Financial Results : Alujain turns to SAR 7.2 mln net loss in Q1 2023

Alujain turns to SAR 7.2 mln net loss in Q1 2023

11/05/2023 Argaam Exclusive

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Alujain Corp. reported a net loss of SAR 7.2 million in Q1 2023, versus a net profit of SAR 55.8 million a year earlier, driven by 32% lower polypropylene (PP) prices and higher cost of finance. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 509.37 397.06 (22.0 %)
Gross Income 160.13 43.64 (72.7 %)
Operating Income 89.26 9.50 (89.4 %)
Net Income 55.78 (20.88) (137.4 %)
Average Shares 69.20 69.20 -
EPS (Riyals) 0.81 (0.30) (137.4 %)

On a quarterly basis, the net loss shrank from SAR 18.19 million in Q4 2022 on a slight increase in selling prices and a reduction in selling, marketing and distribution (logistic) expenses. 

 

Total shareholders’ equity, no minority interest, stood at SAR 2.63 billion as of March 31, 2023, compared to SAR 2.64 billion in a prior-year period.

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