Amiantit trims net loss to SAR 147.8 mln in 9M 2021

04/11/2021 Argaam Exclusive

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Saudi Arabian Amiantit Co. narrowed net losses after Zakat and tax by 39.4% to SAR 147.8 million for the first nine months of 2021, from SAR 244.1 million in the year-earlier period, driven by a decline in credit loss provisions to SAR 16 million, compared to SAR 78 million in the same period last year.

The company also cited generating accounting profit of SAR 60.2 million in the nine-month period.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	361.20	321.77	(10.9 %)
Gross Income	(27.06)	(76.79)	(183.7 %)
Operating Income	(92.99)	(167.14)	(79.7 %)
Net Income	(244.09)	(147.80)	39.4 %
Average Shares	30.25	30.25	-
EPS (Riyals)	(8.07)	(4.89)	39.4 %

Q3 2021 net loss after Zakat and tax widened by 57.4% year-on-year (YoY) to SAR 87.3 million, on lower sales and higher operating costs. The company also cited the allocation of SAR 10 million in Zakat provisions in Q3, versus SAR 5 million in the year-earlier period.

On a sequential basis, net loss widened by 47.8%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	115.97	96.11	(17.1 %)
Gross Income	(6.24)	(33.63)	(439.3 %)
Operating Income	(26.97)	(69.42)	(157.4 %)
Net Income	(55.50)	(87.35)	(57.4 %)
Average Shares	30.25	30.25	-
EPS (Riyals)	(1.83)	(2.89)	(57.4 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	111.09	96.11	(13.5 %)
Gross Income	(24.82)	(33.63)	(35.5 %)
Operating Income	(47.76)	(69.42)	(45.3 %)
Net Income	(59.11)	(87.35)	(47.8 %)
Average Shares	30.25	30.25	-
EPS (Riyals)	(1.95)	(2.89)	(47.8 %)

Total shareholders’ equity (after deducting minority equity) stood at -SAR 12.85 million for the nine months, versus +SAR 132.98 million in the year earlier period.

Accumulated losses amounted to SAR 221.14 million, or 69.11% of the capital, at the end of the current period.

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