Amiantit Returns to Profitability with SAR 439.8 Million by End of 2024

Saudi Arabian Amiantit Company recorded on Sunday a net profit of SAR 439.8 million during the year 2024, compared to a loss of SAR 175 million in the year 2023, following the announcement today of the annual financial results ending on Dec. 31, 2024.

The operational loss increased 1254% to SAR 136 million during the year 2024, compared to a loss of SAR 10.05 million in the year before last.

The earnings per share in the year 2024 amounted to SAR 9.92, compared to a loss of SAR 3.94 in the year 2023.

The Company stated in a statement on “Tadawul” that the positive shift in the year 2024 is mainly attributed to:

• The Company’s success in disposing of 77% of its total bank liabilities, which resulted in achieving accounting profits;

• Increase in revenues in the current year 2024 compared to revenues in the previous year by 18%; and

• A decrease of 60% in financing costs in 2024 compared to the previous year as a result of the Company getting rid of 77% of its total banking obligations.