Amiantit narrows net losses to SAR 188.6 mln in H1 2020

20/08/2020 Argaam Exclusive

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Saudi Arabian Amiantit Co.’s net loss after Zakat and tax narrowed by 36.3% to SAR 188.6 million in the first half of 2020, compared to SAR 296.1 million in the same period last year.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	396.62	245.23	(38.2 %)
Gross Income	(189.38)	(20.83)	89.0 %
Operating Income	(249.56)	(66.02)	73.5 %
Net Income	(296.12)	(188.59)	36.3 %
Average Shares	30.25	30.25	-
EPS (Riyals)	(9.79)	(6.24)	36.3 %

The company attributed the improvement in net losses to the absence of provisions despite lower sales revenues from closures resulting from COVID-19 pandemic, which negatively affected workflow in factories. However, an additional provision has been made for short-term receivables.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	163.58	83.18	(49.1 %)
Gross Income	(205.01)	(14.95)	92.7 %
Operating Income	(239.48)	(35.73)	85.1 %
Net Income	(255.75)	(57.30)	77.6 %
Average Shares	30.25	30.25	-
EPS (Riyals)	(8.46)	(1.89)	77.6 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	162.04	83.18	(48.7 %)
Gross Income	(5.87)	(14.95)	(154.5 %)
Operating Income	(30.29)	(35.73)	(17.9 %)
Net Income	(131.29)	(57.30)	56.4 %
Average Shares	30.25	30.25	-
EPS (Riyals)	(4.34)	(1.89)	56.4 %

Amiantit reported a net loss after Zakat and tax of SAR 57.3 million in Q2 2020 compared to SAR 255.7 million in Q2 2019.

On a sequential basis, Q2 2020 losses narrowed by 56.36%.

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