Alujain set to post higher earnings, says CEO

Alujain Corporation (Alujain) is expected to report higher-than-expected earnings, backed by strong financial position, abundant liquidity and more than SAR 3 billion in assets, its new chief executive officer told CNBC Arabia.

The company’s board of directors is mapping out a new strategy aimed at boosting asset efficiency and undertaking new investments, Abdullah Al-Anzi, who took over as CEO earlier this week, said. The strategy will be disclosed before year-end.

The Saudi-based company is also planning to have an integrated diversified business portfolio over the next five years, in line with Saudi Vision 2030 and the National Transformation Program (NTP), Al-Anzi said.

“We focus on petrochemicals, but we may also tap into energy and mining business activities”, said Al-Anzi, adding that the bank credit facilities are amongst the projects’ funding options.

Alujain has a low debt-to asset-ratio, with SAR 750 million in long-term loans, said Al-Anzi, noting that all the company’s liabilities will be settled over the next four years.

The company is also considering distributing dividends to shareholders after taking a long break in the past quarters.