The annual financial statements of Saudi Arabian Amiantit Company showed that the company's losses increased last year by 45% on an annual basis.

According to the company’s results for the Saudi market (Tadawul), last year’s losses amounted to 338.48 million riyals, compared to 2018’s losses of 233.54 million riyals.

The company said in a statement to the Stock Exchange that the increase in losses during the comparison years is due to exceptional allowances for the group, which the group needed to calculate in the past year compared to 2018.

The majority of these provisions are due to a decrease in the value of fixed assets in accordance with the requirements of International Accounting Standards (IAS 36). Real.

As well as a decrease in the inventory value in accordance with the requirements of International Accounting Standards (IAS2) the inventory standard assessed on the basis of the net realizable value incurred by two local units for cash flow of 10 million riyals .

The company explained that several factors contributed to the increase in net losses in the past year, including the decrease in sales from 2018, the fall in the value of fixed assets and unexpected costs for projects, as the total amounted to Net loss is 213.8 million riyals.

However, according to the statement, the main reasons behind the continuing losses are the slowdown and adverse market conditions facing the group in the Kingdom.

The total operating losses of the group in the Kingdom amounted to 112.3 million riyals out of the total losses of 131 million riyals, excluding the added provisions.

The company reported that the accumulated losses amounted to 9.4% of the capital, where the total accumulated deficit for the past fiscal year amounted to 32.4 million riyals.