Alujain turns to SAR 7.2 mln net loss in Q1 2023

Alujain turns to SAR 7.2 mln net loss in Q1 2023

11/05/2023 Argaam Exclusive

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Alujain Corp. reported a net loss of SAR 7.2 million in Q1 2023, versus a net profit of SAR 55.8 million a year earlier, driven by 32% lower polypropylene (PP) prices and higher cost of finance. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 509.37 397.06 (22.0 %)
Gross Income 160.13 43.64 (72.7 %)
Operating Income 89.26 9.50 (89.4 %)
Net Income 55.78 (20.88) (137.4 %)
Average Shares 69.20 69.20 -
EPS (Riyals) 0.81 (0.30) (137.4 %)

On a quarterly basis, the net loss shrank from SAR 18.19 million in Q4 2022 on a slight increase in selling prices and a reduction in selling, marketing and distribution (logistic) expenses. 

 

Total shareholders’ equity, no minority interest, stood at SAR 2.63 billion as of March 31, 2023, compared to SAR 2.64 billion in a prior-year period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 452.75 66.8 % 68.61 254.8 % 50.78 36432.4 %
Q2 2014 559.46 7.4 % 87.52 (14.3 %) 67.82 (18.9 %)
Q3 2014 547.50 10.2 % 114.55 3.2 % 95.20 4.9 %
Q4 2014 572.98 (2.4 %) 163.48 46.7 % 142.19 66.9 %
Q1 2015 220.70 (51.3 %) 15.04 (78.1 %) (3.29) (106.5 %)
Q2 2015 426.38 (23.8 %) 136.74 56.2 % 117.20 72.8 %
Q3 2015 412.62 (24.6 %) 129.69 13.2 % 109.62 15.1 %
Q4 2015 400.80 (30.0 %) 92.03 (43.7 %) 72.28 (49.2 %)
Q1 2016 305.60 38.5 % 51.56 242.8 % 28.94 980.3 %
Q2 2016 355.75 (16.6 %) 113.66 (16.9 %) 89.41 (23.7 %)
Q3 2016 - - - - (2.24) (102.0 %)
Q4 2016 441.61 10.2 % 106.39 15.6 % 83.43 15.4 %
Q1 2017 6.42 (97.9 %) 1.64 (96.8 %) (3.12) (110.8 %)
Q2 2017 7.96 (97.8 %) 2.52 (97.8 %) (2.46) (102.7 %)
Q3 2017 7.05 - 1.79 - (2.81) (25.3 %)
Q4 2017 6.90 (98.4 %) 1.38 (98.7 %) (3.99) (104.8 %)
Q1 2018 5.07 (21.0 %) (0.11) (106.9 %) (7.10) (127.7 %)
Q2 2018 7.05 (11.5 %) 1.76 (30.2 %) (2.14) 13.1 %
Q3 2018 6.74 (4.4 %) 1.42 (20.8 %) (2.34) 16.7 %
Q4 2018 7.02 1.8 % 1.57 14.2 % (3.69) 7.3 %
Q1 2019 4.75 (6.2 %) 0.82 823.0 % (2.39) 66.4 %
Q2 2019 6.56 (6.9 %) 1.75 (1.0 %) (1.03) 51.7 %
Q3 2019 6.69 (0.8 %) 1.61 13.3 % (1.57) 32.8 %
Q4 2019 5.73 (18.3 %) 1.53 (2.4 %) (6.72) (82.0 %)
Q1 2020 4.63 (2.5 %) 0.62 (24.7 %) (10.41) (336.4 %)
Q2 2020 2.61 (60.1 %) 0.04 (97.8 %) (4.01) (287.9 %)
Q3 2020 3.26 (51.2 %) 0.31 (80.9 %) (7.75) (392.9 %)
Q4 2020 3.87 (32.5 %) 0.38 (75.2 %) (4.08) 39.3 %
Q1 2021 4.76 2.7 % 0.74 20.7 % (4.15) 60.1 %
Q2 2021 5.25 100.7 % 0.79 1968.4 % (8.90) (122.1 %)
Q3 2021 6.53 100.4 % 1.32 332.0 % (1.86) 76.0 %
Q4 2021 502.76 12887.9 % 116.24 30488.4 % 72.55 1877.8 %
Q1 2022 509.37 10607.8 % 160.13 21480.3 % 89.26 2249.7 %
Q2 2022 574.64 10855.9 % 144.29 18256.9 % 64.17 821.2 %
Q3 2022 373.44 5616.2 % 25.65 1840.4 % 0.77 141.3 %
Q4 2022 453.73 (9.8 %) 73.62 (36.7 %) 4.19 (94.2 %)
Q1 2023 397.06 (22.0 %) 43.64 (72.7 %) 9.50 (89.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 14.77 193.0 % 0.21 - 14.77 0.21
Q2 2014 52.57 50.5 % 0.76 29.32 23.25 0.34
Q3 2014 34.85 (38.8 %) 0.50 - 34.85 0.50
Q4 2014 65.19 92.8 % 0.94 - 65.19 0.94
Q1 2015 (16.83) (213.9 %) (0.24) - (16.83) (0.24)
Q2 2015 50.18 (4.5 %) 0.73 - 50.18 0.73
Q3 2015 45.56 30.7 % 0.66 - 45.56 0.66
Q4 2015 27.47 (57.9 %) 0.40 - 27.47 0.40
Q1 2016 2.76 116.4 % 0.04 - 2.76 0.04
Q2 2016 38.61 (23.1 %) 0.56 - 38.61 0.56
Q3 2016 36.82 (19.2 %) 0.53 - 36.82 0.53
Q4 2016 35.75 30.1 % 0.52 - 35.75 0.52
Q1 2017 28.85 945.0 % 0.42 - 28.85 0.42
Q2 2017 12.49 (67.6 %) 0.18 - 12.49 0.18
