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.
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 | 30.25 | 44.55 | 47.3 % |
EPS (Riyals) | (4.57) | 11.05 | 341.9 % |
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.
Item | Q3 2023 | Q3 2024 | Change |
---|---|---|---|
Revenues | 160.57 | 216.84 | 35.0 % |
Gross Income | 23.77 | 32.34 | 36.1 % |
Operating Income | 0.01 | 4.25 | 47166.7 % |
Net Income | (130.10) | 12.67 | 109.7 % |
Average Shares | 30.25 | 44.55 | 47.3 % |
EPS (Riyals) | (4.30) | 0.28 | 106.6 % |
Item | Q2 2024 | Q3 2024 | Change |
---|---|---|---|
Revenues | 195.27 | 216.84 | 11.0 % |
Gross Income | 27.35 | 32.34 | 18.2 % |
Operating Income | 16.81 | 4.25 | (74.7 %) |
Net Income | 5.11 | 12.67 | 147.8 % |
Average Shares | 44.55 | 44.55 | - |
EPS (Riyals) | 0.11 | 0.28 | 147.8 % |
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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