Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT IN AMAK (Tables)

v3.19.1
INVESTMENT IN AMAK (Tables)
3 Months Ended
Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]  
Summary of Operating Results and Financial Position for Equity Method Investments
The summarized results of operation and financial position for AMAK are as follows:

Results of Operations
 
 
Three Months Ended March 31,
 
 
2019

 
2018

 
 
(thousands of dollars)
Sales
 
$
20,664

 
$
14,087

Cost of sales
 
18,570

 
12,506

Gross profit
 
2,094

 
1,581

Selling, general, and administrative
 
2,738

 
1,523

Operating income (loss)
 
(644
)
 
58

Other income
 
428

 
20

Finance and interest expense
 
(445
)
 
(397
)
Loss before Zakat and income taxes
 
(661
)
 
(319
)
Zakat and income taxes
 
522

 

Net Loss
 
$
(1,183
)
 
$
(319
)


Financial Position
 
 
March 31,

 
December 31,

 
 
2019

 
2018

 
 
(thousands of dollars)
Current assets
 
$
56,073

 
$
44,093

Noncurrent assets
 
202,640

 
212,291

Total assets
 
$
258,713

 
$
256,384

 
 
 
 
 
Current liabilities
 
$
18,030

 
$
17,160

Long term liabilities
 
80,008

 
77,366

Stockholders' equity
 
160,675

 
161,858

 
 
$
258,713

 
$
256,384


The equity in the earnings (losses) of AMAK reflected on the consolidated statements of income for the three months ended March 31, 2019, and 2018, is comprised of the following:
 
 
Three Months Ended
March 31,
 
 
2019

 
2018

 
 
(thousands of dollars)
AMAK Net Loss
 
$
(1,183
)
 
$
(319
)
Percentage of Ownership
 
33.41
%
 
33.41
%
 
 
 
 
 
Company's share of loss reported by AMAK
 
$
(395
)
 
$
(107
)
Amortization of difference between Company's investment in AMAK and Company's share of net assets of AMAK
 
337

 
337

Equity in earnings (losses) of AMAK
 
$
(59
)
 
$
230