Saudi Arabian Amiantit Co. announces its Annual Financial results for the period ending on 2024-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 848,298 | 718,962 | 17.99 | ||
| Gross Profit (Loss) | 9,467 | 88,753 | -89.33 | ||
| Operational Profit (Loss) | -136,177 | -10,052 | 1,254.72 | ||
| Net profit (Loss) | 439,836 | -174,656 | - | ||
| Total Comprehensive Income | 385,896 | -173,292 | - | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 880,673 | 167,777 | 424.91 | ||
| Profit (Loss) per Share | 9.92 | -3.94 | |||
| 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 | -10 | -0 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | For the fiscal year ending 31-12-2024G, the company generated revenues of SAR 848.3 million, a rise from revenues of SAR 719 million in the previous year, reflecting an 18% increase. This growth was driven by more effective sales strategies and improved revenue from the subsidiaries, consequently, increased sales volumes. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Saudi Arabian Amiantit Company recorded a net profit during the fiscal year ending 31-12-2024G amounting to SAR 439.8 million for the company's shareholders, compared to a net loss of SAR (174.7) million for the company's shareholders in the previous year, this positive shift is primarily attributed to:
• The company successfully eliminated 77% of its bank obligations, leading to the realization of accounting profits.
• An increase in the revenue of the current year 2024, compared to revenues in the previous year by 18%.
• 60% reduction in finance costs in 2024 compared to the previous year, mainly resulting from the company settling off 77% of its total bank obligations. |
| Statement of the type of external auditor's report | Unmodified opinion |
| 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 | None |
| Additional Information | 1- As of 31-12-2024G, the shareholders' equity of the company amounted to SAR 880.7 million, compared to SAR 167.8 million as of 31-12-2023G, with an increase of 425%. This increase is mainly due to the amortization of all the company's accumulated losses amounting to SAR (207.4) million and the recording of retained earnings amounting to SAR 217.3 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 fiscal year ending 31-12-2024G, was SAR 9.9, calculated by dividing the net profit attributable to the shareholders of the company, amounting to SAR 439.8 million, by the average number of shares of 44,332,412 shares, for the fiscal year ending 31-12-2023G, the earnings/(loss) per share was SAR (3.9), calculated by dividing the net loss attributable to the shareholders of the company, amounting to SAR (174.7) 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 01-01-2023G, based on this, the number of shares, which amounts to 44,550,000 shares 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 fiscal year ending 31-12-2024G, amounted to SAR 444.1 million, which includes SAR 4.3 million for non-controlling interests and SAR 439.8 million for the shareholders of the company. For the fiscal year ending 31-12-2023G, it amounted to a loss of SAR (170.5) million, which includes of SAR 4.2 million for non-controlling interests and SAR (174.7) million for the shareholders of the company.
4- Regarding the total comprehensive income (loss), for the fiscal year ending 31-12-2024G, it amounted to SAR 389.7 million, which includes SAR 3.8 million for non-controlling interests and SAR 385.9 million for the shareholders of the company. For the fiscal year ending 31-12-2023G, it amounted to SAR (169.1) million, which includes SAR 4.1 million for non-controlling interests and a loss of SAR (173.3) million for the shareholders of the company. |
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