Financial Results : Amiantit widens Q1 2022 net loss to SAR 6 mln

Amiantit widens Q1 2022 net loss to SAR 6 mln

19/05/2022 Argaam Exclusive

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Saudi Arabian Amiantit Co. widened Q1 2022 net loss to SAR 6 million from SAR 1.4 million in a year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 114.56 119.52 4.3 %
Gross Income (18.33) 9.18 150.1 %
Operating Income (49.97) 3.47 106.9 %
Net Income (1.35) (5.98) (344.6 %)
Average Shares 30.25 30.25 -
EPS (Riyals) (0.04) (0.20) (344.6 %)

The company recorded accounting profits year-on-year (YoY) against settlement discounts for some outstanding bank obligations, as well as on reversing some fixed provisions.

 

Amiantit reported continued recovery in sales, a fall in Zakat provisions by SAR 5.1 million and SAR 12.8 million worth of reversal of provisions for credit losses.

 

On a sequential basis, net loss shrank from SAR 23.5 million in Q4 2021.

 

Total shareholders’ equity, excluding minority interest, stood at negative SAR 63.9 million in Q1 2022, from SAR 128.7 million in the year-earlier period.

Accumulated losses reached SAR 28.6 million, or 28.9% of the capital.

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