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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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