Amiantit swings to SAR 479.6M profit in H1 2024; Q2 at SAR 5.1M

21/07/2024 Argaam Exclusive

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Saudi Arabian Amiantit Co. turned profitable in H1 2023 at 479.6 million from a loss of SAR 8.1 million in the prior-year period. 



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 363.76 395.46 8.7 %
Gross Income 54.30 (43.54) (180.2 %)
Operating Income 8.33 (120.46) (1546.8 %)
Net Income (8.09) 479.62 6030.0 %
Average Shares 30.25 44.55 47.3 %
EPS (Riyals) (0.27) 10.77 4125.9 %

Amiantit said its sales continued to expand in the first half of the year, with the company recording an 8.7% increase year-on-year (YoY) in revenue on efforts to enhance the number of new orders. 

 

The positive earnings came as the company settled 77% of its bank obligation and achieved accounting profits of SAR 639 million. This also led to finance costs declining by 46.89% YoY. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 166.31 195.27 17.4 %
Gross Income 16.23 27.35 68.5 %
Operating Income (7.14) 16.81 335.5 %
Net Income (10.08) 5.11 150.7 %
Average Shares 30.25 44.55 47.3 %
EPS (Riyals) (0.33) 0.11 134.4 %

In Q2 2024, Amiantit swung to a net profit of SAR 5.1 from a net loss of SAR 10.1 million in Q2 2023, on sustained sales growth and lower finance costs. 

 

Sequentially, the net profit slumped 98.9% from SAR 474.51 million in Q1 2024. 

 

Total shareholders’ equity, excluding minority interest, increased to SAR 911.4 million as of June 30, 2024, compared to SAR 333.7 million in the earlier-year period. 



