Alujain Holding Corp. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

A2170 ALUJAIN-1.5 (-2.46 %)
1443/03/27 Tue Nov 2, 2021 08:01:20

Alujain Holding Corp. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

Share this: Facebook TwitterLinkedIn

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	6.53	3.26	100.306	5.25	24.38
Gross Profit (Loss)	1.32	0.31	325.806	0.79	67.088
Operational Profit (Loss)	59.37	16.45	260.911	93.38	-36.421
Net Profit (Loss) after Zakat and Tax	56.74	15.92	256.407	91.96	-38.299
Total Comprehensive Income	56.74	19.16	196.137	91.99	-38.319
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	16.54	10.51	57.373
Gross Profit (Loss)	2.85	0.96	196.875
Operational Profit (Loss)	213.68	153.66	39.06
Net Profit (Loss) after Zakat and Tax	209	152.53	37.022
Total Comprehensive Income	209.45	154.7	35.391
Total Share Holders Equity (after Deducting Minority Equity)	1,900.21	1,633.06	16.358
Profit (Loss) per Share	3.02	2.2
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The reason for the increase in net profit during the current quarter compared to the same quarter of the last year is mainly due to: 1. Increase in Alujain Holding Corp's share in the net profit of National Petrochemical Industrial Company (NATPET) by SR37 million. 2. Decrease in general and administration expenses by SR5 million.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	The reason for the decrease in net profit during the current quarter compared to the previous quarter is mainly due to: 1. Decrease in Alujain Holding Corp's share in the net profit of NATPET by SR41 million. 2. Increase in finance cost by SR2 million.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	The reason for the increase in net profit during current period compared to the same period of last year is mainly due to: 1. Increase in Alujain Holding Corp's share in the net profit of NATPET by SR53 million. 2. Decrease in general and administration expenses by SR6 million.
Statement of the type of external auditor's report	Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	Emphasis of Matters We draw attention to Note (4) of the accompanying condensed consolidated interim financial statements, which indicates that in June 2021 National Petrochemical Industrial Company ("NATPET") (Associate Company) completed all procedures related to the transfer of ownership of Menna Company, Fawasel Advanced Petrochemical Company, Al-Taj Towers for Plastic Industries Company, and Afaq Professional Chemical Company ("the four companies") as per the directives of the competent authorities and became a 100% owner of these four companies. Our review opinion has not been modified based on this matter.
Reclassification of Comparison Items	N/A
Additional Information	-Alujain Holding Company increased its ownership stake in NATPET during the third quarter of 2021 by 17.58% (from 57.40% to 74.98%) by purchasing 18,811,272 shares at a cost of SR896 million. The additional financial impact for 3rd quarter 2021 amounted to SR9.56 million from the net profit of NATPET, where the additional ownership took place on 8-16-2021 and 21-9-2021, which was announced on Tadawul. The financial impact of the entire additional percentage will appear during 4th quarter 2021. -During 2020, the four companies (Developed Fawasel Chemical Company, Professional Afaq Company, Mena Company, and Abraj Altaj Plastic Industrial Company) purchased shares in Alujain Holding Corp, with a fair value of SR1,343 Million as of June 30, 2021, and an unrealized gain of SR715 Million and recorded in comprehensive income in NATPET consolidated financial statements. -On 23 June 2021, NATPET completed all the procedures for transferring the ownership of the four companies (Developed Fawasel Chemical Company, Professional Afaq Company, Mena Company and Abraj Altaj Plastic Industrial Company) to NATPET. Thus, NATPET has 100% ownership of the four companies. NATPET results (For 3rd quarter 2021): 1. NATPET sales for 3rd quarter 2021 is SR421 million as compared to SR387 million for the same quarter of last year, with an increase of 9%. 2. The net profit of NATPET for 3rd quarter 2021 is SR90 million as compared to SR42 million for the same quarter of last year, with an increase of 114% mainly due to the increase in the selling prices. 3. NATPET sales during 3rd quarter 2021 is SR421 million, with a decrease of 23% as compared to the sales of the 2nd quarter 2021 due to low product prices, and decrease in sales as a result of emergency malfunctions in the units of cooling systems, which were repaired and the company is investigating the root cause reasons to avoid repetition in the future. 4. The net profit of NATPET during the 3rd quarter of 2021 amounted to SR90 million, as compared to SR177 million net profit for the 2nd quarter 2021, with a decrease of 49% due to lower sales and selling prices, higher feedstock cost, higher freight cost and lower sales in the third quarter as compared to the second quarter. 5. The average prices of polypropylene products increased in the current quarter as compared to the same quarter of last year due to the recovery of commodity markets in general and reasons related to the irregularity of the supply chains globally, which affected prices positively. 6. NATPET expects higher sales and higher prices in 4th quarter 2021 as compared to 3rd quarter 2021, which will positively affect the profit in the fourth quarter. NATPET results (For nine months period ended September 30, 2021): 1. NATPET's sales for current period amounted to SR1,398 Million, with an increase of 81% as compared to the sales of the same period of last year. 2. NATPET's net profit for current period amounted to SR381 million as compared to SR306 million for the same period of last year, an increase of 25%. )The profit of 306 million in 2020 included the insurance compensation of SR330 million). 3. The operating profit of NATPET for current period is SR532 million, as compared to SR122 million for the same period of last year, with an increase of 337% (Without taking into account the insurance settlement of SR330 million received in the same period of last year). 4. NATPET earnings per share for current period is SR3.56 per share, compared to SR2.86 for the same period of last year.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.