Saudi Arabian Amiantit Co. announces its Annual Financial Results for the Period Ending on 2022-12-31

Saudi Arabian Amiantit Co. announces its Annual Financial Results for the Period Ending on 2022-12-31

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

|Sales/Revenue||508,817||438,911||15.93|

|Gross Profit (Loss)||59,679||-76,541||-|

|Operational Profit (Loss)||-10,225||-187,567||-94.55|

|Net Profit (Loss) after Zakat and Tax||-8,781||-171,317||-94.87|

|Total Comprehensive Income||13,442||-203,064||-|

|Total Share Holders Equity (after Deducting Minority Equity)||337,513||325,398||3.72|

|Profit (Loss) per Share||-0.89||-17.39|

|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 the net losses of the current year 2022G by 97% compared to the net losses of the previous year 2021G is mostly due to:

|

• Continued sales growth, as Amiantit recorded an increase in revenues during the current year 2022G by 16% compared to the revenues of the previous year 2021G, due to an increase in the volume of new orders.

• Accounting profits as a result of reversing a fixed assets impairment provision for one of the cash-generating units with a net value of 37 million Saudi riyals, after calculating its depreciation retroactively in the current year 2022G.

• Accounting profits as a result of reversing some provisions for expected credit losses in the current year 2022G with a value of 13 million Saudi riyals.

• An increase in the company's investment profits of SAR 23 million was recorded in the current year 2022G compared to the