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Saudi Amiantit’s loss widens 45% in 2019

Saudi Amiantit’s loss widens 45% in 2019
Losses stood at SAR 338.47 million in 2019
AMIANTIT
2160
-1.07% 37.00 -0.40

Riyadh – Mubasher: The losses of Saudi Arabian Amiantit Company surged by 45% year-on-year (YoY) in the fiscal year (FY) 2019.

The Saudi firm suffered a net loss after tax and zakat worth SAR 338.47 million, compared to SAR 233.53 million in 2018, according to a stock exchange statement on Monday.

The increase in the annual loss is primarily ascribed to lower exceptional provisions that the group needed to record last year. Most of these provisions are related to a drop in fixed asset value as per the IAS 36 for 3 local cash-generating units amounting to SAR 125.7 million.  

In addition, the water management subsidiary in Germany suffered unexpected non-recurring costs worth SAR 78.1 million.

This takes the company’s total net losses in 2019 to SAR 213.8 million.

Whilst these are one-time charges, the group's net losses soared by SAR 3.1 million, driven by the slow and adverse market conditions that face the group in the kingdom, given that they totalled SAR 131 million by 2019 year-end when compared to SAR 97.1 million in 2018, excluding the non-recurring charges.