Alujain Achieves Net Profit of USD56.7 mln during the 3Q, an Increase of 256%

Alujain Holding Corp. recorded a net profit after zakat and tax of SR56.74 million during the third quarter, compared to profits of SR15.92 million during the same quarter of the previous year, an increase of 256.41%.

This came after Alujain Holding Corp. announced on Tuesday its interim financial results for the period ending on 2021-09-30 (nine months.)

The operational profit amounted to SR59.37 million during the third quarter, compared to profits of SR16.45 million during the same quarter of the previous year, an increase of 260.9%.

The gross profit amounted to SR1.32 million during the 3Q, compared to SR0.31 million during the same quarter of the previous year, an increase of 325.8%.

Profits per share during the current period amounted to SR3.02 riyals, compared to a loss of SR2.2 during the same period of the previous year.

The reason for the increase in net profit during the current quarter compared to the same quarter of the last year is mainly due to the increase in Alujain Holding Corp’s share in the net profit of National Petrochemical Industrial Company (NATPET) by SR37 million and the decrease in general and administration expenses by SR5 million.

The reason for the decrease in net profit during the current quarter compared to the previous quarter is mainly due to the decrease in Alujain Holding Corp’s share in the net profit of NATPET by SR41 million and the increase in finance cost by SR2 million.

The reason for the increase in net profit during current period compared to the same period of last year is mainly due to the increase in Alujain Holding Corp’s share in the net profit of NATPET by SR53 million and the decrease in general and administration expenses by SR6 million.

The company drew attention to Note (4) of the accompanying condensed consolidated interim financial statements, which indicates that in June 2021 National Petrochemical Industrial Company (“NATPET”) (Associate Company) completed all procedures related to the transfer of ownership of Menna Company, Fawasel Advanced Petrochemical Company, Al-Taj Towers for Plastic Industries Company, and Afaq Professional Chemical Company (“the four companies”) as per the directives of the competent authorities and became a 100% owner of these four companies. Our review opinion has not been modified based on this matter.