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 731.36 4.8 % 110.60 2.5 % 57.37 23.4 %
Q2 2015 713.61 (0.5 %) 113.95 3.2 % 46.13 (2.1 %)
Q3 2015 720.15 15.5 % 140.43 64.6 % 71.25 230.6 %
Q4 2015 743.51 8.1 % 104.91 (13.5 %) 46.20 (17.9 %)
Q1 2016 554.29 (24.2 %) 95.49 (13.7 %) 34.47 (39.9 %)
Q2 2016 508.71 (28.7 %) 74.20 (34.9 %) 15.93 (65.5 %)
Q3 2016 284.77 (60.5 %) 45.91 (67.3 %) (3.06) (104.3 %)
Q4 2016 246.31 (66.9 %) (55.11) (152.5 %) (148.11) (420.6 %)
Q1 2017 210.13 (62.1 %) 23.34 (75.6 %) (5.86) (117.0 %)
Q2 2017 212.33 (58.3 %) 34.93 (52.9 %) 6.03 (62.2 %)
Q3 2017 132.78 (53.4 %) 1.85 (96.0 %) (23.00) (650.8 %)
Q4 2017 232.97 (5.4 %) 64.38 216.8 % 3.16 102.1 %
Q1 2018 199.97 (4.8 %) 32.04 37.3 % 4.88 183.3 %
Q2 2018 199.41 (6.1 %) 18.94 (45.8 %) (9.61) (259.4 %)
Q3 2018 269.68 103.1 % 59.67 3130.8 % 24.76 207.7 %
Q4 2018 278.53 19.6 % (14.54) (122.6 %) (61.15) (2037.1 %)
Q1 2019 233.03 16.5 % 15.63 (51.2 %) (13.78) (382.4 %)
Q2 2019 163.58 (18.0 %) (205.01) (1182.5 %) (239.48) (2,393.1 %)
Q3 2019 186.35 (30.9 %) 19.52 (67.3 %) (1.91) (107.7 %)
Q4 2019 197.45 (29.1 %) 23.35 260.5 % 3.96 106.5 %
Q1 2020 162.04 (30.5 %) (5.87) (137.6 %) (30.29) (119.9 %)
Q2 2020 83.18 (49.1 %) (14.95) 92.7 % (35.73) 85.1 %
Q3 2020 115.97 (37.8 %) (6.24) (132.0 %) (26.97) (1,311.1 %)
Q4 2020 79.83 (59.6 %) (38.09) (263.1 %) (60.42) (1627.8 %)
Q1 2021 114.56 (29.3 %) (18.33) (212.1 %) (49.97) (64.9 %)
Q2 2021 111.09 33.6 % (24.82) (66.0 %) (47.76) (33.7 %)
Q3 2021 96.11 (17.1 %) (33.63) (439.3 %) (69.42) (157.4 %)
Q4 2021 117.14 46.7 % 0.24 100.6 % (20.43) 66.2 %
Q1 2022 119.52 4.3 % 9.18 150.1 % 3.47 106.9 %
Q2 2022 121.64 9.5 % 4.60 118.5 % (16.23) 66.0 %
Q3 2022 123.48 28.5 % 8.02 123.8 % (10.60) 84.7 %
Q4 2022 144.19 23.1 % (2.81) (1252.0 %) (23.49) (15.0 %)
Q1 2023 197.45 65.2 % 38.07 314.6 % 15.46 346.3 %
Q2 2023 166.31 36.7 % 16.23 253.0 % (7.14) 56.0 %
Q3 2023 160.57 30.0 % 23.77 196.4 % 0.01 100.1 %
Q4 2023 194.64 35.0 % 6.64 336.3 % (18.39) 21.7 %
Q1 2024 200.19 1.4 % (70.89) (286.2 %) (137.27) (987.7 %)
Q2 2024 195.27 17.4 % 27.35 68.5 % 16.81 335.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 25.86 25.6 % 0.85 - 25.86 0.85
Q2 2015 25.98 5.8 % 0.86 - 25.98 0.86
Q3 2015 27.06 54.0 % 0.89 - 27.06 0.89
Q4 2015 22.47 13.0 % 0.74 - 22.47 0.74
Q1 2016 0.51 (98.0 %) 0.02 - 0.51 0.02
Q2 2016 1.56 (94.0 %) 0.05 - 1.56 0.05
Q3 2016 (33.58) (224.1 %) (1.11) - (33.58) (1.11)
Q4 2016 (201.68) (997.5 %) (6.67) - (201.68) (6.67)
Q1 2017 (45.75) (9036.1 %) (1.51) - (45.75) (1.51)
Q2 2017 (14.51) (1033.3 %) (0.48) - (14.51) (0.48)
Q3 2017 6.41 119.1 % 0.21 63.60 (57.19) (1.89)
Q4 2017 (50.47) 75.0 % (1.67) - (50.47) (1.67)
Q1 2018 (39.98) 12.6 % (1.32) - (39.98) (1.32)
Q2 2018 (53.26) (267.0 %) (1.76) - (53.26) (1.76)
Q3 2018 1.42 (77.8 %) 0.05 - 1.42 0.05
Q4 2018 (141.71) (180.8 %) (4.69) (16.00) (125.71) (4.16)
Q1 2019 (40.37) (1.0 %) (1.33) - (40.37) (1.33)
Q2 2019 (255.75) (380.2 %) (8.46) - (255.75) (8.46)
Q3 2019 (4.97) (449.3 %) (0.16) - (4.97) (0.16)
Q4 2019 (37.39) 73.6 % (1.24) - (37.39) (1.24)
Q1 2020 (131.29) (225.3 %) (4.34) (63.30) (68.00) (2.25)
Q2 2020 (57.30) 77.6 % (1.89) (1.68) (55.62) (1.84)
Q3 2020 (55.50) (1,016.4 %) (1.83) (12.97) (42.53) (1.41)
Q4 2020 (145.26) (288.5 %) (4.80) (27.66) (117.61) (3.89)
Q1 2021 (1.35) 99.0 % (0.04) 52.20 (53.54) (1.77)
Q2 2021 (59.11) (3.2 %) (1.95) - (59.11) (1.95)
Q3 2021 (87.35) (57.4 %) (2.89) 4.11 (91.46) (3.02)
Q4 2021 (23.52) 83.8 % (0.78) 3.20 (26.72) (0.88)
Q1 2022 (5.98) (344.6 %) (0.20) - (5.98) (0.20)
Q2 2022 (4.04) 93.2 % (0.13) 13.17 (17.21) (0.57)
Q3 2022 (8.09) 90.7 % (0.27) - (8.09) (0.27)
Q4 2022 9.33 139.6 % 0.31 37.35 (28.02) (0.93)
Q1 2023 2.00 133.4 % 0.07 - 2.00 0.07
Q2 2023 (10.08) (149.7 %) (0.33) 1.35 (11.43) (0.38)
Q3 2023 (130.10) (1,508.6 %) (4.30) (115.00) (15.10) (0.50)
Q4 2023 (36.47) (491.1 %) (1.21) - (36.47) (1.21)
Q1 2024 474.51 23672.8 % 10.65 639.00 (164.49) (3.69)
Q2 2024 5.11 150.7 % 0.11 - 5.11 0.11

