Amiantit widens 9M 2023 loss to SAR 138.2 mln; Q3 at SAR 130.1 mln

Saudi Arabian Amiantit Co.’s net losses reached SAR 138.2 million in the first nine months of 2023, compared to SAR 18.1 million a year earlier.

The company attributed the loss increase to booking an additional provision for Zakat at SAR 115 million in the current period of 2023. This was also due to an increase in finance costs on high SAIBOR rate.

There was no provision reversal for expected credit losses in 9M 2023, compared to a provision reversal for expected credit losses of SAR 16 million in the same period of 2022.

In Q3 2023, the company incurred a net loss of SAR 130.1 million, compared to SAR 8.09 million in Q3 2022.

An additional provision was booked for Zakat in Q3 2023 at SAR 115 million. The company also recorded an increase in finance costs in the current three-month period, compared to a year before, due to the high SAIBOR rate.

Compared to the previous quarter, net losses widened significantly from SAR 10.08 million.

Shareholders’ equity, after minority interest, fell to SAR 203.72 million as of Sept. 30, 2023, from SAR 245.801 million in the year-ago period.

Accumulated losses reached SAR 172.88 million as of Sept. 30, 2023, accounting for 174.6% of the company’s capital.

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