Saudi Arabian Amiantit Co. announces its Interim Financial results for the Period Ending on 2025-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 182,766 | 200,191 | -8.704 | 236,003 | -22.557 |
| Gross Profit (Loss) | 13,207 | -70,892 | - | 20,673 | -36.114 |
| Operational Profit (Loss) | -6,765 | -137,267 | -95.071 | -19,971 | -66.125 |
| Net profit (Loss) | 10,660 | 474,506 | -97.753 | -52,458 | - |
| Total Comprehensive Income | 25,618 | 414,373 | -93.817 | -62,418 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 908,224 | 880,673 | 3.128 |
| Profit (Loss) per Share | 0.24 | 10.7 | |
| 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 | The decline in sales this quarter compared to the same quarter of the last year is attributed to upgrading and enhancing the performance of the production machines to increase the production capacity and long-term efficiency, which has resulted in a temporary slowdown in production. |
| 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 2025 amounting to SAR 10.7 million for the company's shareholders, compared to a net profit of SAR 474.5 million for the company's shareholders in the corresponding quarter of the previous year. The majority of this is attributed to:
-The gross profit for this quarter has increased by 118.6% compared to the same quarter of the last year.
-Decrease in financing expenses in the current quarter of 2025 by 48.6% compared to the corresponding quarter of the previous year due to the company’s paying off its entire debt to the National Bank.
-Decrease in the net profit of this quarter compared to the same quarter of the last year as the company had achieved a significant accounting profit last year of SAR 639 million resulting from settling 77% of its entire debts. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The decline in sales this quarter compared to the previous one is attributed to upgrading and enhancing the performance of the production machines to increase the production capacity and long-term efficiency, which has resulted in a temporary slowdown in production. |
| 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 achieved a positive financial turnaround this quarter, shifting from a loss of SAR (52.5) million for the company’s shareholders in the previous quarter to a net profit of SAR 10.7 million for the company’s shareholders, reflecting an improvement of 592% compared to the prior losses, this is predominantly attributed to:
• Impairment Reversal on financial assets as a result of collecting old balances.
• Increase in other income of this quarter compared to the previous quarter as a result of the reversal of Zakat assessment.
• Decrease in financing expenses in the current quarter of 2025 to the previous one by 46.3%. |
| 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 | None |
| Additional Information | 1- As of March 31, 2025, the shareholders' equity of the company amounted to SAR 908.2 million, compared to SAR 880.7 million as of December 31, 2024, with an increase of 3.1%.
2- The net earnings per share for the three-month period ending March 31, 2025, was SAR 0.24, calculated by dividing the net profit attributable to the shareholders of the company, amounting to SAR 10.7 million, by the average number of shares of 44,512,412. For the three-month period ending March 31, 2024, the earnings per share was SAR 10.7, calculated by dividing the net profit attributable to the shareholders of the company, amounting to SAR 474.5 million, by the average number of shares of 44,332,412.
- The earnings per share, was computed according to International Accounting Standard 33 "Earnings per Share," the earnings per share for the three-month period ending March 31, 2025, were calculated based on the number of shares, which amounts to 44,550,000 shares adjusted by deducting the number of shares from the employee share option plan, which amounts to 37,588 shares.
3- The net profit (loss) after Zakat and tax, as well as the total comprehensive income (loss) for the shareholders of the company were included at the beginning of the announcement. The net profit (loss) after Zakat and tax for the three-month period ending on March 31, 2025, amounted to SAR 9.5 million, which includes a loss of SAR (1.2) million for non-controlling interests and profit of SAR 10.7 million for the shareholders of the company. For the three-month period ending on March 31, 2024, it amounted to net profit of SAR 477.6 million, which includes SAR 3.1 million for non-controlling interests and SAR 474.5 million for the shareholders of the company. For the three-month period ending on December 31, 2024, it amounted to a loss of SAR (54.8) million, which includes SAR (2.3) million for non-controlling interests and SAR (52.5) million for the shareholders of the company.
4- The total comprehensive income (loss) for the three-month period ending on March 31, 2025, amounted to SAR 24.3 million, which includes loss of SAR (1.3) million for non-controlling interests and income of SAR 25.6 million for the shareholders of the company. For the three-month period ending on March 31, 2024, it amounted to SAR 417.4 million, which includes SAR 3.0 million for non-controlling interests and SAR 414.4 million for the shareholders of the company. For the three-month period ending on December 31, 2024, it amounted to a loss of SAR (65.3) million, which includes SAR (2.9) million for non-controlling interests and SAR (62.4) million for the shareholders of the company |
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