Riyadh – Mubasher:  Alujain Corp reported SAR 78.72 million in losses during the first quarter of 2019.

Net losses after zakat and tax recorded SAR 78.72 million in Q1-19, against SAR 62.46 million in profits in Q1-18, according to a filing to the Saudi Stock Exchange (Tadawul) on Thursday.

Total revenues of the Saudi-based company plunged 6.3% to SAR 4.75 million during the first three months of 2019, compared to SAR 5.07 million in the same period of the prior year.

Losses per share (LPS) stood at SAR 1.14 during the three-month period ended March.

The decrease in net profit for the current quarter compared to the same quarter of the previous year is mainly due to Zakat provision by SR 13.8M during the current quarter to cover additional Zakat assessments issued by the General Authority of Zakat and Tax (GAZT) for the years 2003 through 2016.

“Alujain’s share of net losses reported by its affiliate NATPET during the current quarter,” the statement said.

Construction work of NATPET plant is expected to be completed by August 2019.