Amiantit turns to SAR 2 mln profit in Q1 2023

11/04/2023 Argaam Exclusive

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Saudi Arabian Amiantit Co. turned to a net profit of SAR 2 million in Q1 2023 from a net loss of SAR 6 million a year earlier.

The better results were attributed to continued sales growth, as the company recorded a 65% increase year-on-year (YoY) in revenues due to an increase in new orders, in addition to rationalizing and controlling operating costs.  

   

Investment profits in the current quarter increased by SAR 4 million.  

   

This was despite Amiantit not recording accounting profits in Q1 2023 compared with Q1 2022.  

   

On a sequential basis, the first-quarter earnings fell 78.6% from SAR 9.33 million.  



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 119.52 197.45 65.2 %
Gross Income 9.18 38.07 314.6 %
Operating Income 3.47 15.46 346.3 %
Net Income (5.98) 2.00 133.4 %
Average Shares 30.25 30.25 -
EPS (Riyals) (0.20) 0.07 133.4 %

Total shareholders’ equity, excluding minority interest, stood at SAR 335.18 million as of March 31, 2023, compared with SAR 310.95 million in the earlier-year period.

 

Accumulated losses reached SAR 32.69 million, or 33.03% of the capital, as of March 31, 2023.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 697.61 (18.8 %) 107.91 (23.1 %) 20.59 (32.1 %) 0.68
Q2 2014 716.87 (13.7 %) 110.43 (23.5 %) 24.56 (19.9 %) 0.81
Q3 2014 623.25 (18.1 %) 85.34 (15.6 %) 17.58 (0.1 %) 0.58
Q4 2014 688.06 1.1 % 121.35 44.0 % 19.89 (41.5 %) 0.66
Q1 2015 731.36 4.8 % 110.60 2.5 % 25.86 25.6 % 0.85
Q2 2015 713.61 (0.5 %) 113.95 3.2 % 25.98 5.8 % 0.86
Q3 2015 720.15 15.5 % 140.43 64.6 % 27.06 54.0 % 0.89
Q4 2015 743.51 8.1 % 104.91 (13.5 %) 22.47 13.0 % 0.74
Q1 2016 554.29 (24.2 %) 95.49 (13.7 %) 0.51 (98.0 %) 0.02
Q2 2016 508.71 (28.7 %) 74.20 (34.9 %) 1.56 (94.0 %) 0.05
Q3 2016 284.77 (60.5 %) 45.91 (67.3 %) (33.58) (224.1 %) (1.11)
Q4 2016 246.31 (66.9 %) (55.11) (152.5 %) (201.68) (997.5 %) (6.67)
Q1 2017 210.13 (62.1 %) 23.34 (75.6 %) (45.75) (9036.1 %) (1.51)
Q2 2017 212.33 (58.3 %) 34.93 (52.9 %) (14.51) (1033.3 %) (0.48)
Q3 2017 132.78 (53.4 %) 1.85 (96.0 %) 6.41 119.1 % 0.21
Q4 2017 232.97 (5.4 %) 64.38 216.8 % (50.47) 75.0 % (1.67)
Q1 2018 199.97 (4.8 %) 32.04 37.3 % (39.98) 12.6 % (1.32)
Q2 2018 199.41 (6.1 %) 18.94 (45.8 %) (53.26) (267.0 %) (1.76)
Q3 2018 269.68 103.1 % 59.67 3130.8 % 1.42 (77.8 %) 0.05
Q4 2018 278.53 19.6 % (14.54) (122.6 %) (141.71) (180.8 %) (4.69)
Q1 2019 233.03 16.5 % 15.63 (51.2 %) (40.37) (1.0 %) (1.33)
Q2 2019 163.58 (18.0 %) (205.01) (1182.5 %) (255.75) (380.2 %) (8.46)
Q3 2019 186.35 (30.9 %) 19.52 (67.3 %) (4.97) (449.3 %) (0.16)
Q4 2019 197.45 (29.1 %) 23.35 260.5 % (37.39) 73.6 % (1.24)
Q1 2020 162.04 (30.5 %) (5.87) (137.6 %) (131.29) (225.3 %) (4.34)
Q2 2020 83.18 (49.1 %) (14.95) 92.7 % (57.30) 77.6 % (1.89)
Q3 2020 115.97 (37.8 %) (6.24) (132.0 %) (55.50) (1,016.4 %) (1.83)
Q4 2020 79.83 (59.6 %) (38.09) (263.1 %) (145.26) (288.5 %) (4.80)
Q1 2021 114.56 (29.3 %) (18.33) (212.1 %) (1.35) 99.0 % (0.04)
Q2 2021 111.09 33.6 % (24.82) (66.0 %) (59.11) (3.2 %) (1.95)
Q3 2021 96.11 (17.1 %) (33.63) (439.3 %) (87.35) (57.4 %) (2.89)
Q4 2021 117.14 46.7 % 0.24 100.6 % (23.52) 83.8 % (0.78)
Q1 2022 119.52 4.3 % 9.18 150.1 % (5.98) (344.6 %) (0.20)
Q2 2022 121.64 9.5 % 4.60 118.5 % (4.04) 93.2 % (0.13)
Q3 2022 123.48 28.5 % 8.02 123.8 % (8.09) 90.7 % (0.27)
Q4 2022 144.19 23.1 % (2.81) (1252.0 %) 9.33 139.6 % 0.31
Q1 2023 197.45 65.2 % 38.07 314.6 % 2.00 133.4 % 0.07

