Financial Results : Amiantit turns to profit of SAR 492.3M in 9M 2024; Q3 at SAR 12.7M

Amiantit turns to profit of SAR 492.3M in 9M 2024; Q3 at SAR 12.7M

20/10/2024 Argaam Exclusive

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Saudi Arabian Amiantit Co. posted a net profit of SAR 492.3 million in the first nine months of 2024, against a loss of SAR 138.2 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 524.33 612.30 16.8 %
Gross Income 77.13 (11.21) (114.5 %)
Operating Income 8.34 (116.21) (1494.2 %)
Net Income (138.19) 492.29 456.2 %
Average Shares 44.50 44.55 0.1 %
EPS (Riyals) (3.11) 11.05 455.8 %

The positive performance was driven by higher sales volume and reduced costs.

 

Amiantit recorded a significant 16.8% year-on-year (YoY) increase in revenue, buoyed by improvements in its sales strategy and expansion of its customer base, which boosted sales.

 

Meanwhile, the company successfully settled 77% of its total bank obligations, which resulted in cutting financing expenses by 61% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 160.57 216.84 35.0 %
Gross Income 22.83 32.34 41.6 %
Operating Income 0.01 4.25 47166.7 %
Net Income (130.10) 12.67 109.7 %
Average Shares 44.50 44.55 0.1 %
EPS (Riyals) (2.92) 0.28 109.7 %

In Q3 2024, the company reported a net profit of SAR 12.7 million, versus a loss of SAR 130.1 million in Q3 2023 on higher sales and lower costs.

 

Compared to the previous quarter, net profit soared 147.8% from SAR 5.11 million.

 

Shareholders’ equity, after minority interest, reached SAR 938.52 million as of Sept. 30, 2024, from SAR 203.72 million in the year-ago period.

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