Amiantit narrows losses in 9M 2020 to SAR 244.1 mln

05/11/2020 Argaam Exclusive

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Saudi Arabian Amiantit Co. narrowed net loss after Zakat and tax of SAR 244.1 million for the first nine months of 2020, from SAR 301.1 million in the same period last year.

The company attributed the decline in losses to booking several provisions during the similar period last year.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	582.96	361.20	(38.0 %)
Gross Income	(169.86)	(27.06)	84.1 %
Operating Income	(251.47)	(92.99)	63.0 %
Net Income	(301.09)	(244.09)	18.9 %
Average Shares	30.25	30.25	-
EPS (Riyals)	(9.95)	(8.07)	18.9 %

Amiantit’s net loss widened to SAR 55.5 million for Q3 2020 from SAR 4.9 million in the same quarter last year on lower sales affected by the coronavirus lock-down period, higher receivables provisions and forex losses in Iraq and Turkmenistan projects.

On a quarterly basis, the company’s losses fell from SAR 57.3 million in Q2 2020 due to higher sales in Q3 2020.

Amiantit’s accumulated losses reached SAR 205.09 million representing 59.53% of its SAR 344.517 million capital.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	186.35	115.97	(37.8 %)
Gross Income	19.52	(6.24)	(132.0 %)
Operating Income	(1.91)	(26.97)	(1,311.1 %)
Net Income	(4.97)	(55.50)	(1,016.4 %)
Average Shares	30.25	30.25	-
EPS (Riyals)	(0.16)	(1.83)	(1,016.4 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	83.18	115.97	39.4 %
Gross Income	(14.95)	(6.24)	58.3 %
Operating Income	(35.73)	(26.97)	24.5 %
Net Income	(57.30)	(55.50)	3.1 %
Average Shares	30.25	30.25	-
EPS (Riyals)	(1.89)	(1.83)	3.1 %

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