Saudi Arabian Amiantit Co. narrowed net losses after Zakat and tax by 39.4% to SAR 147.8 million for the first nine months of 2021, from SAR 244.1 million in the year-earlier period, driven by a decline in credit loss provisions to SAR 16 million, compared to SAR 78 million in the same period last year.
The company also cited generating accounting profit of SAR 60.2 million in the nine-month period.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 361.20 | 321.77 | (10.9 %) |
| Gross Income | (27.06) | (76.79) | (183.7 %) |
| Operating Income | (92.99) | (167.14) | (79.7 %) |
| Net Income | (244.09) | (147.80) | 39.4 % |
| Average Shares | 30.25 | 30.25 | - |
| EPS (Riyals) | (8.07) | (4.89) | 39.4 % |
Q3 2021 net loss after Zakat and tax widened by 57.4% year-on-year (YoY) to SAR 87.3 million, on lower sales and higher operating costs. The company also cited the allocation of SAR 10 million in Zakat provisions in Q3, versus SAR 5 million in the year-earlier period.
On a sequential basis, net loss widened by 47.8%.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 115.97 | 96.11 | (17.1 %) |
| Gross Income | (6.24) | (33.63) | (439.3 %) |
| Operating Income | (26.97) | (69.42) | (157.4 %) |
| Net Income | (55.50) | (87.35) | (57.4 %) |
| Average Shares | 30.25 | 30.25 | - |
| EPS (Riyals) | (1.83) | (2.89) | (57.4 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 111.09 | 96.11 | (13.5 %) |
| Gross Income | (24.82) | (33.63) | (35.5 %) |
| Operating Income | (47.76) | (69.42) | (45.3 %) |
| Net Income | (59.11) | (87.35) | (47.8 %) |
| Average Shares | 30.25 | 30.25 | - |
| EPS (Riyals) | (1.95) | (2.89) | (47.8 %) |
Total shareholders’ equity (after deducting minority equity) stood at -SAR 12.85 million for the nine months, versus +SAR 132.98 million in the year earlier period.
Accumulated losses amounted to SAR 221.14 million, or 69.11% of the capital, at the end of the current period.
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