Alujain Corp. announces its Annual financial results for the period ending on 2018-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 25.87 | 28.32 | -8.651 | ||
| Total Profit (Loss) | 4.64 | 7.32 | -36.612 | ||
| Profit (Loss) Operational | 105.88 | 120.95 | -12.459 | ||
| Net Profit (Loss) after Zakat and Tax | 104.75 | 136.2 | -23.091 | ||
| Total Comprehensive Income | 90.99 | 126.77 | -28.224 | ||
| Total Share Holders Equity (after deducting minority equity) | 1,304.18 | 1,216.9 | 7.172 | ||
| Profit (Loss) per Share | 1.51 | 1.97 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| Reason for increase (decrease) in net profit for current year compared to last year | The decrease in net profit for current Year compared with the last year is mainly due to (1) lower share of net profits from associate NATPET (SR12 million less). The associate had lower sales due to fire incident happened in October 2018 and expects to start production during October 2019, (2) during last year a one-time gain of SR 16 million was recorded on acquiring control of subsidiary (Zain Industries) |
| Type of the external auditor's opinion | Unmodified opinion |
| External auditor's report containing reservation | We have audited the consolidated financial statements of ALUJAIN CORPORATION (the Company) and its subsidiaries (the Group) which comprise the consolidated statement of financial position as at 31 December 2018, the consolidated statements of profit or loss, comprehensive income, changes in equity and cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at 31 December 2018 and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards that are endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by Saudi Organization for Certified Public Accountants. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) that are endorsed in the Kingdom of Saudi Arabia. Our responsibilities under those standards are further described in the Auditors Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the professional code of conduct and ethics that are endorsed in the Kingdom of Saudi Arabia that are relevant to our audit of the consolidated financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Material Uncertainty Related to Going Concern We draw attention to note (1) in the consolidated financial statements related to liquidity management. As stated in note (1), these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Groups ability to continue as a going concern. Our opinion is not modified in respect of this matter. Emphasis of Matter We draw attention to note (9) in the consolidated financial statements which describes that fire occurred at the plant of National Petrochemical Industries Company (NATPET) (Associate company) on October 2, 2018. Our opinion is not modified in respect of this matter. |
| Reclassifications in annual financial results | Some comparative figures have been reclassified to fit the current view. SR5.38 million reclassified from Available-for-sale investment reserve to Fair Value through Other Comprehensive Income (FVTOCI) reserve. |
| Additional Information | 1. NATPET sales for current year is SR 1,530 million as compared to SR 1,540 million of last year. NATPET net income for current year is SR211 million as compared to SR232 million of last year. Alujain share (57.4%) from NATPET net profit is SR121 million as compared to SR133 million of last year.
Alujain share of Natpet net loss for the 4th quarter is SR 45 due to the fire incident during October 2018. As at end of 2018 Natpet still have SR 31M Finished Goods inventory and SR 83M in Trade receivable. 2. Natpet earnings per share is SR 1.97 as compared to SR 2.17 of last year. 3. NATPET long term loans balance excluding its current portion is SR208 million as at the end of current year. 4. NATPET cash and cash equivalents as at end of current year is SR546 million as compared to SR259 million of last year. Subsequent Event: NATPET received interim installment of SR 185M during 1st. quarter 2019 on account against Property Plant and Equipment losses and Business interruption and recorded a net PPE write off of SR 31M due to the fire incident during 2018. |
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