Saudi Arabian Amiantit Co.’s net losses after Zakat and tax narrowed to SAR 18.1 million for the first nine months of 2022, from SAR 147.8 million a year earlier.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 321.77 | 364.63 | 13.3 % |
| Gross Income | (76.79) | 21.80 | 128.4 % |
| Operating Income | (167.14) | (23.36) | 86.0 % |
| Net Income | (147.80) | (18.11) | 87.7 % |
| Average Shares | 30.25 | 30.25 | - |
| EPS (Riyals) | (4.89) | (0.60) | 87.7 % |
The improved results were attributed to continued sales growth, as revenues increased by 13% year-on-year (YoY), due to a rise in new orders.
In Q3 2022, the company reduced net losses after Zakat and tax to SAR 8.1 million, from SAR 78.35 million in Q3 2021, mainly driven by continued sales growth.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 96.11 | 123.48 | 28.5 % |
| Gross Income | (33.63) | 8.02 | 123.8 % |
| Operating Income | (69.42) | (10.60) | 84.7 % |
| Net Income | (87.35) | (8.09) | 90.7 % |
| Average Shares | 30.25 | 30.25 | - |
| EPS (Riyals) | (2.89) | (0.27) | 90.7 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 121.64 | 123.48 | 1.5 % |
| Gross Income | 4.60 | 8.02 | 74.4 % |
| Operating Income | (16.23) | (10.60) | 34.7 % |
| Net Income | (4.04) | (8.09) | (100.3 %) |
| Average Shares | 30.25 | 30.25 | - |
| EPS (Riyals) | (0.13) | (0.27) | (100.3 %) |
Compared to the previous quarter, net losses widened by 100.3% from SAR 4 million.
Shareholders’ equity, after minority interest, rose to SAR 245.801 million as of Sept. 30, 2022, from SAR 361.970 million in the year-ago period.
Accumulated losses reached SAR 41.7 million as of Sept. 30, 2022, accounting for 42.12% of the company’s capital.
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