Amiantit widens 2023 losses to SAR 174.7M; Q4 at SAR 36.5M

13/02/2024 Argaam Exclusive

View other reports

Saudi Arabian Amiantit Co. widened its net losses to SAR 174.7 million in 2023, from SAR 8.8 million in the previous year.

Financials (M)

Item	2022	2023	Change‬
Revenues	508.82	718.96	41.3 %
Gross Income	18.99	88.75	367.5 %
Operating Income	(46.85)	(10.05)	78.5 %
Net Income	(8.78)	(174.66)	(1,889.0 %)
Average Shares	30.25	30.25	-
EPS (Riyals)	(0.29)	(5.77)	(1,889.0 %)

Amiantit booked an additional Zakat provision of SAR 115 million in 2023. Financing costs also increased due to the higher SAIBOR rate.

However, the company recorded a 41% year-on-year (YoY) leap in sales compared with a year earlier. In addition, the gross profit margin rose by 60% YoY.

Profits from equity-based investments rose by SAR 13 million in 2023 compared to the previous year.

Amiantit turned to a net loss of SAR 36.5 million in Q4 2023, against a net profit of SAR 9.3 million in the year-earlier period.

On a sequential basis, the firm narrowed Q4 2023 losses by 72% from SAR 130.1 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	144.19	194.64	35.0 %
Gross Income	(2.81)	6.64	336.3 %
Operating Income	(23.49)	(18.39)	21.7 %
Net Income	9.33	(36.47)	(491.1 %)
Average Shares	30.25	30.25	-
EPS (Riyals)	0.31	(1.21)	(491.1 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	160.57	194.64	21.2 %
Gross Income	23.77	6.64	(72.1 %)
Operating Income	0.01	(18.39)	(204400.0 %)
Net Income	(130.10)	(36.47)	72.0 %
Average Shares	30.25	30.25	-
EPS (Riyals)	(4.30)	(1.21)	72.0 %

Total shareholders’ equity, after minority interest, stood at SAR 167.7 million by the end of 2023, versus SAR 337.51 million in 2022.

Accumulated losses amounted to SAR 207.39 million, or 209.49% of capital, by 2023-end.

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×