Riyadh – Mubasher: Alujain Corp. on Tuesday said its net profits declined by 67.65% to SAR 12.49 million ($3.33 million) in the second quarter of 2017 from SAR 38.61 million ($10.30 million) in the year-ago period.
The operational profit decreased 51.92% to SAR 41.7 million ($11.12 million) in Q2-17 compared to SAR 86.73 million ($23.13 million) in the same quarter in the previous year, according to a company filing to the Saudi Stock Exchange (Tadawul).
The decrease in profit was caused by the decline in sales of polypropylene owing to the scheduled suspension of operation in Alujain’s 57.4%-owned polypropylene plant due to regular maintenance, the company said in the statement.
Meanwhile, net profit for the first six months of the year was nearly unchanged from the year-ago period, edging down 0.05% to SAR 41.35 million from SAR 41.37 a year ago.
The operational profit fell 2.08% to SAR 110.84 million in H1-17 against SAR 113.2 million in the similar period in 2016.
Earnings per share (EPS) amounted to SAR 0.6 in H1-17, unchanged from the year-ago period.
In August, Alujain said it was unable to disclose its financials for Q2-17 and H1-17 within the bourse’s grace period owing to several incomplete audit procedures.
