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AMIANTIT

20 October, 2024 09:15

Saudi Arabian Amiantit Co. announces its Interim Financial results for the Period Ending on 2024-09-30 ( Nine Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 216,835160,56535.044195,26911.044
Gross Profit (Loss) 32,33522,82941.6427,35118.222
Operational Profit (Loss) 4,254947,166.66616,807-74.689
Net profit (Loss) 12,674-130,102-5,114147.829
Total Comprehensive Income 27,094-129,982-6,847295.706
All figures are in (Thousands) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 612,295524,32516.777
Gross Profit (Loss) -11,20677,125-
Operational Profit (Loss) -116,2068,335-
Net profit (Loss) 492,294-138,190-
Total Comprehensive Income 448,314-133,793-
Total Shareholders Equity (after Deducting Minority Equity) 938,521203,720360.691
Profit (Loss) per Share 11.1-3.12
All figures are in (Thousands) Saudi Arabia, Riyals


Element ListAmountPercentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value --
All figures are in (Thousands) Saudi Arabia, Riyals


Element ListExplanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is The company recorded a significant increase in revenue by 35% during the current quarter of 2024 compared to the same quarter of the previous year, due to the improvement in sales strategy and the expansion of the customer base, which led to an increase in sales.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is Saudi Arabian Amiantit Company recorded a net profit in the current quarter of 2024 of SAR 12.7 million for the company's shareholders, compared to a net loss of SAR (130.1) million for the company's shareholders in the same quarter of the previous year, representing an increase of 109.7%, mostly due to: • The company was able to achieve a growth in sales by 35% during the current quarter compared to the same quarter of the previous year as a result of its efforts to increase the volume of new orders, which contributed to an increase in the gross profit for the current quarter by 41.6% compared to the same quarter last year. • Decrease in financing expenses in the current quarter of 2024 compared to the same quarter of the previous year as a result of the company continuous settling off 77% of its total bank obligations.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is The company has maintained its continuous revenue growth from quarter to quarter, achieving an increase of 11% due to an increase in sales volume, which led to an increase in the company's total revenue to SAR 216.8 million in the current quarter compared to SAR 195.3 million for the previous quarter of 2024.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is The company has maintained its continuous net profit growth from quarter to quarter, achieving an increase of 148% due to an increase in sales volume and a reduction in some costs, which led to an increase in net profit to SAR 12.7 million in the current quarter compared to SAR 5.1 million for the previous quarter of 2024. This is due to: • Gross profit increased by 18.2% compared to the last quarter, mainly due to increased sales volume. • Decrease in financing expenses in the current quarter of 2024 compared to the previous quarter.
The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is The company has recorded a significant increase in revenue by 16.8% during the current period of 2024 compared to the same period of the previous year, due to the improvement in sales strategy and the expansion of the customer base, which led to an increase in sales.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The company has maintained its continuous net profit growth for the current period, achieving an increase of 456%, due to an increase in sales volume and a reduction in some costs, which led to an increase in net profit to SAR 492.3 million for the current period compared to SAR (138.2) million for the same period of 2023. This is mostly due to: • The company successfully settled 77% of its total bank obligations. • Increase in revenues in the current period of 2024 compared to revenues for the previous period of 2023 by 16.8%. • Decrease in financing expenses in the current period of 2024 compared to the same period of the previous year by 61% as a result of the company settling off 77% of its total bank obligations.
Statement of the type of external auditor's report Unmodified conclusion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) None
Reclassification of Comparison Items For further information, please refer to Note 17 to the Consolidated Financial Statements for the period ended 30 September 2024.
Additional Information 1- As at 30 September 2024, shareholders' equity attributable to the Company's shareholders amounted to SAR 938.5 million compared to SAR 167.8 million as at 31 December 2023, an increase of 459.4%. 2- The net profit per share for the nine months ending on 30-09-2024 amounted to SAR 11.1, calculated by dividing the net profit attributable to the shareholders of the company in the amount of SAR 492.3 million by the average number of shares of 44,332,412 shares, and the profit / (loss) per share for the nine months ending on 30-09-2023 amounted to SAR (3.12), calculated by dividing the net loss attributable to the shareholders of the company in the amount of (138.2) million Saudi riyals on the average number of shares of 44,332,412 shares. - With regard to the calculation of earnings per share, earnings per share have been calculated in accordance with IAS 33 "Earnings per share", which requires that the number of ordinary shares outstanding before the event be adjusted by the proportional change in the number of outstanding ordinary shares as if the event occurred at the beginning of the earliest period presented (i.e. comparative figures) and accordingly, earnings per share were calculated by dividing the profit of the period as if The capital increase took place on January 1, 2023, and accordingly, the number of shares amounting to 44,550,000 shares is calculated according to the new capital minus the number of shares of the Employee share option plan, which amounts to 217,588 shares. - As for the total comprehensive income (loss), for the nine months ended on 30-09-2024, it amounted to SAR 455 million, including SAR 6.7 million for non-controlling interests and SAR 448.3 million for shareholders in the company, and for the three-month period ending on 30-09-2024 amounted to SAR 27.5 million, including SAR 0.4 million for non-controlling interests and profit in the amount of SAR 27.1 million for the shareholders of the company, and for the nine months ended on 30-09-2023 amounted to (129) million Saudi riyals, including an amount of SAR 4.8 million for non-controlling interests and a loss of (133.8) million Saudi riyals for the shareholders of the company. For the three-month period ending on 30-09-2023, a loss of SAR (129.4) million, including SAR 0.6 million for non-controlling interests and a loss of (130) million Saudi Riyals for the shareholders of the company

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