Saudi: Amiantit’s profits skyrocket 23,672% YoY in Q1-24

Revenues inched higher by 1.39% YoY

Staff Writer, Mubasher

April 29, 2024

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Riyadh – Saudi Arabian Amiantit Company posted SAR 474.50 million net profit in the first quarter (Q1) of 2024, a 23,672% year-on-year (YoY) surge from SAR 1.99 million.

Revenues inched higher by 1.39% YoY to SAR 200.19 million in Q1-24 from SAR 197.44 million, according to the interim financial results.

The earnings per share (EPS) soared to SAR 10.70 in the three-month period that ended on 31 March 2024, versus SAR 0.05 in Q1-23.

Quarterly, the company shifted to profits in Q1-24 from a net loss of SAR 36.46 million in the previous quarter, while revenues rose 2.85% quarter-on-quarter (QoQ) from SAR 194.63 million.

In March 2024, Amiantit inked an agreement with the Saudi National Bank (SNB) to settle SAR 313 million in debt.

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