Financial Results : Amiantit cuts H1 2023 loss to SAR 8.1 mln; Q2 at SAR 10.1 mln

Amiantit cuts H1 2023 loss to SAR 8.1 mln; Q2 at SAR 10.1 mln

30/07/2023 Argaam Exclusive

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Saudi Arabian Amiantit Co. narrowed H1 2023 net losses to SAR 8.1 million from SAR 10 million in the prior-year period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 241.15 363.76 50.8 %
Gross Income 13.78 54.30 294.1 %
Operating Income (12.77) 8.33 165.2 %
Net Income (10.02) (8.09) 19.3 %
Average Shares 30.25 30.25 -
EPS (Riyals) (0.33) (0.27) 19.3 %

The decline in losses was backed by a rise of 51% year-on-year (YoY) in revenue, due to the company's efforts to increase the volume of new orders, rationalize and control operating costs and maintain them at reasonable levels. Amiantit recorded an increase of 10% in the gross profit margin for the current period, compared to H1 2022.

 

The company's profit from its equity-based investments increased by SAR 19 million in H1 2023, compared to the same period of the previous year.

 

In Q2 2023, Amiantit widened net losses to SAR 10.1 million from SAR 4.04 million in Q2 2022. The company did not record any accounting profits in the current quarter of 2023, compared to SAR 21.2 million in the prior-year period.

 

The company swung to losses in the current quarter, from a net profit of SAR 2 million in Q1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 121.64 166.31 36.7 %
Gross Income 4.60 16.23 253.0 %
Operating Income (16.23) (7.14) 56.0 %
Net Income (4.04) (10.08) (149.7 %)
Average Shares 30.25 30.25 -
EPS (Riyals) (0.13) (0.33) (149.7 %)

Total shareholders’ equity, excluding minority interest, increased to SAR 333.70 million as of June 30, 2023, compared with SAR 283.52 million in the earlier-year period.

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