Alujain earns SAR 20.3M in H1 2024, SAR 14.6M in Q2

01/08/2024 Argaam Exclusive

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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.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	798.93	858.96	7.5 %
Gross Income	122.52	151.85	23.9 %
Operating Income	49.21	75.54	53.5 %
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.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	401.87	380.75	(5.3 %)
Gross Income	78.88	72.61	(8.0 %)
Operating Income	39.71	42.10	6.0 %
Net Income	3.14	14.63	365.8 %
Average Shares	69.20	69.20	-
EPS (Riyals)	0.05	0.21	365.8 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	478.21	380.75	(20.4 %)
Gross Income	79.25	72.61	(8.4 %)
Operating Income	34.40	42.10	22.4 %
Net Income	5.62	14.63	160.2 %
Average Shares	69.20	69.20	-
EPS (Riyals)	0.08	0.21	160.2 %

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.

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