Alujain net profit down 34% to SAR 137.5 mln in 9M 2022, Q3 at SAR 18.7 mln

03/11/2022 Argaam Exclusive

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Alujain Holding Corp. reported a net profit after Zakat and tax of SAR 137.5 million in the first nine months of 2022, a 34% decline compared to SAR 209 million in the year-ago period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	16.54	1,457.45	8714.3 %
Gross Income	2.85	330.06	11481.2 %
Operating Income	(14.91)	154.19	1134.2 %
Net Income	209.00	137.48	(34.2 %)
Average Shares	69.20	69.20	-
EPS (Riyals)	3.02	1.99	(34.2 %)

The profit decline was attributed to lower share in net profit from NATPET, higher finance cost, and recording depreciation on additional assets.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	6.53	373.44	5616.2 %
Gross Income	1.32	25.65	1840.4 %
Operating Income	(1.86)	0.77	141.3 %
Net Income	56.74	18.73	(67.0 %)
Average Shares	69.20	69.20	-
EPS (Riyals)	0.82	0.27	(67.0 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	574.64	373.44	(35.0 %)
Gross Income	144.29	25.65	(82.2 %)
Operating Income	64.17	0.77	(98.8 %)
Net Income	62.97	18.73	(70.2 %)
Average Shares	69.20	69.20	-
EPS (Riyals)	0.91	0.27	(70.2 %)

In Q3 2022, the net profit after Zakat and tax saw a 67% drop to SAR 18.7 million, from SAR 56.7 million in the year before.

Sequentially the company’s net profit fell 70% from SAR 63 million in Q2 2022.

Shareholders’ equity, excluding minority interest, grew to SAR 2.658 billion as of Sept. 30, 2022, from SAR 1.9 billion in the year-earlier period.

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