Q3 2017 36.12 (1.9 %) 0.52 - 36.12 0.52
Q4 2017 58.73 64.3 % 0.85 15.98 42.75 0.62
Q1 2018 62.46 116.5 % 0.90 - 62.46 0.90
Q2 2018 63.99 412.2 % 0.92 - 63.99 0.92
Q3 2018 27.59 (23.6 %) 0.40 - 27.59 0.40
Q4 2018 (49.29) (183.9 %) (0.71) - (49.29) (0.71)
Q1 2019 (78.72) (226.0 %) (1.14) - (78.72) (1.14)
Q2 2019 (71.01) (211.0 %) (1.03) - (71.01) (1.03)
Q3 2019 (108.46) (493.1 %) (1.57) - (108.46) (1.57)
Q4 2019 449.33 1011.6 % 6.49 455.28 (5.94) (0.09)
Q1 2020 (46.37) 41.1 % (0.67) - (46.37) (0.67)
Q2 2020 182.98 357.7 % 2.64 189.42 (6.44) (0.09)
Q3 2020 15.92 114.7 % 0.23 - 15.92 0.23
Q4 2020 54.75 (87.8 %) 0.79 - 54.75 0.79
Q1 2021 60.30 230.1 % 0.87 - 60.30 0.87
Q2 2021 91.96 (49.7 %) 1.33 - 91.96 1.33
Q3 2021 56.74 256.4 % 0.82 - 56.74 0.82
Q4 2021 1,413.31 2481.2 % 20.42 1,351.86 61.45 0.89
Q1 2022 55.78 (7.5 %) 0.81 - 55.78 0.81
Q2 2022 62.97 (31.5 %) 0.91 24.31 38.66 0.56
Q3 2022 18.73 (67.0 %) 0.27 41.26 (22.53) (0.33)
Q4 2022 (72.94) (105.2 %) (1.05) (2.71) (70.23) (1.01)
Q1 2023 (20.88) (137.4 %) (0.30) - (20.88) (0.30)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 19.11 % 24.32 % 5.97 %
Q2 2014 18.06 % 23.20 % 5.30 %
Q3 2014 17.80 % 22.74 % 4.97 %
Q4 2014 20.36 % 25.29 % 6.47 %
Q1 2015 20.02 % 25.57 % 5.60 %
Q2 2015 24.32 % 30.57 % 7.55 %
Q3 2015 27.25 % 34.52 % 8.83 %
Q4 2015 25.57 % 34.60 % 7.28 %
Q1 2016 26.53 % 34.30 % 8.15 %
Q2 2016 26.24 % 34.67 % 7.76 %
Q3 2016 24.22 % 22.88 % 9.95 %
Q4 2016 24.63 % 37.91 % 10.33 %
Q1 2017 27.58 % 43.11 % 17.42 %
Q2 2017 24.24 % 42.30 % 24.98 %
Q3 2017 24.26 % 63.98 % 24.45 %
Q4 2017 25.86 % (32.42 %) 424.48 %
Q1 2018 20.67 % (48.29 %) 570.29 %
Q2 2018 18.47 % (49.39 %) 787.98 %
Q3 2018 17.25 % (45.68 %) 764.27 %
Q4 2018 17.92 % (46.65 %) 404.89 %
Q1 2019 21.78 % (28.23 %) (142.52 %)
Q2 2019 22.14 % (23.78 %) (683.83 %)
Q3 2019 22.94 % (24.31 %) (1229.13 %)
Q4 2019 24.02 % (33.71 %) (1113.02 %)
Q1 2020 23.29 % (67.88 %) (981.62 %)
Q2 2020 19.28 % (96.28 %) (850.20 %)
Q3 2020 15.34 % (154.61 %) (263.70 %)
Q4 2020 9.31 % (157.22 %) 124.27 %
Q1 2021 10.11 % (113.35 %) 858.72 %
Q2 2021 12.92 % (124.86 %) 1,301.19 %
Q3 2021 15.83 % (76.02 %) 1,292.51 %
Q4 2021 22.93 % 16.59 % 52.08 %
Q1 2022 27.20 % 22.11 % 25.97 %
Q2 2022 26.48 % 21.89 % 13.34 %
Q3 2022 22.77 % 20.35 % 6.80 %
Q4 2022 21.12 % 18.09 % 0.09 %
Q1 2023 15.97 % 14.87 % (4.17 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 69.20 2.03 1.77 10.99
Q2 2014 69.20 2.28 1.61 11.78
Q3 2014 69.20 1.97 1.54 12.32
Q4 2014 69.20 2.42 2.00 13.26
Q1 2015 69.20 1.96 1.54 12.97
Q2 2015 69.20 1.93 1.93 13.78
Q3 2015 69.20 2.08 2.08 14.44
Q4 2015 69.20 1.54 1.54 14.99
Q1 2016 69.20 1.82 1.82 15.03
Q2 2016 69.20 1.65 1.65 15.67
Q3 2016 69.20 1.53 1.53 16.25
Q4 2016 69.20 1.65 1.65 16.75
Q1 2017 69.20 2.02 2.02 17.16
Q2 2017 69.20 1.65 1.65 16.33
Q3 2017 69.20 1.64 1.64 16.83
Q4 2017 69.20 1.97 1.74 17.59
Q1 2018 69.20 2.45 2.22 18.49
Q2 2018 69.20 3.20 2.97 19.44
Q3 2018 69.20 3.07 2.84 19.82
Q4 2018 69.20 1.51 1.51 18.85
Q1 2019 69.20 (0.53) (0.53) 17.70
Q2 2019 69.20 (2.48) (2.48) 16.39
Q3 2019 69.20 (4.44) (4.44) 14.82
Q4 2019 69.20 2.76 (3.82) 21.36
Q1 2020 69.20 3.23 (3.35) 20.67
Q2 2020 69.20 6.90 (2.42) 23.32
Q3 2020 69.20 8.70 (0.62) 23.60
Q4 2020 69.20 3.00 0.26 24.43
Q1 2021 69.20 4.54 1.80 25.31
Q2 2021 69.20 3.22 3.22 26.64
Q3 2021 69.20 3.81 3.81 27.46
Q4 2021 69.20 23.44 3.91 37.74
Q1 2022 69.20 23.38 3.84 38.29
Q2 2022 69.20 22.96 3.07 38.13
Q3 2022 69.20 22.41 1.93 38.40
Q4 2022 69.20 0.93 0.02 37.30
Q1 2023 69.20 (0.18) (1.08) 37.00

