| Discontinued Operations |
Included in discontinued operations are the following for the years ending December 31:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
2018 |
|
|
2017 |
|
Saudi administration (income) expenses |
$ |
187 |
|
|
$ |
(136 |
) |
|
$ |
173 |
|
Equity in losses of AMAK |
986 |
|
|
901 |
|
|
4,261 |
|
Other professional expenses |
1,473 |
|
|
— |
|
|
— |
|
Loss from discontinued operations before taxes |
2,646 |
|
|
765 |
|
|
4,434 |
|
Tax benefit |
(556 |
) |
|
(161 |
) |
|
(931 |
) |
Loss from discontinued operations (net of tax) |
$ |
2,090 |
|
|
$ |
604 |
|
|
$ |
3,503 |
|
|
| Summarized Results of Operation and Financial Position for AMAK |
The summarized results of operation and financial position for AMAK are as follows:
Results of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
2019 |
|
|
2018 |
|
|
2017 |
|
|
(Thousands of Dollars) |
Sales |
$ |
78,350 |
|
|
$ |
70,234 |
|
|
$ |
36,435 |
|
Cost of sales |
(69,620 |
) |
|
(68,084 |
) |
|
(43,304 |
) |
Gross profit (loss) |
8,730 |
|
|
2,150 |
|
|
(6,869 |
) |
Selling, general and administrative |
13,047 |
|
|
7,860 |
|
|
7,547 |
|
Operating loss |
(4,317 |
) |
|
(5,710 |
) |
|
(14,416 |
) |
Other income |
558 |
|
|
86 |
|
|
238 |
|
Finance and interest expense |
(1,450 |
) |
|
(1,592 |
) |
|
(1,628 |
) |
Loss before Zakat and income taxes |
(5,209 |
) |
|
(7,216 |
) |
|
(15,806 |
) |
Zakat and income taxes |
(1,801 |
) |
|
487 |
|
|
(966 |
) |
Net loss |
$ |
(7,010 |
) |
|
$ |
(6,729 |
) |
|
$ |
(16,772 |
) |
Financial Position
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2019 |
|
|
2018 |
|
|
(Thousands of Dollars) |
Current assets |
$ |
45,354 |
|
|
$ |
44,093 |
|
Noncurrent assets |
196,564 |
|
|
212,291 |
|
Total assets |
$ |
241,918 |
|
|
$ |
256,384 |
|
|
|
|
|
Current liabilities |
$ |
27,645 |
|
|
$ |
17,160 |
|
Long term liabilities |
79,348 |
|
|
77,366 |
|
Shareholders' equity |
134,925 |
|
|
161,858 |
|
Total liabilities and equity |
$ |
241,918 |
|
|
$ |
256,384 |
|
|
| Equity in Income or Loss of AMAK Reflected on Consolidated Statements |
The equity in the income or loss of AMAK reflected in discontinued operations for the years ended December 31, 2019, 2018, and 2017, is comprised of the following:
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|
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|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
2018 |
|
|
2017 |
|
AMAK Net Loss |
$ |
(7,010 |
) |
|
$ |
(6,729 |
) |
|
$ |
(16,772 |
) |
|
|
|
|
|
|
Company's share of loss reported by AMAK |
$ |
(2,333 |
) |
|
$ |
(2,248 |
) |
|
$ |
(5,608 |
) |
Amortization of difference between Company's investment in AMAK |
|
|
|
|
|
and Company's share of net assets of AMAK |
1,347 |
|
|
1,347 |
|
|
1,347 |
|
Equity in loss of AMAK |
$ |
(986 |
) |
|
$ |
(901 |
) |
|
$ |
(4,261 |
) |
|