1. Decrease in Alujain Corp’s share in the net profit of its subsidiary, National Petrochemical Industries Company (NATPET) for the year 2022 as compared to the year 2021.

2. The net profit for the previous year included an accounting profit of SR 1,352 million, as a result of re-measurement (evaluation) at fair value of the interest owned by Alujain in NATPET, as part of the requirements for consolidating the financial statements, in accordance with International Financial Reporting Standards (IFRS) after regaining control over NATPET on 11 November 2021.

3. Higher financial costs and higher depreciation costs on NATPET assets fair valuation as per IFRS, on consolidation on 11 November 2021 (the financing costs and additional depreciation for the current year is about SR 43 million, compared to SR 10 million for the previous year, with an increase SR 33 million)

4. An independent valuer was appointed to test goodwill for impairment for the year 2022, as per the requirements of IFRS, and the re-evaluation did not result in any impairment.

- Alujain increased its ownership in NATPET from 75.37% to 76.40% by purchasing additional shares in several deals with a total percentage of 1.03% during the first quarter of 2022.

- Alujain repaid SR 96 million out of the company's total loan amounting to SR 959.51 million, which was used to increase its ownership in NATPET (from 57.40% to 76.40%).

NATPET results (For 4th quarter 2022):

1. NATPET’s sales were SR 447 million during 4th quarter 2022 (decrease of 27% as compared to 4th quarter 2021 sales).

2. NATPET's operational profit is SR 11 million during 4th Quarter 2022 as compared to SR 5 million during 3rd quarter 2022 and net profit of SR 1 million during 4th quarter 2022 as compared to SR 44 million during 3rd Quarter 2022.

3. The production rates maintained close to factory’s nameplate capacity during 4th quarter 2022, and more than 105K tons of polypropylene and its specialized compounds were sold with an increase of 5% as compared to 4th quarter 2021

4. During the 4th quarter of 2022, average prices of NATPET and its subsidiaries' products decreased by 29% as compared to the 4th quarter of 2021.

NATPET results (for the year 2022):

1. NATPET’s sales for the current year are SR 1,889 million with a decrease of 6% as compared to the last year, the decrease is mainly due to the decrease in selling prices by 12.6% as compared to 2021, although the Quantities sold during the year increased by 7.7% as compared to 2021.

2. NATPET’s net profit for the current year is SR 261 million as compared to SR 519 million for the previous year, with a decrease of 49%. The decrease in profits is on account of the decrease in selling prices by 12.6% and the increase in propane cost by 13.2%.

3. NATPET’s earnings per share for the current year are SR 2.44 per share as compared to SR 4.85 per share for the previous year.

4. NATPET’s retained earnings for the current year is SR 1,844 million, as compared to SR 1,846 million for last year.

5. Total shareholders' equity of NATPET at the end of current year is SR 3,331 million as compared to SR 3,584 million at the end of last year.

6. NATPET increased its ownership of Alujain shares by 137,300 shares, bringing its total ownership to 19,997,248 shares out of Alujain's total shares amounting to 69.2 million shares.

Update on the development of the new project:

The updating in the development of the company’s new plant for processing propane gas for the production of propylene and polypropylene (announced on 12-4-1444 AH corresponding to 6-11-2022) up to the date of this announcement:

1. A limited liability company (Alujain National Industrial Co.) was established to build the project under its umbrella, 100% owned by Alujain Company.

2. The initial agreement was signed with Aramco to supply the project with liquid propane and dry gas referred to in the allocation letter from the Ministry of Energy.

3. An agreement was signed to allocate the land on which the project will be built in Yanbu Industrial City with the Royal Commission for Jubail and Yanbu

4. A project management supervision contract was signed with one of the world's largest industrial project management companies.

5. Technical licensing contracts for dehydrogenation technologies from liquid propane and polypropylene production technologies were signed with the best international companies specialized in these technologies.

6. A contract for the implementation of the preliminary engineering and construction designs for the project was signed with one of the largest international companies specialized in this field.

7. The joint project team started the stage of implementing the preliminary engineering and construction designs for the project, provided that the preliminary designs are completed within four months from its date, and the engineering designs are completed within nine months