Alujain Corp. reported a net profit of SAR 20.3 million in the first half of 2024, versus a net loss of SAR 17.7 million a year earlier.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 798.93 | 858.96 | 7.5 % |
| Gross Income | 122.52 | 151.85 | 23.9 % |
| Operating Income | 50.52 | 76.59 | 51.6 % |
| Net Income | (17.74) | 20.26 | 214.2 % |
| Average Shares | 69.20 | 69.20 | - |
| EPS (Riyals) | (0.26) | 0.29 | 214.2 % |
The profit growth was attributed to an 8.6% rise in quantities sold and a 1.2% increase in selling prices. The company also cited higher Murabaha revenues and a rise in the earnings of the joint venture, Natpet Schulman.
The company reported a net profit of SAR 14.6 million in Q2 2024, a 365.9% surge from SAR 3.14 million a year earlier.
This was due to lower selling, marketing, general, and administrative expenses, in addition to higher financing income from Murabaha and a rise in the earnings from Natpet Schulman.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 401.87 | 380.75 | (5.3 %) |
| Gross Income | 78.88 | 72.61 | (7.9 %) |
| Operating Income | 40.10 | 42.10 | 5.0 % |
| Net Income | 3.14 | 14.63 | 365.9 % |
| Average Shares | 69.20 | 69.20 | - |
| EPS (Riyals) | 0.05 | 0.21 | 365.9 % |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 478.21 | 380.75 | (20.4 %) |
| Gross Income | 79.25 | 72.61 | (8.4 %) |
| Operating Income | 34.50 | 42.10 | 22.0 % |
| Net Income | 5.62 | 14.63 | 160.1 % |
| Average Shares | 69.20 | 69.20 | - |
| EPS (Riyals) | 0.08 | 0.21 | 160.1 % |
On a sequential basis, net earnings soared by 160.1% from SAR 5.62 million in Q1 2024.
Total shareholders’ equity, after minority interest, stood at SAR 3.56 billion as of June 30, 2024, up from SAR 2.56 billion in a prior-year period.
| Company | Estimated | Actual | Change |
|---|---|---|---|
| SABIC | 759.61 | 2,180.00 | 187.0 % |
| 2P | 34.80 | 58.77 | 68.9 % |
| CARE | 64.58 | 69.50 | 7.6 % |
| BUDGET SAUDI | 68.97 | 70.17 | 1.7 % |
| SSP | 53.60 | 51.76 | (3.4 %) |
| MARAFIQ | 98.00 | 65.34 | (33.3 %) |
| Company | Estimated | Actual | Change |
|---|---|---|---|
| SABIC | 759.61 | 2,180.00 | 187.0 % |
| 2P | 34.80 | 58.77 | 68.9 % |
| SIIG | 54.30 | 64.00 | 17.9 % |
| CARE | 64.58 | 69.50 | 7.6 % |
| BUDGET SAUDI | 68.97 | 70.17 | 1.7 % |
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