Alujain Corp.’s net profit plummeted 92% to SAR 9.6 million in H1 2023, from SAR 118.8 million in H1 2022.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 1,084.01 | 798.93 | (26.3 %) |
| Gross Income | 304.41 | 122.52 | (59.8 %) |
| Operating Income | 153.42 | 49.21 | (67.9 %) |
| Net Income | 118.75 | 9.63 | (91.9 %) |
| Average Shares | 69.20 | 69.20 | - |
| EPS (Riyals) | 1.72 | 0.14 | (91.9 %) |
The profit slump was attributed to a 30% fall year-on-year (YoY) in selling prices, lower other income and higher financing costs (FC).
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 574.64 | 401.87 | (30.1 %) |
| Gross Income | 144.29 | 78.88 | (45.3 %) |
| Operating Income | 64.17 | 39.71 | (38.1 %) |
| Net Income | 62.97 | 16.83 | (73.3 %) |
| Average Shares | 69.20 | 69.20 | - |
| EPS (Riyals) | 0.91 | 0.24 | (73.3 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 397.06 | 401.87 | 1.2 % |
| Gross Income | 43.64 | 78.88 | 80.7 % |
| Operating Income | 10.42 | 39.71 | 281.1 % |
| Net Income | (20.88) | 16.83 | 180.6 % |
| Average Shares | 69.20 | 69.20 | - |
| EPS (Riyals) | (0.30) | 0.24 | 180.6 % |
In Q2 2023, the company’s net profit plunged 73% to SAR 16.8 million from SAR 62.9 million in the prior-year period. Alujain reported a 4% decline YoY in sales volumes. Selling prices also dropped 27.5% YoY despite lower propane costs.
Further, Alujain reported increased FC and a decline of SAR 22 million in non-recurring other income.
Alujain turned profitable from a net loss of SAR 7.2 million in Q1 2023, as sales volumes grew by 5%. Propane costs saw a 18.4% drop.
Total shareholders’ equity, after minority interest, increased to SAR 2.65 billion as of June 30, 2023, from SAR 2.63 billion in the earlier-year period.
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