Amiantit widens 9M 2023 loss to SAR 138.2 mln; Q3 at SAR 130.1 mln

Amiantit widens 9M 2023 loss to SAR 138.2 mln; Q3 at SAR 130.1 mln

26/10/2023 Argaam Exclusive

View other reports

Saudi Arabian Amiantit Co.’s net losses reached SAR 138.2 million in the first nine months of 2023, compared to SAR 18.1 million a year earlier.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 364.63 524.33 43.8 %
Gross Income 21.80 77.13 253.8 %
Operating Income (23.36) 8.34 135.7 %
Net Income (18.11) (138.19) (663.2 %)
Average Shares 30.25 30.25 -
EPS (Riyals) (0.60) (4.57) (663.2 %)

The company attributed the loss increase to booking an additional provision for Zakat at SAR 115 million in the current period of 2023. This was also due to an increase in finance costs on high SAIBOR rate.

 

There was no provision reversal for expected credit losses in 9M 2023, compared to a provision reversal for expected credit losses of SAR 16 million in the same period of 2022.

 

In Q3 2023, the company incurred a net loss of SAR 130.1 million, compared to SAR 8.09 million in Q3 2022.

 

An additional provision was booked for Zakat in Q3 2023 at SAR 115 million. The company also recorded an increase in finance costs in the current three-month period, compared to a year before, due to the high SAIBOR rate.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 123.48 160.57 30.0 %
Gross Income 8.02 23.77 196.4 %
Operating Income (10.60) 0.01 100.1 %
Net Income (8.09) (130.10) (1,508.6 %)
Average Shares 30.25 30.25 -
EPS (Riyals) (0.27) (4.30) (1,508.6 %)

Compared to the previous quarter, net losses widened significantly from SAR 10.08 million.

 

Shareholders’ equity, after minority interest, fell to SAR 203.72 million as of Sept. 30, 2023, from SAR 245.801 million in the year-ago period.

 