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 14.74 % 8.73 % 3.46 %
Q2 2014 14.14 % 8.17 % 3.35 %
Q3 2014 14.27 % 7.67 % 2.74 %
Q4 2014 15.59 % 10.14 % 2.76 %
Q1 2015 15.50 % 10.89 % 2.92 %
Q2 2015 15.65 % 10.91 % 3.01 %
Q3 2015 17.05 % 12.54 % 3.98 %
Q4 2015 16.16 % 12.06 % 3.49 %
Q1 2016 16.65 % 12.06 % 2.78 %
Q2 2016 16.43 % 11.42 % 2.04 %
Q3 2016 15.33 % 9.58 % (0.43 %)
Q4 2016 10.07 % (2.40 %) (14.63 %)
Q1 2017 7.07 % (6.77 %) (22.36 %)
Q2 2017 5.15 % (10.57 %) (30.99 %)
Q3 2017 0.63 % (16.65 %) (39.82 %)
Q4 2017 15.80 % 5.49 % (21.30 %)
Q1 2018 17.12 % 5.54 % (20.84 %)
Q2 2018 15.32 % 3.48 % (26.26 %)
Q3 2018 19.40 % 9.47 % (15.77 %)
Q4 2018 10.14 % 5.72 % (22.96 %)
Q1 2019 8.13 % 3.58 % (22.22 %)
Q2 2019 (15.27 %) (7.30 %) (44.50 %)
Q3 2019 (21.40 %) (11.76 %) (49.54 %)
Q4 2019 (18.77 %) (9.98 %) (43.37 %)
Q1 2020 (23.68 %) (14.19 %) (51.61 %)
Q2 2020 3.50 % (4.51 %) (26.39 %)
Q3 2020 (0.67 %) (9.19 %) (36.43 %)
Q4 2020 (14.77 %) (27.50 %) (64.34 %)
Q1 2021 (19.72 %) (35.82 %) (68.43 %)
Q2 2021 (20.76 %) (36.52 %) (64.72 %)
Q3 2021 (28.60 %) (49.45 %) (80.11 %)
Q4 2021 (17.44 %) (35.71 %) (52.59 %)
Q1 2022 (11.05 %) (23.59 %) (41.29 %)
Q2 2022 (4.31 %) (16.40 %) (31.11 %)
Q3 2022 4.57 % (3.50 %) (12.04 %)
Q4 2022 3.73 % (4.15 %) (11.65 %)
Q1 2023 8.16 % (1.03 %) (8.75 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 30.25 3.40 3.40 48.42
Q2 2014 30.25 3.20 3.16 49.07
Q3 2014 30.25 3.20 2.46 47.58
Q4 2014 30.25 2.73 2.49 47.45
Q1 2015 30.25 2.91 2.66 46.73
Q2 2015 30.25 2.95 2.75 47.55
Q3 2015 30.25 3.27 3.76 48.19
Q4 2015 30.25 3.35 3.35 48.38
Q1 2016 30.25 2.51 2.51 43.21
Q2 2016 30.25 1.71 1.71 41.29
Q3 2016 30.25 (0.30) (0.30) 40.25
Q4 2016 30.25 (7.71) (7.71) 32.22
Q1 2017 30.25 (9.24) (9.24) 31.10
Q2 2017 30.25 (9.77) (9.77) 31.68
Q3 2017 30.25 (8.45) (10.55) 33.04
Q4 2017 30.25 (3.45) (5.55) 31.97
Q1 2018 30.25 (3.26) (5.36) 30.92
Q2 2018 30.25 (4.54) (6.64) 27.92
Q3 2018 30.25 (4.70) (4.70) 27.96
Q4 2018 30.25 (7.72) (7.19) 22.12
Q1 2019 30.25 (7.73) (7.21) 20.13
Q2 2019 30.25 (14.43) (13.90) 11.94
Q3 2019 30.25 (14.64) (14.11) 11.04
Q4 2019 30.25 (11.19) (11.19) 11.15
Q1 2020 30.25 (14.20) (12.10) 7.07
Q2 2020 30.25 (7.64) (5.49) 5.57
Q3 2020 30.25 (9.31) (6.73) 4.40
Q4 2020 30.25 (12.87) (9.38) 4.91
Q1 2021 30.25 (8.58) (8.90) 4.25
Q2 2021 30.25 (8.64) (9.02) 2.72
Q3 2021 30.25 (9.69) (10.64) (0.42)
Q4 2021 30.25 (5.66) (7.63) 10.76
Q1 2022 30.25 (5.82) (6.06) 10.28
Q2 2022 30.25 (4.00) (4.67) 9.37
Q3 2022 30.25 (1.38) (1.92) 8.13
Q4 2022 30.25 (0.29) (1.96) 11.16
Q1 2023 30.25 (0.03) (1.70) 11.08