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 12.76 14.60 2.36
Q2 2014 10.38 14.78 2.01
Q3 2014 14.00 17.85 2.23
Q4 2014 6.70 8.12 1.22
Q1 2015 10.18 12.99 1.54
Q2 2015 10.93 10.93 1.53
Q3 2015 7.63 7.63 1.10
Q4 2015 9.37 9.37 0.96
Q1 2016 7.84 7.84 0.95
Q2 2016 7.88 7.88 0.83
Q3 2016 8.08 8.08 0.76
Q4 2016 11.94 11.94 1.17
Q1 2017 10.13 10.13 1.19
Q2 2017 13.36 13.36 1.35
Q3 2017 13.48 13.48 1.31
Q4 2017 10.82 12.25 1.21
Q1 2018 10.05 11.09 1.33
Q2 2018 9.72 10.48 1.60
Q3 2018 10.20 11.02 1.58
Q4 2018 12.86 12.86 1.03
Q1 2019 NEG NEG 1.28
Q2 2019 NEG NEG 1.32
Q3 2019 NEG NEG 1.29
Q4 2019 10.86 NEG 1.40
Q1 2020 7.39 NEG 1.16
Q2 2020 3.87 NEG 1.14
Q3 2020 5.10 NEG 1.88
Q4 2020 15.71 More than 100 1.93
Q1 2021 10.73 27.06 1.92
Q2 2021 17.48 17.48 2.11
Q3 2021 17.74 17.74 2.46
Q4 2021 2.30 13.82 1.43
Q1 2022 2.77 16.84 1.69
Q2 2022 2.53 18.94 1.53
Q3 2022 2.19 25.43 1.28
Q4 2022 39.94 More than 100 1.00
Q1 2023 NEG NEG 0.99