Accumulated losses reached SAR 172.88 million as of Sept. 30, 2023, accounting for 174.6% of the company’s capital.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 697.61 (18.8 %) 107.91 (23.1 %) 46.48 (34.2 %)
Q2 2014 716.87 (13.7 %) 110.43 (23.5 %) 47.12 (35.3 %)
Q3 2014 623.25 (18.1 %) 85.34 (15.6 %) 21.56 (51.3 %)
Q4 2014 688.06 1.1 % 121.35 44.0 % 56.30 41.5 %
Q1 2015 731.36 4.8 % 110.60 2.5 % 57.37 23.4 %
Q2 2015 713.61 (0.5 %) 113.95 3.2 % 46.13 (2.1 %)
Q3 2015 720.15 15.5 % 140.43 64.6 % 71.25 230.6 %
Q4 2015 743.51 8.1 % 104.91 (13.5 %) 46.20 (17.9 %)
Q1 2016 554.29 (24.2 %) 95.49 (13.7 %) 34.47 (39.9 %)
Q2 2016 508.71 (28.7 %) 74.20 (34.9 %) 15.93 (65.5 %)
Q3 2016 284.77 (60.5 %) 45.91 (67.3 %) (3.06) (104.3 %)
Q4 2016 246.31 (66.9 %) (55.11) (152.5 %) (148.11) (420.6 %)
Q1 2017 210.13 (62.1 %) 23.34 (75.6 %) (5.86) (117.0 %)
Q2 2017 212.33 (58.3 %) 34.93 (52.9 %) 6.03 (62.2 %)
Q3 2017 132.78 (53.4 %) 1.85 (96.0 %) (23.00) (650.8 %)
Q4 2017 232.97 (5.4 %) 64.38 216.8 % 3.16 102.1 %
Q1 2018 199.97 (4.8 %) 32.04 37.3 % 4.88 183.3 %
Q2 2018 199.41 (6.1 %) 18.94 (45.8 %) (9.61) (259.4 %)
Q3 2018 269.68 103.1 % 59.67 3130.8 % 24.76 207.7 %
Q4 2018 278.53 19.6 % (14.54) (122.6 %) (61.15) (2037.1 %)
Q1 2019 233.03 16.5 % 15.63 (51.2 %) (13.78) (382.4 %)
Q2 2019 163.58 (18.0 %) (205.01) (1182.5 %) (239.48) (2,393.1 %)
Q3 2019 186.35 (30.9 %) 19.52 (67.3 %) (1.91) (107.7 %)
Q4 2019 197.45 (29.1 %) 23.35 260.5 % 3.96 106.5 %
Q1 2020 162.04 (30.5 %) (5.87) (137.6 %) (30.29) (119.9 %)
Q2 2020 83.18 (49.1 %) (14.95) 92.7 % (35.73) 85.1 %
Q3 2020 115.97 (37.8 %) (6.24) (132.0 %) (26.97) (1,311.1 %)
Q4 2020 79.83 (59.6 %) (38.09) (263.1 %) (60.42) (1627.8 %)
Q1 2021 114.56 (29.3 %) (18.33) (212.1 %) (49.97) (64.9 %)
Q2 2021 111.09 33.6 % (24.82) (66.0 %) (47.76) (33.7 %)
Q3 2021 96.11 (17.1 %) (33.63) (439.3 %) (69.42) (157.4 %)
Q4 2021 117.14 46.7 % 0.24 100.6 % (20.43) 66.2 %
Q1 2022 119.52 4.3 % 9.18 150.1 % 3.47 106.9 %
Q2 2022 121.64 9.5 % 4.60 118.5 % (16.23) 66.0 %
Q3 2022 123.48 28.5 % 8.02 123.8 % (10.60) 84.7 %
Q4 2022 144.19 23.1 % (2.81) (1252.0 %) (23.49) (15.0 %)
Q1 2023 197.45 65.2 % 38.07 314.6 % 15.46 346.3 %
Q2 2023 166.31 36.7 % 16.23 253.0 % (7.14) 56.0 %
Q3 2023 160.57 30.0 % 23.77 196.4 % 0.01 100.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 20.59 (32.1 %) 0.68 - 20.59 0.68
Q2 2014 24.56 (19.9 %) 0.81 1.17 23.39 0.77
Q3 2014 17.58 (0.1 %) 0.58 21.10 (3.53) (0.12)
Q4 2014 19.89 (41.5 %) 0.66 (14.86) 34.75 1.15
Q1 2015 25.86 25.6 % 0.85 - 25.86 0.85
Q2 2015 25.98 5.8 % 0.86 - 25.98 0.86
Q3 2015 27.06 54.0 % 0.89 - 27.06 0.89
Q4 2015 22.47 13.0 % 0.74 - 22.47 0.74
Q1 2016 0.51 (98.0 %) 0.02 - 0.51 0.02
Q2 2016 1.56 (94.0 %) 0.05 - 1.56 0.05
Q3 2016 (33.58) (224.1 %) (1.11) - (33.58) (1.11)
Q4 2016 (201.68) (997.5 %) (6.67) - (201.68) (6.67)
Q1 2017 (45.75) (9036.1 %) (1.51) - (45.75) (1.51)
Q2 2017 (14.51) (1033.3 %) (0.48) - (14.51) (0.48)
Q3 2017 6.41 119.1 % 0.21 63.60 (57.19) (1.89)
Q4 2017 (50.47) 75.0 % (1.67) - (50.47) (1.67)
Q1 2018 (39.98) 12.6 % (1.32) - (39.98) (1.32)
Q2 2018 (53.26) (267.0 %) (1.76) - (53.26) (1.76)
Q3 2018 1.42 (77.8 %) 0.05 - 1.42 0.05
Q4 2018 (141.71) (180.8 %) (4.69) (16.00) (125.71) (4.16)
Q1 2019 (40.37) (1.0 %) (1.33) - (40.37) (1.33)
Q2 2019 (255.75) (380.2 %) (8.46) - (255.75) (8.46)
Q3 2019 (4.97) (449.3 %) (0.16) - (4.97) (0.16)
Q4 2019 (37.39) 73.6 % (1.24) - (37.39) (1.24)
Q1 2020 (131.29) (225.3 %) (4.34) (63.30) (68.00) (2.25)
Q2 2020 (57.30) 77.6 % (1.89) (1.68) (55.62) (1.84)
Q3 2020 (55.50) (1,016.4 %) (1.83) (12.97) (42.53) (1.41)
Q4 2020 (145.26) (288.5 %) (4.80) (27.66) (117.61) (3.89)
Q1 2021 (1.35) 99.0 % (0.04) 52.20 (53.54) (1.77)
Q2 2021 (59.11) (3.2 %) (1.95) - (59.11) (1.95)
Q3 2021 (87.35) (57.4 %) (2.89) 4.11 (91.46) (3.02)
Q4 2021 (23.52) 83.8 % (0.78) 3.20 (26.72) (0.88)
Q1 2022 (5.98) (344.6 %) (0.20) - (5.98) (0.20)
Q2 2022 (4.04) 93.2 % (0.13) 13.17 (17.21) (0.57)
Q3 2022 (8.09) 90.7 % (0.27) - (8.09) (0.27)
Q4 2022 9.33 139.6 % 0.31 37.35 (28.02) (0.93)
Q1 2023 2.00 133.4 % 0.07 - 2.00 0.07
Q2 2023 (10.08) (149.7 %) (0.33) 1.35 (11.43) (0.38)
Q3 2023 (130.10) (1,508.6 %) (4.30) (115.00) (15.10) (0.50)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 14.74 % 8.73 % 3.46 %
Q2 2014 14.14 % 8.17 % 3.35 %
Q3 2014 14.27 % 7.67 % 2.74 %
Q4 2014 15.59 % 10.14 % 2.76 %
Q1 2015 15.50 % 10.89 % 2.92 %
Q2 2015 15.65 % 10.91 % 3.01 %
Q3 2015 17.05 % 12.54 % 3.98 %
Q4 2015 16.16 % 12.06 % 3.49 %
Q1 2016 16.65 % 12.06 % 2.78 %
Q2 2016 16.43 % 11.42 % 2.04 %
Q3 2016 15.33 % 9.58 % (0.43 %)
Q4 2016 10.07 % (2.40 %) (14.63 %)
Q1 2017 7.07 % (6.77 %) (22.36 %)
Q2 2017 5.15 % (10.57 %) (30.99 %)
Q3 2017 0.63 % (16.65 %) (39.82 %)
Q4 2017 15.80 % 5.49 % (21.30 %)
Q1 2018 17.12 % 5.54 % (20.84 %)
Q2 2018 15.32 % 3.48 % (26.26 %)
Q3 2018 19.40 % 9.47 % (15.77 %)
Q4 2018 10.14 % 5.72 % (22.96 %)
Q1 2019 8.13 % 3.58 % (22.22 %)
Q2 2019 (15.27 %) (7.30 %) (44.50 %)
Q3 2019 (21.40 %) (11.76 %) (49.54 %)
Q4 2019 (18.77 %) (9.98 %) (43.37 %)
Q1 2020 (23.68 %) (14.19 %) (51.61 %)
Q2 2020 3.50 % (4.51 %) (26.39 %)
Q3 2020 (0.67 %) (9.19 %) (36.43 %)
Q4 2020 (14.77 %) (27.50 %) (64.34 %)
Q1 2021 (19.72 %) (35.82 %) (68.43 %)
Q2 2021 (20.76 %) (36.52 %) (64.72 %)
Q3 2021 (28.60 %) (49.45 %) (80.11 %)
Q4 2021 (17.44 %) (35.71 %) (52.59 %)
Q1 2022 (11.05 %) (23.59 %) (41.29 %)
Q2 2022 (4.31 %) (16.40 %) (31.11 %)
Q3 2022 4.57 % (3.50 %) (12.04 %)
Q4 2022 3.73 % (4.15 %) (11.65 %)
Q1 2023 8.16 % (1.03 %) (8.75 %)
Q2 2023 9.42 % 0.71 % (7.21 %)
Q3 2023 11.26 % 2.27 % (7.86 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 30.25 3.40 3.40 48.42
Q2 2014 30.25 3.20 3.16 49.07
Q3 2014 30.25 3.20 2.46 47.58
Q4 2014 30.25 2.73 2.49 47.45
Q1 2015 30.25 2.91 2.66 46.73
Q2 2015 30.25 2.95 2.75 47.55
Q3 2015 30.25 3.27 3.76 48.19
Q4 2015 30.25 3.35 3.35 48.38
Q1 2016 30.25 2.51 2.51 43.21
Q2 2016 30.25 1.71 1.71 41.29
Q3 2016 30.25 (0.30) (0.30) 40.25
Q4 2016 30.25 (7.71) (7.71) 32.22
Q1 2017 30.25 (9.24) (9.24) 31.10
Q2 2017 30.25 (9.77) (9.77) 31.68
Q3 2017 30.25 (8.45) (10.55) 33.04
Q4 2017 30.25 (3.45) (5.55) 31.97
Q1 2018 30.25 (3.26) (5.36) 30.92
Q2 2018 30.25 (4.54) (6.64) 27.92
Q3 2018 30.25 (4.70) (4.70) 27.96
Q4 2018 30.25 (7.72) (7.19) 22.12
Q1 2019 30.25 (7.73) (7.21) 20.13
Q2 2019 30.25 (14.43) (13.90) 11.94
Q3 2019 30.25 (14.64) (14.11) 11.04
Q4 2019 30.25 (11.19) (11.19) 11.15
Q1 2020 30.25 (14.20) (12.10) 7.07
Q2 2020 30.25 (7.64) (5.49) 5.57
Q3 2020 30.25 (9.31) (6.73) 4.40
Q4 2020 30.25 (12.87) (9.38) 4.91
Q1 2021 30.25 (8.58) (8.90) 4.25
Q2 2021 30.25 (8.64) (9.02) 2.72
Q3 2021 30.25 (9.69) (10.64) (0.42)
Q4 2021 30.25 (5.66) (7.63) 10.76
Q1 2022 30.25 (5.82) (6.06) 10.28
Q2 2022 30.25 (4.00) (4.67) 9.37
Q3 2022 30.25 (1.38) (1.92) 8.13
Q4 2022 30.25 (0.29) (1.96) 11.16
Q1 2023 30.25 (0.03) (1.70) 11.08
Q2 2023 30.25 (0.23) (1.51) 11.03
Q3 2023 30.25 (4.26) (1.74) 6.74

