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English news

11-Nov-2018

Alujain reports net profit of SAR28mn in 3Q18

Alujain has released its 3Q18 financial results, showing net profit of SAR28mn (-23.6% Y-o-Y,-57% Q-o-Q). The company stated operating profit at SAR28mn (-23.5% Y-o-Y, -56.6% Q-o-Q), while gross profit came in at SAR1.42mn (-21% Y-o-Y, -19% Q-o-Q). The company reported sales at SAR6.8mn during 3Q18, representing a 4.5% Q-o-Q decline. The company attributed the drop in Q-o-Q earnings to a lower share of profit in NATPET. With regard to the fire that broke at the plant in early October, the company mentioned that the plants are still shut down, and that it will use the existing current PP inventory to deliver to customers. Alujain has also noted that the insurance company will be issuing a preliminary report about the incident and the related losses.