Alujain swings to SAR 82.3M loss in 2023; Q4 at SAR 107.8M

21/03/2024 Argaam Exclusive

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Alujain Corp. turned to a net loss of SAR 82.3 million in 2023, against a net profit of SAR 64.5 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	1,911.18	1,396.73	(26.9 %)
Gross Income	403.69	232.85	(42.3 %)
Operating Income	158.38	73.25	(53.8 %)
Net Income	64.54	(82.25)	(227.4 %)
Average Shares	69.20	69.20	-
EPS (Riyals)	0.93	(1.19)	(227.4 %)

The annual losses were attributed to lower revenue as selling prices and sales volumes declined by 19% and 10% year-on-year (YoY), respectively, despite a drop in propane cost.

The company also reported higher finance costs and a decline in non-recurring other income.

In Q4 2023, Alujain widened net losses to SAR 107.8 million from SAR 72.9 million in Q4 2022.

Net losses also increased from SAR 15.9 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	453.73	175.37	(61.4 %)
Gross Income	73.62	22.79	(69.0 %)
Operating Income	4.19	(26.61)	(734.7 %)
Net Income	(72.94)	(66.72)	8.5 %
Average Shares	69.20	69.20	-
EPS (Riyals)	(1.05)	(0.96)	8.5 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	422.44	175.37	(58.5 %)
Gross Income	87.54	22.79	(74.0 %)
Operating Income	43.25	(26.61)	(161.5 %)
Net Income	2.25	(66.72)	(3065.3 %)
Average Shares	69.20	69.20	-
EPS (Riyals)	0.03	(0.96)	(3065.3 %)

Shareholders’ equity, after minority interest, reached SAR 3.03 billion as of Dec. 31, 2023, compared to SAR 2.58 billion in the year-earlier period.

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