Annual report pursuant to Section 13 and 15(d)

INVESTMENT IN AMAK AND DISCONTINUED OPERATIONS (Tables)

v3.20.4
INVESTMENT IN AMAK AND DISCONTINUED OPERATIONS (Tables)
12 Months Ended
Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Discontinued Operations Included in discontinued operations are the following:
  Years Ended December 31,
  2020 2019 2018
  (thousands of dollars)
Saudi administration and transaction expenses $ (2,452) $ (187) $ 136 
Equity in earnings (losses) of AMAK 702  (986) (901)
Gain (loss) on sale of equity interest 34,926  (1,473) — 
Income (loss) from discontinued operations before taxes 33,176  (2,646) (765)
Tax (expense) benefit (6,967) 556  161 
Income (loss) from discontinued operations, net of tax $ 26,209  $ (2,090) $ (604)
Summarized Results of Operation and Financial Position for AMAK
The summarized results of operations and financial position for AMAK are as follows:
Results of Operations Nine Months Ended September 30, Year Ended December 31,
  2020 2019 2018
  (thousands of dollars)
Sales $ 62,633  $ 78,350  $ 70,234 
Cost of sales (55,728) (69,620) (68,084)
Gross profit 6,905  8,730  2,150 
Selling, general, and administrative (4,985) (13,047) (7,860)
Operating income (loss) 1,920  (4,317) (5,710)
Other (expense) income (346) 558  86 
Finance and interest expense (1,211) (1,450) (1,592)
Income (loss) before Zakat and income taxes 363  (5,209) (7,216)
Zakat and income tax (expense) benefit (490) (1,801) 487 
Net loss $ (127) $ (7,010) $ (6,729)
Financial Position September 30, December 31,
  2020 2019
  (thousands of dollars)
Current assets $ 29,799  $ 45,354 
Noncurrent assets 209,814  196,564 
Total assets $ 239,613  $ 241,918 
Current liabilities $ 40,919  $ 27,645 
Long term liabilities 79,122  79,348 
Stockholders' equity 119,572  134,925 
  $ 239,613  $ 241,918 
Equity in Income or Loss of AMAK Reflected on Consolidated Statements The equity in the earnings (losses) of AMAK included in income (loss) from discontinued operations, net of tax, on the consolidated statements of operations for the years ended December 31, 2020, 2019, and 2018, is comprised of the following:
  Nine Months Ended September 30, Year Ended December 31,
  2020 2019 2018
  (thousands of dollars)
AMAK Net Loss (127) (7,010) (6,729)
Company’s share of loss reported by AMAK (308) * (1,996) (2,248)
Amortization of difference between Company’s investment in AMAK and Company’s share of net assets of AMAK 1,010  1,010  1,347 
Equity in earnings (losses) of AMAK 702  (986) (901)
* Percentage of Ownership varies during the period.