Financial Results : Amiantit widens losses to SAR 338.5 mln in FY2019

Amiantit widens losses to SAR 338.5 mln in FY2019

30/03/2020 Argaam Exclusive

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Saudi Arabian Amiantit Co.'s net loss after Zakat and tax widened by 44.9% year-on-year (YoY) to SAR 338.5 million in the fiscal year 2019, compared to SAR 233.5 million a year earlier.



Financials (M)

Item 2018 2019 Change‬
Revenues 947.59 780.41 (17.6 %)
Gross Income 96.11 (146.51) (252.4 %)
Operating Income (41.12) (247.51) (502.0 %)
Net Income (233.54) (338.48) (44.9 %)
Average Shares 30.25 30.25 -
EPS (Riyals) (7.72) (11.19) (44.9 %)

The losses widened due to the exceptional provisions that the group needed to take pertaining to the impairment of fixed assets for 3 local cash-generating units amounting to SAR 125.7 million, and impairment of inventory incurred by 2 local cash-generating units amounting to SAR 10 million.

 

The company also cited an unexpected cost of SAR 78.1 million incurred by the water management subsidiary in Germany that was not projected on its existing projects.

 

Slowdown and adverse market conditions, and lower sales in the Kingdom also contributed to the losses.

 

However, the company narrowed its net loss to SAR 37.39 million in the fourth quarter of 2019.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 278.53 197.45 (29.1 %)
Gross Income (14.54) 23.35 260.5 %
Operating Income (61.15) 3.96 106.5 %
Net Income (141.71) (37.39) 73.6 %
Average Shares 30.25 30.25 -
EPS (Riyals) (4.69) (1.24) 73.6 %

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