Saudi Arabian Amiantit Co. widened its net losses to SAR 174.7 million in 2023, from SAR 8.8 million in the previous year.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 508.82 | 718.96 | 41.3 % |
| Gross Income | 18.99 | 88.75 | 367.5 % |
| Operating Income | (46.85) | (10.05) | 78.5 % |
| Net Income | (8.78) | (174.66) | (1,889.0 %) |
| Average Shares | 30.25 | 30.25 | - |
| EPS (Riyals) | (0.29) | (5.77) | (1,889.0 %) |
Amiantit booked an additional Zakat provision of SAR 115 million in 2023. Financing costs also increased due to the higher SAIBOR rate.
However, the company recorded a 41% year-on-year (YoY) leap in sales compared with a year earlier. In addition, the gross profit margin rose by 60% YoY.
Profits from equity-based investments rose by SAR 13 million in 2023 compared to the previous year.
Amiantit turned to a net loss of SAR 36.5 million in Q4 2023, against a net profit of SAR 9.3 million in the year-earlier period.
On a sequential basis, the firm narrowed Q4 2023 losses by 72% from SAR 130.1 million.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 144.19 | 194.64 | 35.0 % |
| Gross Income | (2.81) | 6.64 | 336.3 % |
| Operating Income | (23.49) | (18.39) | 21.7 % |
| Net Income | 9.33 | (36.47) | (491.1 %) |
| Average Shares | 30.25 | 30.25 | - |
| EPS (Riyals) | 0.31 | (1.21) | (491.1 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 160.57 | 194.64 | 21.2 % |
| Gross Income | 23.77 | 6.64 | (72.1 %) |
| Operating Income | 0.01 | (18.39) | (204400.0 %) |
| Net Income | (130.10) | (36.47) | 72.0 % |
| Average Shares | 30.25 | 30.25 | - |
| EPS (Riyals) | (4.30) | (1.21) | 72.0 % |
Total shareholders’ equity, after minority interest, stood at SAR 167.7 million by the end of 2023, versus SAR 337.51 million in 2022.
Accumulated losses amounted to SAR 207.39 million, or 209.49% of capital, by 2023-end.
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