Saudi Arabian Amiantit Co. announces its interim Financial results for the period ending on 2019-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 233,033 | 199,973 | 16.532 | 273,265 | -14.722 |
| Total Profit (Loss) | 15,634 | 32,041 | -51.206 | -4,611 | - |
| Profit (Loss) Operational | -44,774 | -33,318 | 34.383 | -114,081 | -60.752 |
| Net Profit (Loss) after Zakat and Tax | -41,333 | -38,793 | 6.547 | -138,549 | -70.167 |
| Total Comprehensive Income | -47,385 | -21,284 | 122.632 | -135,548 | -65.041 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after deducting minority equity) | 608,944 | 881,199 | -30.895 |
| Profit (Loss) per Share | -0.36 | -0.35 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| -554,733 | 1,155,000 | 48 |
| Element List | Explanation |
|---|---|
| Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year | a. The results of this quarter reflect continued losses attributable to the decline in sales prices due to stiff competition for our products combined by higher manufacturing cost.
b. The second reason is higher financial cost incurred. |
| Reason for increase (decrease) in net profit for current quarter compared to the previous quarter | The decline of sales amounting to SAR. 273 M from prior quarter to SAR. 233.0 M for the current quarter, was due to slow progress of on-going projects.
However, the reduction of the net loss amounting to SAR. (138.5 M) from prior quarter to (41.3 M) for the current quarter, was due to the provisions and impairments booked in previous quarter amounting to SAR 97.1 M. |
| Type of the external auditor's opinion | Emphasis of Matter paragraph |
| External auditor's report containing reservation | - Note 6 to the accompanying interim condensed consolidated financial statements which describes the uncertainty related to the estimation of impairment loss on trade receivables, contract assets and non-current receivables.
- Note 8.3 to the accompanying interim condensed consolidated financial statements which indicates that these interim condensed consolidated financial statements put the Group in breach of some of the financial covenants stated in the credit facility agreements with commercial banks. Management of the Group believes that the breach will not affect the maturity profile of its debt or the availability of credit. |
| Additional Information | 1. Sales during the current quarter amounted to SAR 233.0 million compared to SAR 200.0 million of the same quarter last year, representing an Increase of SAR 33.0 million or 16.5%.
2. Gross Profit during the current quarter amounted to SAR 15.6 million compared to SAR 32.0 million of the same quarter last year, representing a decrease of SAR 16.4 million or 51.2%. 3. Operational loss during the current quarter amounted to a loss of SAR 14.0 million compared to an income of SAR 4.9 million of the same quarter last year, representing an increase in losses of SAR 18.9 million. 4. Net losses after Zakat & Taxes during the current quarter amounted to a net loss of SAR 41.3 million compared a loss of SAR 38.8 million of the same quarter last year, representing an increase of SAR 2.5 million, and compared to a loss of SAR 138.5 million of the prior quarter, representing a decrease of SAR 97.2 million. 5. Total comprehensive income during the current quarter amounted to a loss of SAR 47.4 million compared to loss of SAR 21.3 million for the same quarter of last year, representing an increase of SAR 26.1 million, and compared to a loss of SAR 135.5 million for the previous quarter, representing a decrease of SAR 88.1 million. 6. Losses per share amounted to SAR (0.36) during the current period, compared to losses per share of SAR (0.35) for the same period last year. 7. Total shareholders’ equity (net of minority interest) during the current period amounted to SAR 608.9 million compared to SAR 881.2 million for the same period last year representing a decreased of SAR 272.3 million or 30.9%. 8. Total accumulated deficit at the end of the current quarter was SAR (554.7) million representing 48.0% of the share capital. |
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