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 32.53 32.53 2.28
Q2 2014 35.73 36.16 2.33
Q3 2014 39.27 51.02 2.64
Q4 2014 31.79 34.92 1.83
Q1 2015 28.72 31.36 1.79
Q2 2015 29.98 32.23 1.86
Q3 2015 21.02 18.27 1.42
Q4 2015 17.74 17.74 1.23
Q1 2016 24.63 24.63 1.43
Q2 2016 31.99 31.99 1.32
Q3 2016 NEG NEG 0.97
Q4 2016 NEG NEG 1.71
Q1 2017 NEG NEG 1.46
Q2 2017 NEG NEG 1.17
Q3 2017 NEG NEG 1.39
Q4 2017 NEG NEG 1.75
Q1 2018 NEG NEG 1.67
Q2 2018 NEG NEG 1.63
Q3 2018 NEG NEG 1.36
Q4 2018 NEG NEG 1.76
Q1 2019 NEG NEG 2.10
Q2 2019 NEG NEG 3.40
Q3 2019 NEG NEG 3.26
Q4 2019 NEG NEG 2.73
Q1 2020 NEG NEG 2.66
Q2 2020 NEG NEG 3.61
Q3 2020 NEG NEG 7.12
Q4 2020 NEG NEG 6.91
Q1 2021 NEG NEG 9.87
Q2 2021 NEG NEG 16.31
Q3 2021 NEG NEG (87.70)
Q4 2021 NEG NEG 2.59
Q1 2022 NEG NEG 2.13
Q2 2022 NEG NEG 1.70
Q3 2022 NEG NEG 2.03
Q4 2022 NEG NEG 1.40
Q1 2023 NEG NEG 1.79
Q2 2023 NEG NEG 1.95
Q3 2023 NEG NEG 3.62

