Amiantit cuts H1 2022 loss to SAR 10 mln; Q2 at SAR 4 mln

Saudi Arabian Amiantit Co. trimmed H1 2022 net losses after Zakat and tax to SAR 10 million from SAR 60.5 million in the year-earlier period, thanks to continued sales growth.

The company cited continued sales growth, as it recorded an increase of 7% year-on-year (YoY) in revenue during the current period to SAR 15.5 million, due to the cumulative balance of business carried over during the COVID-19 pandemic period, and higher new orders. In addition, the lower losses were attributed to Amiantit’s efforts to reduce the cost of sales by SAR 41.4 million.

The company also recorded accounting profits of SAR 35.5 million in the current period, compared to SAR 36.4 million in H1 2021.

In the second quarter of the year, Amiantit narrowed net losses after Zakat and tax to SAR 4 million, from SAR 59.11 million a year earlier, thanks to continued sales growth and a decrease of SAR 5.5 million YoY in Zakat provisions.

The company also recorded accounting profits of SAR 21.2 million in the three-month period, compared to null in Q2 2021.

On a quarterly basis, Amiantit trimmed net losses by 32.5% from SAR 5.98 million.

Total shareholders’ equity, after minority interest, fell to SAR 283.527 million as of June 30, 2022, from SAR 457.004 million in the year-earlier period.

Accumulated losses reached SAR 33.612 million, or 34% of the company’s capital.

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