397 million riyals, a decrease of 30% compared to the sales of the same quarter of the previous year, and an increase of 1.6% compared to the sales of the previous quarter.
2. The net profit of Natpet during the current quarter amounted to 46.5 million riyals:

– With an increase in capacity by 264% compared to the previous quarter, the reason for the increase is due to an increase in the quantities sold by 5% and a decrease in the cost of propane by 18.4%.

– A decrease of 64% compared to the same quarter of the previous year, due to a decrease in the selling quantity by 4% and selling prices by 27.5% despite the decrease in the cost of propane during the current quarter.

Netpet company results (for the current period):

1. Netpet’s sales for the current period amounted to 788 million riyals, a decrease of 27% compared to sales for the same period of the previous year.
2. Net profit of NATPET during the current period amounted to 59 million riyals, compared to 216 million riyals for the same period of the previous year, a decrease of 72.6%. The main reason for the decline is due to the decrease in selling prices by 30%.
3. Production increased during the current period by 9.3% compared to the same period of the previous year.
4. Netpet’s share profit for the current period is 0.55 riyals per share, compared to 2.02 riyals for the same period of the previous year.
5. The retained earnings of Natpet at the end of the current period amounted to 1,736 million riyals, compared to 1,848 million riyals for the same period of the previous year.
6. The total equity of shareholders in NATPET at the end of the current period amounted to 3,377 million riyals, compared to 3,691 million riyals at the end of the same period of the previous year.