Saudi Arabian Amiantit Co.’s net loss after Zakat and tax narrowed by 36.3% to SAR 188.6 million in the first half of 2020, compared to SAR 296.1 million in the same period last year.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 396.62 | 245.23 | (38.2 %) |
| Gross Income | (189.38) | (20.83) | 89.0 % |
| Operating Income | (249.56) | (66.02) | 73.5 % |
| Net Income | (296.12) | (188.59) | 36.3 % |
| Average Shares | 30.25 | 30.25 | - |
| EPS (Riyals) | (9.79) | (6.24) | 36.3 % |
The company attributed the improvement in net losses to the absence of provisions despite lower sales revenues from closures resulting from COVID-19 pandemic, which negatively affected workflow in factories. However, an additional provision has been made for short-term receivables.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 163.58 | 83.18 | (49.1 %) |
| Gross Income | (205.01) | (14.95) | 92.7 % |
| Operating Income | (239.48) | (35.73) | 85.1 % |
| Net Income | (255.75) | (57.30) | 77.6 % |
| Average Shares | 30.25 | 30.25 | - |
| EPS (Riyals) | (8.46) | (1.89) | 77.6 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 162.04 | 83.18 | (48.7 %) |
| Gross Income | (5.87) | (14.95) | (154.5 %) |
| Operating Income | (30.29) | (35.73) | (17.9 %) |
| Net Income | (131.29) | (57.30) | 56.4 % |
| Average Shares | 30.25 | 30.25 | - |
| EPS (Riyals) | (4.34) | (1.89) | 56.4 % |
Amiantit reported a net loss after Zakat and tax of SAR 57.3 million in Q2 2020 compared to SAR 255.7 million in Q2 2019.
On a sequential basis, Q2 2020 losses narrowed by 56.36%.
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