Alujain earns SAR 66.1M in 9M 2024, SAR 45.8M in Q3

31/10/2024 Argaam Exclusive

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Alujain Corp. turned to a net profit of SAR 66.1 million in the first nine months of 2024, against a net loss of SAR 15.5 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	1,221.37	1,197.19	(2.0 %)
Gross Income	210.06	210.98	0.4 %
Operating Income	93.77	99.19	5.8 %
Net Income	(15.49)	66.07	526.5 %
Average Shares	69.20	69.20	-
EPS (Riyals)	(0.22)	0.95	526.5 %

The positive results were attributed to a 9% year-on-year (YoY) rise in selling prices, as well as higher other and finance income from Murabaha agreements, and a better profit share from NATPET Schulman Specialty Plastic Compounds (NSSPC) joint venture.

On the other hand, Alujain reported a revenue drop due to a 4.6% YoY decrease in sales volumes. Propane prices increased 4.4%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	422.44	338.23	(19.9 %)
Gross Income	87.54	59.13	(32.5 %)
Operating Income	43.25	22.59	(47.8 %)
Net Income	2.25	45.81	1936.0 %
Average Shares	69.20	69.20	-
EPS (Riyals)	0.03	0.66	1936.0 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	380.75	338.23	(11.2 %)
Gross Income	72.61	59.13	(18.6 %)
Operating Income	42.10	22.59	(46.3 %)
Net Income	14.63	45.81	213.0 %
Average Shares	69.20	69.20	-
EPS (Riyals)	0.21	0.66	213.0 %

The three-month net profit skyrocketed to SAR 45.8 million from SAR 2.2 million in Q3 2023.

Similarly, net earnings more than tripled from SAR 14.6 million in Q2 2024.

Total shareholders’ equity, after minority interest, increased to SAR 3.60 billion as of Sept. 30, 2024, from SAR 2.56 billion a year earlier.

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