Alujain Corporation strives to take the forefront in the development of large industrial projects and create sustainable value for shareholders. So what could affect the losses in the first quarter of 2019 and what happened to the company’s earnings before?
For the whole of 2017, Alujain’s profit increased by 10, 1% to SAR 136,2 million compared to SAR 115,34 million a year earlier.
But already in the first three months of 2018, total sales decreased by 21.03%. The company’s net profit decreased by 23.1% to 104,75 million rials for the whole of 2018. The company attributed the decline in earnings to a decrease in its share of NATPET profits.
And Alujain Corp reported losses of 78,72 million riyals in the first quarter of 2019 against 62,46 million riyals of profit in the first half of 2018. The company’s total revenue for the first three months of 2019 fell by 6.3%. Losses per share (LPS) were SAR 1,14 for the three months ending in March.
The increase in Alujain losses is mainly due to NATPET losses. Sales of the company this year amounted to SAR 0,78 million, compared to SAR 537,05 million at the beginning of last year.
NATPET had meager sales due to the termination of production with significant gross losses due to fixed overheads. The subsidiary also reported higher general and administrative expenses.
NATPET’s net loss for the current quarter was SAR 108,44 million, compared with a net profit of SAR 121,14 million last year.
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