Alujain Holding Company turned to profitability during the second quarter of this year, to achieve a net profit of 182.98 thousand riyals, compared to 71 thousand riyals losses during the same quarter of last year .
According to Arabiya Net, the company said in a statement that the reason for achieving a net profit during the current quarter versus a net loss during the same quarter of the previous year is due to the investigation of the associate company. National Petrochemical Industries (NATPET) net profit during the current quarter versus net loss during the same quarter of the previous year (Alujain Holding Company owns 57.4% in NATPET shares).
The increase in the net profit of NATPET is due to the regularity of operations and production during the second quarter of 2020 after the completion of the rebuilding work of the NATPET company, which has stopped working since the fire incident that occurred During the last quarter of 2018 to March 2020.
the company also attributed the increase in net profit to NATPET company to the receipt by NATPET company of the remaining part of the final settlement of insurance in the amount of 330 million riyals, and it was recorded in other profits during the second quarter of 2020 .
The company data showed, achieving a net profit during the first half of 136.62 thousand riyals, compared to 149.72 thousand riyals losses during the corresponding period.
(Amazon fun knowledge)
