Saudi Arabian Amiantit Company (Amiantit) reduced its annual losses by 94.55%, to reach about 8.78 million riyals in 2022, compared to losses amounting to about 171.32 million riyals in 2021.
According to Amiantit’s statement on the Tadawul website, the company attributed the decline in losses in 2022 to several factors, including an increase in revenues by 16% over revenues in 2021, due to an increase in the volume of new orders.
She added that it is also due to recording accounting profits as a result of reversing a provision for decline in the value of fixed assets for one of the cash-generating units at a value of 37 million riyals, net after calculating its depreciation retroactively in the current year 2022 AD, and recording accounting profits as a result of reversing some provisions for expected credit losses in the year 2022 AD at a value of 13. million riyals, in addition to recording an increase in the company's investment profits by 23 million riyals.
The accumulated losses at the end of last year amounted to 34.559 million riyals, equivalent to 34.9% of the group's capital.
