Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT IN AMAK AND DISCONTINUED OPERATIONS (Tables)

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INVESTMENT IN AMAK AND DISCONTINUED OPERATIONS (Tables)
3 Months Ended
Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Disposal Groups, Including Discontinued Operations
Included in discontinued operations are the following:
  Three Months Ended March 31,
  2021 2020
  (thousands of dollars)
Saudi administration and transaction expenses $ —  $ 17 
Equity in losses of AMAK —  (532)
Gain on sale of equity interest —  6,663 
Income from discontinued operations before taxes —  6,148 
Tax expense —  (1,291)
Income from discontinued operations, net of tax $ —  $ 4,857 
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
  Three Months Ended March 31,
  2021 2020
  (thousands of dollars)
Sales $ —  $ 17,937 
Cost of sales —  16,821 
Gross profit —  1,116 
Selling, general, and administrative —  2,680 
Operating income (loss) —  (1,564)
Other income —  17 
Finance and interest expense —  (531)
Income (loss) before Zakat and income taxes —  (2,078)
Zakat and income tax (benefit) —  533 
Net Income (Loss) $ —  $ (2,611)
Financial Position
  March 31, December 31,
  2021 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 months ended March 31, 2021 and 2020, is comprised of the following:
  Three Months Ended
March 31,
  2021 2020
  (thousands of dollars)
AMAK Net Loss —  (2,611)
Company's share of loss reported by AMAK —  (869) *
Amortization of difference between Company's investment in AMAK and Company's share of net assets of AMAK —  337 
Equity in losses of AMAK —  (532)
* Percentage of Ownership varies during the period.