Amiantit reduces accumulated losses to 34.91% of capital

Logo of Saudi Arabian Amiantit Co.

Saudi Arabian Amiantit Co. announced that its accumulated losses declined to 34.91% on Dec. 31, 2022, from 42.12% on Sept. 30, 2022.

In a statement to Tadawul, Amiantit said that its accumulated losses amounted to SAR 34.56 million of the paid-up capital of SAR 99 million.

The reduction came as Amiantit’s revenues increased by SAR 20.7 million quarter-on-quarter (QoQ) in Q4 2022 on the back of new orders, higher market share and the company’s ability to negotiate competitive prices for raw materials.

In addition, Amiantit recorded accounting profits in Q4 2022 as a result of reversing a provision for impairment in the value of fixed assets of a cash-generating unit by SAR 37 million net, after calculating its depreciation retroactively.