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 15.50 % 10.89 % 2.92 %
Q2 2015 15.65 % 10.91 % 3.01 %
Q3 2015 17.05 % 12.54 % 3.98 %
Q4 2015 16.16 % 12.06 % 3.49 %
Q1 2016 16.65 % 12.06 % 2.78 %
Q2 2016 16.43 % 11.42 % 2.04 %
Q3 2016 15.33 % 9.58 % (0.43 %)
Q4 2016 10.07 % (2.40 %) (14.63 %)
Q1 2017 7.07 % (6.77 %) (22.36 %)
Q2 2017 5.15 % (10.57 %) (30.99 %)
Q3 2017 0.63 % (16.65 %) (39.82 %)
Q4 2017 15.80 % 5.49 % (21.30 %)
Q1 2018 17.12 % 5.54 % (20.84 %)
Q2 2018 15.32 % 3.48 % (26.26 %)
Q3 2018 19.40 % 9.47 % (15.77 %)
Q4 2018 10.14 % 5.72 % (22.96 %)
Q1 2019 8.13 % 3.58 % (22.22 %)
Q2 2019 (15.27 %) (7.30 %) (44.50 %)
Q3 2019 (21.40 %) (11.76 %) (49.54 %)
Q4 2019 (18.77 %) (9.98 %) (43.37 %)
Q1 2020 (23.68 %) (14.19 %) (51.61 %)
Q2 2020 3.50 % (4.51 %) (26.39 %)
Q3 2020 (0.67 %) (9.19 %) (36.43 %)
Q4 2020 (14.77 %) (27.50 %) (64.34 %)
Q1 2021 (19.72 %) (35.82 %) (68.43 %)
Q2 2021 (20.76 %) (36.52 %) (64.72 %)
Q3 2021 (28.60 %) (49.45 %) (80.11 %)
Q4 2021 (17.44 %) (35.71 %) (52.59 %)
Q1 2022 (11.05 %) (23.59 %) (41.29 %)
Q2 2022 (4.31 %) (16.40 %) (31.11 %)
Q3 2022 4.57 % (3.50 %) (12.04 %)
Q4 2022 3.73 % (4.15 %) (11.65 %)
Q1 2023 8.16 % (1.03 %) (8.75 %)
Q2 2023 9.42 % 0.71 % (7.21 %)
Q3 2023 11.26 % 2.51 % (7.86 %)
Q4 2023 11.78 % 3.31 % (8.49 %)
Q1 2024 (3.36 %) (18.04 %) (31.52 %)
Q2 2024 (1.75 %) (14.15 %) (28.10 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 30.25 2.91 2.66 46.73
Q2 2015 30.25 2.95 2.75 47.55
Q3 2015 30.25 3.27 3.76 48.19
Q4 2015 30.25 3.35 3.35 48.38
Q1 2016 30.25 2.51 2.51 43.21
Q2 2016 30.25 1.71 1.71 41.29
Q3 2016 30.25 (0.30) (0.30) 40.25
Q4 2016 30.25 (7.71) (7.71) 32.22
Q1 2017 30.25 (9.24) (9.24) 31.10
Q2 2017 30.25 (9.77) (9.77) 31.68
Q3 2017 30.25 (8.45) (10.55) 33.04
Q4 2017 30.25 (3.45) (5.55) 31.97
Q1 2018 30.25 (3.26) (5.36) 30.92
Q2 2018 30.25 (4.54) (6.64) 27.92
Q3 2018 30.25 (4.70) (4.70) 27.96
Q4 2018 30.25 (7.72) (7.19) 22.12
Q1 2019 30.25 (7.73) (7.21) 20.13
Q2 2019 30.25 (14.43) (13.90) 11.94
Q3 2019 30.25 (14.64) (14.11) 11.04
Q4 2019 30.25 (11.19) (11.19) 11.15
Q1 2020 30.25 (14.20) (12.10) 7.07
Q2 2020 30.25 (7.64) (5.49) 5.57
Q3 2020 30.25 (9.31) (6.73) 4.40
Q4 2020 30.25 (12.87) (9.38) 4.91
Q1 2021 30.25 (8.58) (8.90) 4.25
Q2 2021 30.25 (8.64) (9.02) 2.72
Q3 2021 30.25 (9.69) (10.64) (0.42)
Q4 2021 30.25 (5.66) (7.63) 10.76
Q1 2022 30.25 (5.82) (6.06) 10.28
Q2 2022 30.25 (4.00) (4.67) 9.37
Q3 2022 30.25 (1.38) (1.92) 8.13
Q4 2022 30.25 (0.29) (1.96) 11.16
Q1 2023 30.25 (0.03) (1.70) 11.08
Q2 2023 30.25 (0.23) (1.51) 11.03
Q3 2023 30.25 (4.26) (1.74) 6.74
Q4 2023 30.25 (5.77) (2.02) 5.55
Q1 2024 44.55 6.69 (5.11) 20.30
Q2 2024 44.55 7.03 (4.74) 20.46

