Alujain Corp.’s net profit tumbled 81% to SAR 25.6 million in the first nine months of 2023, compared to SAR 137.5 million in the prior-year period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 1,457.45 | 1,221.37 | (16.2 %) |
| Gross Income | 330.06 | 210.06 | (36.4 %) |
| Operating Income | 154.19 | 99.85 | (35.2 %) |
| Net Income | 137.48 | 25.57 | (81.4 %) |
| Average Shares | 69.20 | 69.20 | - |
| EPS (Riyals) | 1.99 | 0.37 | (81.4 %) |
The company was hurt by higher finance costs (FCs), along with a decline in sales revenue and non-recurring other income.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 373.44 | 422.44 | 13.1 % |
| Gross Income | 25.65 | 87.54 | 241.3 % |
| Operating Income | 0.77 | 50.64 | 6502.2 % |
| Net Income | 18.73 | 15.94 | (14.9 %) |
| Average Shares | 69.20 | 69.20 | - |
| EPS (Riyals) | 0.27 | 0.23 | (14.9 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 401.87 | 422.44 | 5.1 % |
| Gross Income | 78.88 | 87.54 | 11.0 % |
| Operating Income | 39.71 | 50.64 | 27.5 % |
| Net Income | 16.83 | 15.94 | (5.3 %) |
| Average Shares | 69.20 | 69.20 | - |
| EPS (Riyals) | 0.24 | 0.23 | (5.3 %) |
The third-quarter net profit dropped 15% to SAR 15.9 million from SAR 18.7 million in Q3 2022 on a drop in non-recurring other income.
Moreover, Alujain reported higher FCs and Zakat provision, as the Zakat, Tax and Customs Authority (ZATCA) issued assessment for SAR 4.6 million claims from NATPET for 2017 and 2018.
Meanwhile, Alujain realized gains on sale of a subsidiary, along with logging higher sales volume. Cost of propane edged lower in the three-month period.
On a sequential basis, net earnings declined by 5.3% from SAR 16.8 million in Q2 2023 on increased FCs and Zakat provisions.
Total shareholders’ equity, after minority interest, increased to SAR 2.66 billion as of Sept. 30, 2023, from SAR 2.65 billion in the year-earlier period.
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