Financial Results : Amiantit widens Q1 2020 net loss more than threefold to SAR 131.3 mln

Amiantit widens Q1 2020 net loss more than threefold to SAR 131.3 mln

31/05/2020 Argaam Exclusive

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Saudi Arabian Amiantit Co. widened its net loss by more than threefold year-on-year (YoY) to SAR 131.3 million in the first quarter of 2020 compared to SAR 40.4 million in the same period last year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 233.03 162.04 (30.5 %)
Gross Income 15.63 (5.87) (137.6 %)
Operating Income (13.78) (30.29) (119.9 %)
Net Income (40.37) (131.29) (225.3 %)
Average Shares 30.25 30.25 -
EPS (Riyals) (1.33) (4.34) (225.3 %)

The weak performance was attributed to a continued slump in domestic sales and prices due to stiff competition, combined with higher manufacturing cost.

 

The company also cited additional provisions of SAR 28.5 million taken for expected credit loss on short-term and SAR 30.2 million for long-term account receivables, and foreign currency losses worth SAR 23.2 million on the sale of Egypt investments.

 

Amiantit’s Q1 net loss widened by more than threefold compared to the previous quarter on slow progress of ongoing projects.

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