Riyadh – Mubasher: Alujain Corp has turned to losses in the fourth quarter of the fiscal year 2018, recording SAR 49.29 million ($13.14 million).

The Tadawul-listed company’s net profit went down 23.1% year-on-year to SAR 104.75 million during the full-year 2018, according to a bourse statement released on Tuesday.

Alujain attributed the decline in 2018 profits to the retreat of its stake in National Petrochemical Industry Company’s (NATPET) profits, with an amount of SAR 12 million.

NATPET’s profits levelled down to SAR 211 million in 2018, compared to SAR 232 million a year earlier.