Alujain 9M 2023 profit dives 81% to SAR 25.6 mln; Q3 at SAR 15.9 mln

05/11/2023 Argaam Exclusive

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Alujain Corp.’s net profit tumbled 81% to SAR 25.6 million in the first nine months of 2023, compared to SAR 137.5 million in the prior-year period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	1,457.45	1,221.37	(16.2 %)
Gross Income	330.06	210.06	(36.4 %)
Operating Income	154.19	93.77	(39.2 %)
Net Income	137.48	(15.49)	(111.3 %)
Average Shares	69.20	69.20	-
EPS (Riyals)	1.99	(0.22)	(111.3 %)

The company was hurt by higher finance costs (FCs), along with a decline in sales revenue and non-recurring other income.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	373.44	422.44	13.1 %
Gross Income	25.65	87.54	241.3 %
Operating Income	0.77	43.25	5538.9 %
Net Income	18.73	2.25	(88.0 %)
Average Shares	69.20	69.20	-
EPS (Riyals)	0.27	0.03	(88.0 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	401.87	422.44	5.1 %
Gross Income	78.88	87.54	11.0 %
Operating Income	39.71	43.25	8.9 %
Net Income	3.14	2.25	(28.4 %)
Average Shares	69.20	69.20	-
EPS (Riyals)	0.05	0.03	(28.4 %)

The third-quarter net profit dropped 15% to SAR 15.9 million from SAR 18.7 million in Q3 2022 on a drop in non-recurring other income.

Moreover, Alujain reported higher FCs and Zakat provision, as the Zakat, Tax and Customs Authority (ZATCA) issued assessment for SAR 4.6 million claims from NATPET for 2017 and 2018.

Meanwhile, Alujain realized gains on sale of a subsidiary, along with logging higher sales volume. Cost of propane edged lower in the three-month period.

On a sequential basis, net earnings declined by 5.3% from SAR 16.8 million in Q2 2023 on increased FCs and Zakat provisions.

Total shareholders’ equity, after minority interest, increased to SAR 2.66 billion as of Sept. 30, 2023, from SAR 2.65 billion in the year-earlier period.

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