Saudi Arabian Amiantit Co. announces its Interim Financial results for the Period Ending on 2024-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 195,269 | 166,314 | 17.409 | 200,191 | -2.458 |
| Gross Profit (Loss) | 27,351 | 16,229 | 68.531 | -70,892 | - |
| Operational Profit (Loss) | 16,807 | -7,138 | - | -137,267 | - |
| Net profit (Loss) | 5,114 | -10,084 | - | 474,506 | -98.922 |
| Total Comprehensive Income | 6,847 | -1,482 | - | 414,373 | -98.347 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 395,460 | 363,760 | 8.714 |
| Gross Profit (Loss) | -43,541 | 54,296 | - |
| Operational Profit (Loss) | -120,460 | 8,326 | - |
| Net profit (Loss) | 479,620 | -8,088 | - |
| Total Comprehensive Income | 421,220 | -3,811 | - |
| Total Shareholders Equity (after Deducting Minority Equity) | 911,427 | 333,702 | 173.126 |
| Profit (Loss) per Share | 10.82 | -0.18 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Sales continued to expand, with the company recording a 17.4% increase in revenue during the current quarter of 2024 compared to the same quarter of the previous year, due to the efforts of enhancing the number of new orders. |
| 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 for the current quarter of 2024 amounting to SAR 5.11 million for the company's shareholders, compared to a net loss of SAR (10.08) million for the company's shareholders in the corresponding quarter of the previous year which represents an increase by 150.7%. The majority of this is attributed to:
• The company managed to maintain its sales growth during the current quarter by 17.4 % compared with the corresponding quarter of the previous year as a result of its efforts to increase the volume of new orders while continuing to rationalize costs, which led to an increase in gross profits by 68.5 % in the current quarter compared with the corresponding quarter of the previous year.
• A decrease in finance costs in the current quarter of 2024 compared with the corresponding quarter of the previous year due to the company disposing of 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 was able to maintain an adequate level of revenue in both the two quarters, the first and the second quarters of the year 2024, despite a minor 2.5% decline in the second quarter compared to the first quarter for the current year 2024. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Saudi Arabian Amiantit Company recorded a net profit in the current quarter of 2024 amounting to SAR 5.11 million for the company's shareholders, compared to a net profit of SAR 474.51 million for the shareholders in the previous quarter. The majority of this is attributed to:
• The company recorded accounting profits amounting to SAR 639 million in the previous quarter of 2024 as a result of settling 77% of its total bank obligations. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | Sales continued to expand, with the company recording a 8.7% increase in revenue during the period of first six months of 2024 compared to the same period of six months of the previous year 2023, due to the efforts of enhancing the number of new orders. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Saudi Arabian Amiantit Company recorded a net profit for the company's shareholders in the current period of 2024 amounting to SAR 479.62 million compared to a net loss for the company's shareholders in the same period of the previous year amounting to SAR (8.09) million, mostly due to:
• As mentioned in the announcement of the first quarter of 2024, the company settled 77% of its bank obligation and achieved accounting profit of SAR 639 million.
• An increase in revenues in the current period of 2024 compared to revenues in the previous period of 2023 by 8.71%.
• A decrease in finance costs in the current period of 2024 compared with the corresponding period of the previous year by 46.89% due to the company disposing of 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 more information, refer to Note 17 in the notes accompanying the interim condensed consolidated financial statements for the period ended June 30, 2024. |
| Additional Information | 1- As of June 30, 2024, the shareholders' equity of the company amounted to SAR 911.43 million, compared to SAR 167.78 million as of December 31, 2023, with an increase of 443.24%. This increase is mainly due to the settling of all the company's accumulated losses amounting to SAR (207.4) million and the recording of retained earnings amounting to SAR 249.84 million, in addition to an increase in the company's capital by SAR 346.5 million through the issuance of priority rights shares.
2- The net earnings per share for the six-month period ending June 30, 2024, was SAR 10.82, calculated by dividing the net profit attributable to the shareholders of the company, amounting to SAR 479.62 million, by the average number of shares of 44,332,412 shares. For the six-month period ending June 30, 2023, the earnings/(loss) per share was SAR (0.18), calculated by dividing the net loss attributable to the shareholders of the company, amounting to SAR (8.09) million, by the average number of shares of 44,332,412 shares.
- Regarding the calculation of earnings per share, it was computed according to International Accounting Standard 33 "Earnings per Share," which requires that the number of existing ordinary shares before the event be adjusted for the proportional change in the number of ordinary shares as if the event had occurred at the start of the earliest period presented (i.e., comparative numbers). Therefore, the earnings per share were calculated as if the capital increase had taken place on January 1, 2023, based on this, the number of shares, which amounts to 44,550,000 according to the new capital, is adjusted by deducting the number of shares from the employee share option plan, which amounts to 217,588 shares.
3- Please be informed that at the beginning of the announcement, the net profit (loss) after Zakat and tax, as well as the total comprehensive income (loss) for the shareholders of the company were included. The net profit (loss) after Zakat and tax for the six-month period ending on June 30, 2024, amounted to SAR 485.94 million, which includes SAR 6.32 million for non-controlling interests and SAR 479.62 million for the shareholders of the company. For the three-month period ending on June 30, 2024, it amounted to SAR 8.39 million, which includes SAR 3.27 million for non-controlling interests and SAR 5.11 million for the shareholders of the company. For the six-month period ending on June 30, 2023, it amounted to a loss of SAR (3.59) million, which includes of SAR 4.5 million for non-controlling interests and SAR (8.09) million for the shareholders of the company and for the three-month period ending on June 30, 2023, it amounted to SAR (9.87) million, which includes SAR 0.21 million for non-controlling interests and SAR (10.08) million for the shareholders of the company.
- Regarding the total comprehensive income (loss), it amounted to SAR 427.55 million for the six-month period ending on June 30, 2024, which includes SAR 6.33 million for non-controlling interests and SAR 421.22 million for the shareholders of the company. For the three-month period ending on June 30, 2024, it amounted to SAR 10.19 million, which includes SAR 3.34 million for non-controlling interests and a profit of SAR 6.85 million for the shareholders of the company. For the six-month ending on June 30, 2023, it amounted to SAR 0.36 million, which includes a SAR 4.17 million for non-controlling interests and SAR (3.81) million for the shareholders of the company. For the three months ending on June 30, 2023, it amounted to SAR (1.17) million, which includes SAR 0.31 million for non-controlling interests and SAR (1.48) million for the shareholders of the company. |
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