Riyadh – Mubasher: Alujain Corporation shifted to net profits of SAR 5.62 million during the first quarter (Q1) of 2024 against net losses of SAR 20.88 million in Q1-23.

The company also swung to profitability in Q1-24 compared with the previous quarter when it incurred net losses of SAR 66.72 million in Q4-23, according to a bourse filing.

The revenues, meanwhile, increased by 20.43% to SAR 478.21 million during January-March 2024 from SAR 397.06 million in the same three months (3M) in 2023.

On a quarterly basis, the Q1-24 revenue marked a 172.68% leap from SAR 175.37 million in Q4-23.

The company registered earnings per share (EPS) of SAR 0.08 at the end of March this year, versus a loss per share of SAR 0.42 in the same period in 2023.

In 2023, Alujain Corporation incurred net losses worth SAR 82.25 million while generating revenues of SAR 1.39 billion.