Amiantit Co. Announces Decrease of its Accumulated Losses to 34.91 % of the Capital

Saudi Arabian Amiantit announced on Tuesday a decrease in the accumulated losses of the company, as the accumulated losses decreased from 42.12% announced in the interim financial results for the period ending on 30-09-2022 (nine months) to 34.91% as in the annual financial results ending on 31-12-2022 of the paid-up capital of SAR 99,000,000. As the amount of the Accumulated Losses is SAR 34,5 million.

Saudi Arabian Amiantit Company increased in revenues for the fourth quarter of 2022G by SAR 20.7 million compared to the third quarter of the same year, due to the company’s efforts to obtain new orders, increase the company’s market share and negotiate with suppliers to obtain competitive prices for raw materials, in addition to recording accounting profits in the fourth quarter of 2022 as a result of reversing a provision for impairment in the value of fixed assets of a cash-generating unit by SAR 37 million net after calculating its depreciation. Retroactively.

This comes as a reference to the company’s announcement of its annual financial results ending on 31-12-2022 that has been published on 29-01-2023.