Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT IN AMAK AND DISCONTINUED OPERATIONS (Tables)

v3.21.2
INVESTMENT IN AMAK AND DISCONTINUED OPERATIONS (Tables)
 9 Months Ended
Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Disposal Groups, Including Discontinued Operations
Included in discontinued operations for 2020 are the following:
  Three Months Ended
September 30, 2020		 Nine Months Ended
September 30, 2020
  (thousands of dollars)
Saudi administration and transaction expenses $ (2,605) $ (2,490)
Equity in earnings of AMAK 682  455 
Gain on sale of equity interest 28,510  35,173 
Income from discontinued operations before taxes 26,587  33,138 
Tax expense (5,263) (6,959)
Income from discontinued operations, net of tax $ 21,324  $ 26,179 
Summarized Results of Operation and Financial Position for AMAK
The summarized results of operations and financial position for 2020 for AMAK are as follows:
Results of Operations
  Three Months Ended
September 30, 2020		 Nine Months Ended
September 30, 2020
  (thousands of dollars)
Sales $ 23,943  $ 62,632 
Cost of sales 18,644  53,294 
Gross profit 5,299  9,338 
Selling, general, and administrative 3,808  8,850 
Operating income (loss) 1,491  488 
Other income 16  33 
Finance and interest expense (237) (871)
Income (loss) before Zakat and income taxes 1,270  (350)
Zakat and income tax (benefit) (240) 859 
Net Income (Loss) $ 1,510  $ (1,209)
Financial Position
  December 31, 2020
  (thousands of dollars)
Current assets $ 29,799 
Noncurrent assets 209,814 
Total assets $ 239,613 
Current liabilities $ 40,919 
Long term liabilities 79,122 
Stockholders' equity 119,572 
  $ 239,613 
Summary of Operating Results and Financial Position for Equity Method Investments
The equity in the earnings (losses) of AMAK included in income (loss) from discontinued operations, net of tax, on the condensed consolidated statements of operations for the three and nine months ended September 30, 2020, is comprised of the following:
  Three Months Ended
September 30, 2020		 Nine Months Ended
September 30, 2020
  (thousands of dollars)
AMAK Net Income (Loss) 1,510  (1,209)
Company's share of income (loss) reported by AMAK* 345  (555)
Amortization of difference between Company's investment in AMAK and Company's share of net assets of AMAK 337  1,010 
Equity in earnings of AMAK 682  455 
* Percentage of Ownership varies during the period.