Financial Results : Amiantit turns to SAR 439.8M earnings in 2024; Q4 loss at SAR 52.5M

Amiantit turns to SAR 439.8M earnings in 2024; Q4 loss at SAR 52.5M

02/02/2025 Argaam Exclusive

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Saudi Arabian Amiantit Co. swung to net earnings of SAR 439.8 million in 2024, from net losses of SAR 174.7 million a year before.



Financials (M)

Item 2023 2024 Change‬
Revenues 718.96 848.30 18.0 %
Gross Income 88.75 9.47 (89.3 %)
Operating Income (10.05) (136.18) (1,254.7 %)
Net Income (174.66) 439.84 351.8 %
Average Shares 44.55 44.55 -
Earnings Per Share before unusual items (1.37) (4.47) (226.5 %)
EPS (Riyals) (3.92) 9.87 351.8 %

The company posted revenues of SAR 848.3 million, a leap of 18% from SAR 719 million in the previous year, driven by more effective sales strategies and improved revenue from the subsidiaries, consequently, increased sales volumes.

 

In addition, finance costs dropped by 60% in 2024, mainly resulting from settling off 77% of the company's total bank obligations.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 194.64 236.00 21.3 %
Gross Income 11.63 20.67 77.8 %
Operating Income (18.39) (19.97) (8.6 %)
Net Income (36.47) (52.46) (43.9 %)
Average Shares 44.55 44.55 -
Earnings Per Share before unusual items (0.82) (1.18) (43.9 %)
EPS (Riyals) (0.82) (1.18) (43.9 %)

Amiantit incurred a loss of SAR 52.5 million in Q4 2024, rising 43.9% from SAR 36.47 million a year before.

 

On a sequential basis, the firm turn to a loss from earnings of SAR 12.67 million in Q3 2024.

 

Total shareholders’ equity, after minority interest, stood at SAR 880.7 million by the end of 2024, from SAR 167.7 million in 2023.

 

Amiantit wiped off all accumulated losses of SAR 207.4 million and recorded retained earnings of SAR 217.3 million. The company increased its capital by SAR 346.5 million through a rights issue.

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