Amiantit narrows losses to SAR 60.5 mln in H1 2021

19/08/2021 Argaam Exclusive

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Saudi Arabian Amiantit Co. narrowed net loss after Zakat and tax to SAR 60.5 million in H1 2021, from SAR 188.6 million in the prior-year period.

The company attributed the decline in losses to the formation of provisions in the same period of the previous year, in addition to recording accounting profits in the current period.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	245.23	225.66	(8.0 %)
Gross Income	(20.83)	(43.16)	(107.2 %)
Operating Income	(66.02)	(97.73)	(48.0 %)
Net Income	(188.59)	(60.45)	67.9 %
Average Shares	30.25	30.25	-
EPS (Riyals)	(6.24)	(2.00)	67.9 %

The company reported a net loss after Zakat and tax of SAR 59.1 million for Q2 2021, compared to SAR 57.3 million in the same quarter last year.

On a sequential basis, the company widened its losses in Q2 2021 due to booking accounting profits during the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	83.18	111.09	33.6 %
Gross Income	(14.95)	(24.82)	(66.0 %)
Operating Income	(35.73)	(47.76)	(33.7 %)
Net Income	(57.30)	(59.11)	(3.2 %)
Average Shares	30.25	30.25	-
EPS (Riyals)	(1.89)	(1.95)	(3.2 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	114.56	111.09	(3.0 %)
Gross Income	(18.33)	(24.82)	(35.4 %)
Operating Income	(49.97)	(47.76)	4.4 %
Net Income	(1.35)	(59.11)	(4,294.4 %)
Average Shares	30.25	30.25	-
EPS (Riyals)	(0.04)	(1.95)	(4,294.4 %)

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