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 28.72 31.36 1.79
Q2 2015 29.98 32.23 1.86
Q3 2015 21.02 18.27 1.42
Q4 2015 17.74 17.74 1.23
Q1 2016 24.63 24.63 1.43
Q2 2016 31.99 31.99 1.32
Q3 2016 NEG NEG 0.97
Q4 2016 NEG NEG 1.71
Q1 2017 NEG NEG 1.46
Q2 2017 NEG NEG 1.17
Q3 2017 NEG NEG 1.39
Q4 2017 NEG NEG 1.75
Q1 2018 NEG NEG 1.67
Q2 2018 NEG NEG 1.63
Q3 2018 NEG NEG 1.36
Q4 2018 NEG NEG 1.76
Q1 2019 NEG NEG 2.10
Q2 2019 NEG NEG 3.40
Q3 2019 NEG NEG 3.26
Q4 2019 NEG NEG 2.73
Q1 2020 NEG NEG 2.66
Q2 2020 NEG NEG 3.61
Q3 2020 NEG NEG 7.12
Q4 2020 NEG NEG 6.91
Q1 2021 NEG NEG 9.87
Q2 2021 NEG NEG 16.31
Q3 2021 NEG NEG (87.70)
Q4 2021 NEG NEG 2.59
Q1 2022 NEG NEG 2.13
Q2 2022 NEG NEG 1.70
Q3 2022 NEG NEG 2.03
Q4 2022 NEG NEG 1.40
Q1 2023 NEG NEG 1.79
Q2 2023 NEG NEG 1.95
Q3 2023 NEG NEG 3.62
Q4 2023 NEG NEG 5.23
Q1 2024 3.90 NEG 1.28
Q2 2024 3.46 NEG 1.19

Business Segments (Million)

Compared With The
Period Pipe Manufacturing and technology Water Management elimination Technology
Q1 2015 664.05 67.31 - -
Q2 2015 652.32 61.29 - -
Q3 2015 641.38 78.77 - -
Q4 2015 626.64 116.87 - -
Q1 2016 516.75 37.54 - -
Q2 2016 454.65 54.06 - -
Q3 2016 - 62.75 - -
Q4 2016 336.51 22.30 (112.50) -
Q1 2017 221.56 13.56 (24.98) -
Q2 2017 190.64 37.53 (15.84) -
Q3 2017 121.90 40.28 (25.26) -
Q4 2017 185.99 66.84 (85.95) -
Q1 2018 191.22 24.73 (15.97) -
Q2 2018 178.12 41.42 (20.13) -
Q3 2018 250.65 53.84 (34.90) -
Q4 2018 202.20 55.58 20.75 -
Q1 2019 211.00 34.71 (12.67) -
Q2 2019 190.93 (20.23) (7.12) -
Q3 2019 153.55 39.06 (6.27) -
Q4 2019 151.09 52.11 (5.75) -
Q1 2020 152.84 16.29 (7.09) -
Q2 2020 74.85 11.91 (3.57) -
Q3 2020 111.50 10.22 (5.74) -
Q1 2021 111.72 16.37 (13.53) -
Q2 2021 82.01 15.56 13.53 -
Q3 2021 114.31 13.65 (31.85) -
Q4 2021 112.04 15.49 (10.38) -
Q1 2022 117.35 10.93 (8.76) -
Q2 2022 115.19 9.84 (3.39) -
Q3 2022 120.25 9.16 (5.93) -
Q4 2022 139.23 10.45 (5.49) -
Q1 2023 194.62 9.64 (6.81) -
Q2 2023 156.15 14.00 (3.83) -
Q3 2023 153.51 11.07 (4.02) -
Q4 2023 175.30 25.31 (5.97) -
Q1 2024 192.31 14.29 (6.41) -
Q2 2024 187.73 13.21 (5.67) -

Current
Market Cap (M Riyal) 1,254.08
Enterprise Value (EV) (M) 1,468.19
Shares Outstanding ((M)) 44.55
EPS ( Riyal) (TTM) 7.03
Book Value (BV) ( Riyal) 20.46
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) 4.01
Price/book 1.38
Return on Average Assets (%) (TTM) 14.1
Return on Average Equity (%) (TTM) 50.3

Share Price

Saudi Arabian Amiantit Co. (AMIANTIT)


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