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Saudi Arabian Amiantit Co. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 200,191 | 197,446 | 1.39 | 194,637 | 2.853 |
| Gross Profit (Loss) | -70,892 | 38,067 | - | 11,628 | - |
| Operational Profit (Loss) | -137,267 | 15,464 | - | -18,387 | 646.543 |
| Net profit (Loss) | 474,506 | 1,996 | 23,672.845 | -36,466 | - |
| Total Comprehensive Income | 414,373 | -2,329 | - | -39,499 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 904,580 | 335,184 | 169.875 |
| Profit (Loss) per Share | 10.7 | 0.05 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| 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 grow as the company recorded a 1.4% increase in revenue during the current quarter of 2024 compared to the same quarter of the previous year, due to the company's efforts in increasing the volume 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 in the current quarter of 2024 amounting to SAR 474.506 million for the company's shareholders, compared to a net profit of SAR 1.996 million for the shareholders in the same quarter of previous year. The majority of this is attributed to: • The company recorded accounting profits amounting to SAR 639 million in the current quarter of 2024 broken down as follows: - An accounting profit of SAR 482.5 million resulting from the transfer of ownership of a subsidiary to an investment fund managed by Alinma Bank's financial subsidiary and relieving the company of all its obligations totaling SAR 572.7 million towards Alinma Bank. - An accounting profit of SAR 156.5 million from settling all debts owed to Saudi National Bank, totaling SAR 313 million, at a 50% discount by repaying SAR 156.5 million from capital increase proceeds and relieving the company of all remaining obligations towards Saudi National Bank. • A decrease in finance costs in the current quarter of 2024 compared with the same quarter of previous year because of the company settling of 77% of its total bank obligations. Following the company's announcement on February 15, 2024, that the accumulated losses had reached SAR (207.4) million as of December 31, 2023, the company has now offset all these losses and achieved retained earnings of SAR 244.7 million as of March 31, 2024. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Sales continued to grow as the company recorded a 2.9% increase in revenue during the current quarter of 2024 compared to the previous quarter revenue, due to the company's efforts in increasing the volume of new orders. |
| 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 474.506 million for the company's shareholders, compared to a net (loss) of SAR (36.466) 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 current quarter of 2024 broken down as follows: - An accounting profit of SAR 482.5 million resulting from the transfer of ownership of a subsidiary to an investment fund managed by Alinma Bank's financial subsidiary and relieving the company of all its obligations totaling SAR 572.7 million towards Alinma Bank. - An accounting profit of SAR 156.5 million from settling all debts owed to Saudi National Bank, totaling SAR 313 million, at a 50% discount by repaying SAR 156.5 million from capital increase proceeds and relieving the company of all remaining obligations towards Saudi National Bank. • A decrease in finance costs in the current quarter of 2024 compared with the previous quarter because of the company settling of 77% of its total bank obligations. Following the company's announcement on February 15, 2024, that the accumulated losses had reached SAR (207.4) million as of December 31, 2023, the company has now offset all these losses and achieved retained earnings of SAR 244.7 million as of March 31, 2024. |
| 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) | NA |
| 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 March 31, 2024. |
| Additional Information | 1- As of March 31, 2024, the shareholders' equity of the company amounted to SAR 904.6 million, compared to SAR 167.8 million as of December 31, 2023, with an increase of 439%. This increase is mainly due to the absorption of all the company's accumulated losses amounting to SAR (207.4) million and achieving of retained earnings amounting to SAR 244.7 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 three-month period ending March 31, 2024, was SAR 10.70, calculated by dividing the net profit attributable to the shareholders of the company, amounting to SAR 474.506 million, by the average number of shares of 44,332,412 shares. For the three-month period ending March 31, 2023, the earnings per share was SAR 0.05, calculated by dividing the net profit attributable to the shareholders of the company, amounting to SAR 1.996 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 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 three-month period ending on March 31, 2024, amounted to SAR 477.557 million, which includes SAR 3.051 million for non-controlling interests and SAR 474.506 million for the shareholders of the company. For the three-month period ending on March 31, 2023, it amounted to SAR 6.279 million, which includes SAR 4.283 million for non-controlling interests and SAR 1.996 million for the shareholders of the company. For the three-month period ending on December 31, 2023, it amounted to a loss of SAR (37.034) million, which includes a loss of SAR (0.568) million for non-controlling interests and SAR (36.466) million for the shareholders of the company. - Regarding the total comprehensive income (loss), it amounted to SAR 417.359 million for the three-month period ending on March 31, 2024, which includes SAR 2.986 million for non-controlling interests and SAR 414.373 million for the shareholders of the company. For the three-month period ending on March 31, 2023, it amounted to SAR 1.530 million, which includes SAR 3.859 million for non-controlling interests and a loss of SAR (2.329) million for the shareholders of the company. For the three-month period ending on December 31, 2023, it amounted to a loss of SAR (40.117) million, which includes a loss of SAR (0.618) million for non-controlling interests and SAR (39.499) million for the shareholders of the company. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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