Amiantit widens 2023 losses to SAR 174.7M; Q4 at SAR 36.5M

13/02/2024 Argaam Exclusive
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Saudi Arabian Amiantit Co. widened its net losses to SAR 174.7 million in 2023, from SAR 8.8 million in the previous year.



Financials (M)

Item 2022 2023 Change‬
Revenues 508.82 718.96 41.3 %
Gross Income 18.99 88.75 367.5 %
Operating Income (46.85) (10.05) 78.5 %
Net Income (8.78) (174.66) (1,889.0 %)
Average Shares 30.25 30.25 -
Earnings Per Share before unusual items (Riyals) (1.96) (2.02) (2.9 %)
EPS (Riyals) (0.29) (5.77) (1,889.0 %)

Amiantit booked an additional Zakat provision of SAR 115 million in 2023. Financing costs also increased due to the higher SAIBOR rate.

 

However, the company recorded a 41% year-on-year (YoY) leap in sales compared with a year earlier. In addition, the gross profit margin rose by 60% YoY.

 

Profits from equity-based investments rose by SAR 13 million in 2023 compared to the previous year.

 

Amiantit turned to a net loss of SAR 36.5 million in Q4 2023, against a net profit of SAR 9.3 million in the year-earlier period.

 

On a sequential basis, the firm narrowed Q4 2023 losses by 72% from SAR 130.1 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 144.19 194.64 35.0 %
Gross Income (2.81) 11.63 513.7 %
Operating Income (23.49) (18.39) 21.7 %
Net Income 9.33 (36.47) (491.1 %)
Average Shares 30.25 30.25 -
Earnings Per Share before unusual items (Riyals) (0.93) (1.21) (30.1 %)
EPS (Riyals) 0.31 (1.21) (491.1 %)

Total shareholders’ equity, after minority interest, stood at SAR 167.7 million by the end of 2023, versus SAR 337.51 million in 2022.

 

Accumulated losses amounted to SAR 207.39 million, or 209.49% of capital, by 2023-end.

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Share Price

Saudi Arabian Amiantit Co.
24.30
0.28 1.17 %

Saudi Arabian Amiantit Co. (AMIANTIT)

1 Day 1.17 % 5 Days 8.71 % 3 Months (20.20 %) 6 Months (21.36 %) Year (12.59 %) 2 Years 98.25 % 5 Years 65.15 % All 8.71 %
Created with Highstock 6.0.710:1510:3011:0011:1511:3011:4512:0012:1512:3012:4513:0013:1513:3013:4514:0014:1514:3014:4515:1523.923.952424.0524.124.1524.224.2524.324.3524.424.45
Close : 24.30 | Mar 12, 15:20
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Financial Ratios
Current
Market Cap (M Riyal) 1,082.57
Enterprise Value (EV) (M) 1,289.48
Shares Outstanding ((M)) 44.55
EPS ( Riyal) (TTM) 10.29
Book Value (BV) ( Riyal) 19.77
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) 2.36
Price/book 1.23
Return on Average Assets (%) (TTM) 21.1
Return on Average Equity (%) (TTM) 28.7
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