|01 December, 2019

Alujain turns to losses in Q3

Discontinuation of production at NATPET plant that resulted from a fire that occurred during the last quarter of 2018,

Riyadh – Mubasher: Alujain Corporation has turned to losses in the third quarter (Q3) of the year, registering a net loss after Zakat and tax of SAR 108.46 million, versus net profits of SAR 27.59 million in the same quarter of 2018.

This was attributed to the company’s share of the National Petrochemical Industrial Company (NATPET) net loss due to the discontinuation of production at NATPET plant that resulted from a fire that occurred during the last quarter of 2018, according to a bourse filing.

Alujain holds 57.4% of the shares of NATPET, which represents approximately 97% of Alujain's total investments.

However, the corporation reported a 13.4% increase in gross profits to SAR 1.6 million, from SAR 1.42 million in Q3-18.

As for the first nine months of the year, Alujain recorded SAR 258.18 million in net losses, against a net profit of SAR 154.04 million for the same period a year earlier.

It is worth noting that the Saudi Stock Exchange (Tadawul) has suspended trading on the shares of Alujain for one day on 12 November, due to its failure to disclose their financial results for Q3-19 during the specified period, obligating the company to disclose its quarterly financial statements on 12 December.

Source: Mubasher

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