| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 6.69 | 6.74 | -0.741 | 6.56 | 1.981 |
| Gross Profit (Loss) | 1.61 | 1.42 | 13.38 | 1.75 | -7.999 |
| Operational Profit (Loss) | -108.32 | 27.94 | - | -70.86 | 52.864 |
| Net Profit (Loss) after Zakat and Tax | -108.46 | 27.59 | - | -71.01 | 52.739 |
| Total Comprehensive Income | -108.67 | 27.84 | - | -90.47 | 20.117 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 18 | 18.85 | -4.509 |
| Gross Profit (Loss) | 4.17 | 3.07 | 35.83 |
| Operational Profit (Loss) | -243.74 | 155.08 | - |
| Net Profit (Loss) after Zakat and Tax | -258.18 | 154.04 | - |
| Total Comprehensive Income | -278.6 | 155.86 | - |
| Total Share Holders Equity (after Deducting Minority Equity) | 1,025.58 | 1,371.41 | -25.217 |
| Profit (Loss) per Share | -3.73 | 2.23 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to | The decrease in net profit during current quarter compared to the same quarter of the previous year is mainly due to the Alujain share of NATPET net loss during the current quarter due to the discontinuation of production at NATPET plant due to the fire that occurred during the last quarter of 2018 (Alujain holds 57.4% of the shares of NATPET and represents approximately 97% of Alujain's total investments). |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | The increase in net loss during the current quarter compared with the previous quarter is due to increase in Alujain’s share of net losses reported by its affiliate NATPET due to the discontinuation of production at NATPET plant due to the fire that occurred during the last quarter of 2018. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to | The decrease in net profit for current period compared with similar period of previous year is mainly due to: |
(1) Alujain’s share of net losses reported by its affiliate Natpet during current period due to the discontinuation of production at NATPET plant due to the fire that occurred during the last quarter of 2018 (Alujain ownership in Natpet is 57.4%). (2) Zakat provision for the 1st half of the year is SR 14.6M including additional Zakat assessments issued by GAZT for the years 2003 through 2016 as compared to SR 1.3 million.
The affiliate had very low sales with high gross loss of SR 236.98 million compared to a gross profit of 450.08 million during current period mainly due to fixed overheads and also had reported higher general & administrative expenses.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial statements are not prepared, in all material respects, in accordance with International Accounting Standard (34) “Interim Financial Reporting” that is endorsed in the Kingdom of Saudi Arabia.
Emphasis of Matter
We draw attention to note (4) in the condensed consolidated interim financial statements which describes that fire occurred at the plant of National Petrochemical Industries Company “NATPET” (Associate company) on October 2, 2018. Our conclusion is not modified in respect of this matter.
Natpet results:
1. NATPET reported net sales of SR 83.24 million for current period as compared to SR 1,334.93 million during same period of last year. NATPET net loss for current period is SR 416.07 million as compared to net income of SR 290.15 million during same period of last year. Alujain share (57.4%) from NATPET net loss is SR 238.82 million as compared to share of NATPET net income of SR166.54 million during same period of last year.
2. NATPET Polypropylene plant is expected to start its production during January 2020. The scheduled turn-around maintenance has been accommodated along with current maintenance activities during the current period.
3. NATPET received payments of SR 489.5 million on account, from its insurers during the period ended 30 September 2019, which is not allocated to a particular item and has been recorded under accrued and other liabilities in NATPET financial statement. It will be reclassified later to appropriate accounts to towards the Company's property damage and business interruption insurance cover and will adjust the future results on reaching an agreement with its insurers.
The company will submit its final insurance claim on resumption of production/commercial activities.
3. NATPET loss per share is SR 3.89 as compared to earning SR 2.71 in same period of last year.
4. NATPET consolidated long term loans balance excluding its current portion is SR 203.56 million as at the end of current period. During current period, NATPET has repaid SR 99.23 million from the current portion of long-term loans.
5. NATPET Cash and cash equivalents as at end of current period is SR 659.24 million including Time & restricted bank deposits.
The Capital Market Authority and Saudi 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.