Alujain turns to SAR 136.6 mln profit in H1 2020

24/08/2020 Argaam Exclusive

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Alujain Holding Corp. reported a net profit after Zakat and tax of SAR 136.6 million for the first half of 2020, from a net loss of SAR 149.7 million in the same period last year.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	11.31	7.25	(35.9 %)
Gross Income	2.56	0.65	(74.5 %)
Operating Income	(3.42)	(14.42)	(321.8 %)
Net Income	(149.72)	136.62	191.2 %
Average Shares	69.20	69.20	-
EPS (Riyals)	(2.16)	1.97	191.2 %

The profit was attributed to higher profit from an affiliate, NATPET, driven by the regularity of operations during Q2 2020 after the completion of the rebuilding work of NATPET plant following the fire accident in Q4 2018.

In addition the profit was driven by receiving the remaining settlement amount of the insurance compensation by NATPET.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	6.56	2.61	(60.1 %)
Gross Income	1.75	0.04	(97.8 %)
Operating Income	(1.03)	(4.01)	(287.9 %)
Net Income	(71.01)	182.98	357.7 %
Average Shares	69.20	69.20	-
EPS (Riyals)	(1.03)	2.64	357.7 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	4.63	2.61	(43.6 %)
Gross Income	0.62	0.04	(93.8 %)
Operating Income	(10.41)	(4.01)	61.5 %
Net Income	(46.37)	182.98	494.6 %
Average Shares	69.20	69.20	-
EPS (Riyals)	(0.67)	2.64	494.6 %

The company turned to profit of SAR 183 million in Q2 2020 from a net loss of SAR 71.01 million a year earlier.

When compared to the previous quarter, the company turned to a profit against a loss of SAR 46.37 million.

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