Business Segments (Million)

Compared With The
Period Pipe Manufacturing and technology Water Management elimination Technology
Q1 2014 615.72 81.89 - -
Q2 2014 700.99 15.88 - -
Q3 2014 586.18 37.07 - -
Q4 2014 619.72 68.35 - -
Q1 2015 664.05 67.31 - -
Q2 2015 652.32 61.29 - -
Q3 2015 641.38 78.77 - -
Q4 2015 626.64 116.87 - -
Q1 2016 516.75 37.54 - -
Q2 2016 454.65 54.06 - -
Q3 2016 - 62.75 - -
Q4 2016 336.51 22.30 (112.50) -
Q1 2017 221.56 13.56 (24.98) -
Q2 2017 190.64 37.53 (15.84) -
Q3 2017 121.90 40.28 (25.26) -
Q4 2017 185.99 66.84 (85.95) -
Q1 2018 191.22 24.73 (15.97) -
Q2 2018 178.12 41.42 (20.13) -
Q3 2018 250.65 53.84 (34.90) -
Q4 2018 202.20 55.58 20.75 -
Q1 2019 211.00 34.71 (12.67) -
Q2 2019 190.93 (20.23) (7.12) -
Q3 2019 153.55 39.06 (6.27) -
Q4 2019 151.09 52.11 (5.75) -
Q1 2020 152.84 16.29 (7.09) -
Q2 2020 74.85 11.91 (3.57) -
Q3 2020 111.50 10.22 (5.74) -
Q1 2021 111.72 16.37 (13.53) -
Q2 2021 82.01 15.56 13.53 -
Q3 2021 114.31 13.65 (31.85) -
Q4 2021 112.04 15.49 (10.38) -
Q1 2022 117.35 10.93 (8.76) -
Q2 2022 115.19 9.84 (3.39) -
Q3 2022 120.25 9.16 (5.93) -
Q4 2022 139.23 10.45 (5.49) -
Q1 2023 194.62 9.64 (6.81) -
Q2 2023 156.15 14.00 (3.83) -
Q3 2023 153.51 11.07 (4.02) -


Financial Ratios
Current
Market Cap (M Riyal) 1,338.73
Enterprise Value (EV) (M) 1,526.43
Shares Outstanding ((M)) 44.55
EPS ( Riyal) (TTM) 10.23
Book Value (BV) ( Riyal) 21.07
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) 2.94
Price/book 1.43
Return on Average Assets (%) (TTM) 20.4
Return on Average Equity (%) (TTM) 79.8
more

Share Price

Saudi Arabian Amiantit Co.
30.05
0.40 1.35 %

Saudi Arabian Amiantit Co. (AMIANTIT)

More

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.