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Alujain Corporation was founded by many Arab entrepreneurs in 1991 and was listed on the Tadawul Stock Exchange in 1997. The headquarters of the company is located in Riyadh.
Alujain helps develop the metallurgical, energy, petrochemical, and mining industries by creating large-scale industrial projects.
The principal subsidiaries of Alujain Corporation are Zain Industries Co Ltd with a 98.75% stake and National Petrochemical Industrial Co with a 57.40% share.
Zain Industries is a company that manufactures household chemicals, pesticides, and agrochemicals. Zain factory is located in Jubail, built according to international technical and environmental standards. It includes installations for the preparation of emulsion concentrate, suspension concentrate, and filling line.
Every year Zain expands more and more, introducing new products in various segments of chemical products. This year, the plant’s product line was supplemented with chemicals for home cleaning and personal hygiene, new agrochemicals and substances for the healthcare sector.
National Petrochemical Industrial - a complex of enterprises for the production of polypropylene and its derivatives, as well as for the production of propylene. Located in the city of Yanbu and includes such enterprises:
Bonar-Natpet is a plant whose project was implemented in conjunction with Low & Bonar PLC. It produces geotextiles for construction markets in the Middle East and India.
Natpet Schulman Specialty Plastic Compounds is a joint venture with A. Schulman Europe International, a renowned supplier of engineering plastics and special resins. The plant produces automotive equipment, household appliances, electrical equipment, building materials.
Alujain is doing its best to take a leading position in the investment sector in developing large-scale industrial enterprises. What could negatively affect the company’s profits and lead to losses in the first half of the year, and how were the financial affairs of the joint-stock company earlier?
In 2017, Alujain’s profit increased by 10%, which amounted to 136.2 million SAR.
Unfortunately, the trend did not continue in 2018, and already in the first three months of the new year, sales fell by 21.03%, and net profit decreased by 23.1%, amounting to 104.75 million riyals for 2018. In its report, Alujain Corporation indicated that the decrease in profits was due to a reduction in its stake in a subsidiary of National Petrochemical Industrial Co.
In a 2019 report, Alujain Corp noted that losses in the first quarter reached the level of 78.72 million riyals. Losses exceeded the company’s revenues in the first half of 2018 – 62.46 million riyals. Also, in the first three months of 2019, the total revenues of the company fell by 6, 3%, and share losses reached SAR 1, 14 per share.
To a greater extent, the loss of Alujain is associated with the failures of a subsidiary of the National Petrochemical Industrial. Sales of the company this year amounted to SAR78.7 million, compared to SAR537.05 million at the beginning of last year.
National Petrochemical Industries experienced meager sales due to shut down due to fire, resulting in substantial gross losses, overhead, high general and administrative expenses.
National Petrochemical Industries’ net loss for Q3 2019 rose to SAR108.44 million, compared to SAR121.14 million in net profit in 2018.
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