Alujain’s profit sinks 92% to SAR 9.6 mln in H1 2023; Q2 at SAR 16.8 mln

02/08/2023 Argaam Exclusive

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Alujain Corp.’s net profit plummeted 92% to SAR 9.6 million in H1 2023, from SAR 118.8 million in H1 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	1,084.01	798.93	(26.3 %)
Gross Income	304.41	122.52	(59.8 %)
Operating Income	153.42	49.21	(67.9 %)
Net Income	118.75	(17.74)	(114.9 %)
Average Shares	69.20	69.20	-
EPS (Riyals)	1.72	(0.26)	(114.9 %)

The profit slump was attributed to a 30% fall year-on-year (YoY) in selling prices, lower other income and higher financing costs (FC).

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	574.64	401.87	(30.1 %)
Gross Income	144.29	78.88	(45.3 %)
Operating Income	64.17	39.71	(38.1 %)
Net Income	62.97	3.14	(95.0 %)
Average Shares	69.20	69.20	-
EPS (Riyals)	0.91	0.05	(95.0 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	397.06	401.87	1.2 %
Gross Income	43.64	78.88	80.7 %
Operating Income	9.50	39.71	317.9 %
Net Income	(20.88)	3.14	115.0 %
Average Shares	69.20	69.20	-
EPS (Riyals)	(0.30)	0.05	115.0 %

In Q2 2023, the company’s net profit plunged 73% to SAR 16.8 million from SAR 62.9 million in the prior-year period. Alujain reported a 4% decline YoY in sales volumes. Selling prices also dropped 27.5% YoY despite lower propane costs.

Further, Alujain reported increased FC and a decline of SAR 22 million in non-recurring other income.

Alujain turned profitable from a net loss of SAR 7.2 million in Q1 2023, as sales volumes grew by 5%. Propane costs saw a 18.4% drop.

Total shareholders’ equity, after minority interest, increased to SAR 2.65 billion as of June 30, 2023, from SAR 2.63 billion in the earlier-year period.

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