Alujain Corporation

Purpose Alujain Corp, known as Alujain, was founded by a group of businessmen from Saudi Arabia and the Persian Gulf in December 1991, listed on the Saudi Tadawul Stock Exchange in august 1997, headquartered in Riyadh.

Alujain develops globally competitive industrial projects in the petrochemical, mining, metallurgical, and energy industries that are designed to bring value to shareholders.

The main of these subsidiaries are Zain Industries Co Ltd (98.75% share) and National Petrochemical Industrial Co (57.40% share).

Zain is a limited liability company with a factory in the city of Jubail. It produces aerosols and cleaning products and develops pesticides and agrochemicals.

Zain factory is built following technical and environmental standards, consists of installations for the preparation of emulsion concentrate, suspension concentrate and filling line.

It is now being scaled up. It introduces new products in the segments of household and personal care products, cleaning products, agrochemicals, and healthcare.

NATPET is a closed joint-stock company with a complex of enterprises for the production of propylene, the manufacture of polypropylene and its derivatives in the industrial city of Yanbu.

Bonar-Natpet, a joint venture between NATPET and Low & Bonar PLC, manufactures geotextiles for civil engineering markets in the Middle East and the Indian subcontinent.

Natpet Schulman Specialty Plastic Compounds is a joint venture between NATPET and A. Schulman Europe International BV, one of the world’s leading suppliers of engineering plastics and specialty resins. The company manufactures automotive and household appliances, electrical equipment, and building materials.

Alujain Corporation Loss Analysis

Alujain Corporation strives to take the forefront in the development of large industrial projects and create sustainable value for shareholders. So what could affect the losses in the first quarter of 2019 and what happened to the company’s earnings before?

For the whole of 2017, Alujain’s profit increased by 10, 1% to SAR 136,2 million compared to SAR 115,34 million a year earlier.

But already in the first three months of 2018, total sales decreased by 21.03%. The company’s net profit decreased by 23.1% to 104,75 million rials for the whole of 2018. The company attributed the decline in earnings to a decrease in its share of NATPET profits.

And Alujain Corp reported losses of 78,72 million riyals in the first quarter of 2019 against 62,46 million riyals of profit in the first half of 2018. The company’s total revenue for the first three months of 2019 fell by 6.3%. Losses per share (LPS) were SAR 1,14 for the three months ending in March.

The increase in Alujain losses is mainly due to NATPET losses. Sales of the company this year amounted to SAR 0,78 million, compared to SAR 537,05 million at the beginning of last year.

NATPET had meager sales due to the termination of production with significant gross losses due to fixed overheads. The subsidiary also reported higher general and administrative expenses.

NATPET’s net loss for the current quarter was SAR 108,44 million, compared with a net profit of SAR 121,14 million last year.

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