Business Segments (Million)

Compared With The
Period Petrochemicals Manufacturing Manufacturing home care products
Q1 2017 - 6.42
Q2 2017 - 7.96
Q3 2017 - 7.05
Q4 2017 - 6.90
Q1 2018 - 5.07
Q2 2018 - 7.05
Q3 2018 - 6.74
Q4 2018 - 7.02
Q1 2019 - 4.75
Q2 2019 - 6.56
Q3 2019 - 6.69
Q4 2019 - 5.73
Q1 2020 - 4.63
Q2 2020 - 2.61
Q3 2020 - 3.26
Q4 2020 - 3.87
Q1 2021 - 4.76
Q2 2021 - 5.25
Q3 2021 - 6.53
Q4 2021 495.39 7.37
Q1 2022 503.77 5.60
Q2 2022 570.29 4.35
Q3 2022 367.58 5.86
Q4 2022 447.64 6.09
Q1 2023 391.17 5.89

Analysts Estimates (Million)

Item Q1 2023 (e) Q1 2023 (a) Change‬
Average 12.56 (20.88) (266.3 %)

Estimates vs Actual (Million)

Item Q1 2023 (e) Q1 2023 (a) Change
OSOOL AND BAKHEET 12.56 (20.88) (266.3) %


Financial Ratios
Current
Market Cap (M Riyal) 2,615.76
Enterprise Value (EV) (M) 2,954.85
Shares Outstanding ((M)) 69.20
EPS ( Riyal) (TTM) (0.01)
Book Value (BV) ( Riyal) 52.14
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 0.72
Return on Average Assets (%) (TTM) (0.01 )
Return on Average Equity (%) (TTM) (0.02 )
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Share Price

Alujain Corp.
37.80
(0.20) (0.53 %)

Alujain Corp. (ALUJAIN)

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