Saudi Arabian Amiantit Co. announces its Annual Financial Results for the Period Ending on 2021-12-31

Saudi Arabian Amiantit Co. announces its Annual Financial Results for the Period Ending on 2021-12-31

|Element List||Current Year||Previous Year||%Change|

|Sales/Revenue||438,911||441,023||-0.478|

|Gross Profit (Loss)||-76,541||-65,148||17.487|

|Operational Profit (Loss)||-187,567||-259,009||-27.582|

|Net Profit (Loss) after Zakat and Tax||-171,317||-389,350||-55.999|

|Total Comprehensive Income||-203,064||-359,920||-43.58|

|Total Share Holders Equity (after Deducting Minority Equity)||-49,422||148,579||-|

|Profit (Loss) per Share||-5.38||-12.23|

|All figures are in (Thousands) Saudi Arabia, Riyals|

|Element List||Explanation|

|The reason of the increase (decrease) in the net profit during the current year compared to the last year is|| The decrease in losses for 2021G compared to 2020G is mostly attributed to:

|

• Formed Provision for expected credit losses in 2021G amounting by 21 million Saudi riyals approximately, while the provisions in 2020G were amounting by 105.6 million Saudi riyals approximately, as follows:

o A provision for expected credit losses on short-term receivables amounting to SAR 35.9 million.

o A provision for doubtful debts (under legal process) amounting to 65.6 million Saudi riyals.

o A discount of retention worth 4.1 million Saudi riyals.

• Accounting Profits of 64 million Saudi riyals were recorded in 2021G and were not recorded in 2020G as a result of the following reasons:

o A recorded accounting profits against settlement discounts for some outstanding obligations with some banks, amounting to approximately 20.1 million Saudi riyals.

o A recorded accounting profits as a result of selling the entire invested stakes in Amitec Morocco, amounting to 12.4 million Saudi riyals.

o