Riyadh – Mubasher: Alujain Corporation on Tuesday reported a 116.5% year-on-year surge in its profits for the first quarter of 2018.

Net profits amounted to SAR 62.46 million in Q1-18, compared to SAR 28.85 million during Q1-17, according to a filing to the Saudi Stock Exchange (Tadawul).

The Tadawul-listed firm attributed the increase in its first-quarter profits to the rise of its stake in National Petrochemical Industry Company (NATPET) with an amount of SAR 37.6 million.

Total sales went down 21.03% to SAR 5.07 million during the first three months of 2018, versus SAR 6.42 million for the same period of the previous year.

For the full-year 2017, Alujain’s profits rose 10.1% to SAR 136.2 million, from SAR 115.34 million a year earlier.

By the end of Monday’s session, Alujain’s stock advanced 1.2% at SAR 29.41.