Saudi Arabian Amiantit Co. narrowed net loss after Zakat and tax of SAR 244.1 million for the first nine months of 2020, from SAR 301.1 million in the same period last year.
The company attributed the decline in losses to booking several provisions during the similar period last year.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 582.96 | 361.20 | (38.0 %) |
| Gross Income | (169.86) | (27.06) | 84.1 % |
| Operating Income | (251.47) | (92.99) | 63.0 % |
| Net Income | (301.09) | (244.09) | 18.9 % |
| Average Shares | 30.25 | 30.25 | - |
| EPS (Riyals) | (9.95) | (8.07) | 18.9 % |
Amiantit’s net loss widened to SAR 55.5 million for Q3 2020 from SAR 4.9 million in the same quarter last year on lower sales affected by the coronavirus lock-down period, higher receivables provisions and forex losses in Iraq and Turkmenistan projects.
On a quarterly basis, the company’s losses fell from SAR 57.3 million in Q2 2020 due to higher sales in Q3 2020.
Amiantit’s accumulated losses reached SAR 205.09 million representing 59.53% of its SAR 344.517 million capital.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 186.35 | 115.97 | (37.8 %) |
| Gross Income | 19.52 | (6.24) | (132.0 %) |
| Operating Income | (1.91) | (26.97) | (1,311.1 %) |
| Net Income | (4.97) | (55.50) | (1,016.4 %) |
| Average Shares | 30.25 | 30.25 | - |
| EPS (Riyals) | (0.16) | (1.83) | (1,016.4 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 83.18 | 115.97 | 39.4 % |
| Gross Income | (14.95) | (6.24) | 58.3 % |
| Operating Income | (35.73) | (26.97) | 24.5 % |
| Net Income | (57.30) | (55.50) | 3.1 % |
| Average Shares | 30.25 | 30.25 | - |
| EPS (Riyals) | (1.89) | (1.83) | 3.1 % |
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