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 32.53 32.53 2.28
Q2 2014 35.73 36.16 2.33
Q3 2014 39.27 51.02 2.64
Q4 2014 31.79 34.92 1.83
Q1 2015 28.72 31.36 1.79
Q2 2015 29.98 32.23 1.86
Q3 2015 21.02 18.27 1.42
Q4 2015 17.74 17.74 1.23
Q1 2016 24.63 24.63 1.43
Q2 2016 31.99 31.99 1.32
Q3 2016 NEG NEG 0.97
Q4 2016 NEG NEG 1.71
Q1 2017 NEG NEG 1.46
Q2 2017 NEG NEG 1.17
Q3 2017 NEG NEG 1.39
Q4 2017 NEG NEG 1.75
Q1 2018 NEG NEG 1.67
Q2 2018 NEG NEG 1.63
Q3 2018 NEG NEG 1.36
Q4 2018 NEG NEG 1.76
Q1 2019 NEG NEG 2.10
Q2 2019 NEG NEG 3.40
Q3 2019 NEG NEG 3.26
Q4 2019 NEG NEG 2.73
Q1 2020 NEG NEG 2.66
Q2 2020 NEG NEG 3.61
Q3 2020 NEG NEG 7.12
Q4 2020 NEG NEG 6.91
Q1 2021 NEG NEG 9.87
Q2 2021 NEG NEG 16.31
Q3 2021 NEG NEG (87.70)
Q4 2021 NEG NEG 2.59
Q1 2022 NEG NEG 2.13
Q2 2022 NEG NEG 1.70
Q3 2022 NEG NEG 2.03
Q4 2022 NEG NEG 1.40
Q1 2023 NEG NEG 1.79

Business Segments (Million)

Compared With The
Period Pipe Manufacturing and technology Water Management elimination Technology
Q1 2014 615.72 81.89 - -
Q2 2014 700.99 15.88 - -
Q3 2014 586.18 37.07 - -
Q4 2014 619.72 68.35 - -
Q1 2015 664.05 67.31 - -
Q2 2015 652.32 61.29 - -
Q3 2015 641.38 78.77 - -
Q4 2015 626.64 116.87 - -
Q1 2016 516.75 37.54 - -
Q2 2016 454.65 54.06 - -
Q3 2016 - 62.75 - -
Q4 2016 336.51 22.30 (112.50) -
Q1 2017 221.56 13.56 (24.98) -
Q2 2017 190.64 37.53 (15.84) -
Q3 2017 121.90 40.28 (25.26) -
Q4 2017 185.99 66.84 (85.95) -
Q1 2018 191.22 24.73 (15.97) -
Q2 2018 178.12 41.42 (20.13) -
Q3 2018 250.65 53.84 (34.90) -
Q4 2018 202.20 55.58 20.75 -
Q1 2019 211.00 34.71 (12.67) -
Q2 2019 190.93 (20.23) (7.12) -
Q3 2019 153.55 39.06 (6.27) -
Q4 2019 151.09 52.11 (5.75) -
Q1 2020 152.84 16.29 (7.09) -
Q2 2020 74.85 11.91 (3.57) -
Q3 2020 111.50 10.22 (5.74) -
Q1 2021 111.72 16.37 (13.53) -
Q2 2021 82.01 15.56 13.53 -
Q3 2021 114.31 13.65 (31.85) -
Q4 2021 112.04 15.49 (10.38) -
Q1 2022 117.35 10.93 (8.76) -
Q2 2022 115.19 9.84 (3.39) -
Q3 2022 120.25 9.16 (5.93) -
Q4 2022 139.23 10.45 (5.49) -
Q1 2023 194.62 9.64 (6.81) -

Current
Market Cap (M Riyal) 1,109.30
Enterprise Value (EV) (M) 1,226.97
Shares Outstanding ((M)) 44.55
EPS ( Riyal) (TTM) 6.69
Book Value (BV) ( Riyal) 20.30
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) 3.72
Price/book 1.23
Return on Average Assets (%) (TTM) 13.2
Return on Average Equity (%) (TTM) 48.1

Share Price

24.90
(0.55) (2.16 %)

Saudi Arabian Amiantit Co. (AMIANTIT)


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