Amiantit trims 9M 2022 net loss to SAR 18.1 mln; Q3 at SAR 8.1 mln

03/11/2022 Argaam Exclusive

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Saudi Arabian Amiantit Co.’s net losses after Zakat and tax narrowed to SAR 18.1 million for the first nine months of 2022, from SAR 147.8 million a year earlier.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	321.77	364.63	13.3 %
Gross Income	(76.79)	21.80	128.4 %
Operating Income	(167.14)	(23.36)	86.0 %
Net Income	(147.80)	(18.11)	87.7 %
Average Shares	30.25	30.25	-
EPS (Riyals)	(4.89)	(0.60)	87.7 %

The improved results were attributed to continued sales growth, as revenues increased by 13% year-on-year (YoY), due to a rise in new orders.

In Q3 2022, the company reduced net losses after Zakat and tax to SAR 8.1 million, from SAR 78.35 million in Q3 2021, mainly driven by continued sales growth.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	96.11	123.48	28.5 %
Gross Income	(33.63)	8.02	123.8 %
Operating Income	(69.42)	(10.60)	84.7 %
Net Income	(87.35)	(8.09)	90.7 %
Average Shares	30.25	30.25	-
EPS (Riyals)	(2.89)	(0.27)	90.7 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	121.64	123.48	1.5 %
Gross Income	4.60	8.02	74.4 %
Operating Income	(16.23)	(10.60)	34.7 %
Net Income	(4.04)	(8.09)	(100.3 %)
Average Shares	30.25	30.25	-
EPS (Riyals)	(0.13)	(0.27)	(100.3 %)

Compared to the previous quarter, net losses widened by 100.3% from SAR 4 million.

Shareholders’ equity, after minority interest, rose to SAR 245.801 million as of Sept. 30, 2022, from SAR 361.970 million in the year-ago period.

Accumulated losses reached SAR 41.7 million as of Sept. 30, 2022, accounting for 42.12% of the company’s capital.

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