Financial Results : Alujain narrows net losses in Q1 2020 to SAR 46.4 mln

Alujain narrows net losses in Q1 2020 to SAR 46.4 mln

18/08/2020 Argaam Exclusive

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Alujain Holding Corp. reported a net loss after Zakat and tax of SAR 46.4 million for the first quarter of 2020, from a loss of SAR 78.7 million in the same period a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 4.75 4.63 (2.5 %)
Gross Income 0.82 0.62 (24.7 %)
Operating Income (2.39) (10.41) (336.4 %)
Net Income (78.72) (46.37) 41.1 %
Average Shares 69.20 69.20 -
EPS (Riyals) (1.14) (0.67) 41.1 %

The decline in net loss was attributed to lower share in losses from an affiliate, NATPET, which started commercial production in March 2020 after the completion of rebuilding the plant following the fire incident in Q4 2018.

 

Compared to the net profit of SAR 449.33 million in Q4 2019, the company turned to losses, as NATPET received SAR 900 million compensation for the fire incident and work suspension at its plant.

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