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FINANCIAL NEWS
Saudi Alujain Corp reports USD2.83m profit in Q3
17 Oct 2012
(MENAFN) Saudi metals and petrochemicals firm Alujain Corp. posted a 53 percent decline in quarterly profits on lower products prices, the company said in a statement on the Saudi bourse (Tadawul).
The company said it made USD2.83 million net profit during the third quarter, down from USD6.08 million a year earlier.
Quarterly operational profit also dropped by 31 percent to USD12.37 million from USD17.96 million a year earlier.
Last month Alujain’s affiliate the National Petrochemical Industrial Company (NATPET) has won a USD259.7 million bridge facility to repay its remaining balance of USD227.7 million of its Existing Term Loan and use the rest for working capital needs and equity investments in the downstream projects.
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