Riyadh – Mubasher: Saudi Arabian Amiantit Company turned to a net profit of SAR 479.62 million in the first half (H1) of 2024, versus a net loss of SAR 8.08 million in the same period a year earlier.

Sales grew by 8.71% year-on-year (YoY) to SAR 395.46 million in H1-24 from SAR 363.76 million in H1-23, according to the interim financial results.

The company reported earnings per share (EPS) of SAR 10.82 between 1 January and 30 June 2024, compared to a net loss of SAR 0.18 in the corresponding period the year before.

Second Quarter

During the second quarter (Q2) of 2024, Amiantit posted a net profit of SAR 5.11 million, against a net loss of SAR 10.08 million in Q2-23.

Sales rose by 17.40% YoY to SAR 195.26 million in Q2-24 from SAR 166.31 million in Q2-23.

Quarter-on-quarter (QoQ), the company’s net profit dropped by 98.92% from SAR 474.50 million, while sales inched lower by 2.45% from SAR 200.19 million in the previous quarter.

In Q1-24, Amiantit reported a net profit of SAR 474.50 million, a 23,672% YoY surge from SAR 1.99 million.