Amiantit narrows losses to SAR 8.8 mln in 2022; Q4 profit at SAR 9.3 mln

29/01/2023 Argaam Exclusive

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Share Price

25.05
(0.60) (2.34 %)

Saudi Arabian Amiantit Co. (AMIANTIT)

Saudi Arabian Amiantit Co. narrowed net losses after Zakat and tax to SAR 8.8 million in 2022, from SAR 171.3 million in the previous year.



Financials (M)

Item 2021 2022 Change‬
Revenues 438.91 508.82 15.9 %
Gross Income (76.54) 18.99 124.8 %
Operating Income (187.57) (46.85) 75.0 %
Net Income (171.32) (8.78) 94.9 %
Average Shares 30.25 30.25 -
EPS (Riyals) (5.66) (0.29) 94.9 %

Net losses decreased due to the continued sales growth, as revenues rose by 16% year-on-year (YoY) following an increase in the volume of new orders, Amiantit said in a statement to Tadawul.

 

The firm logged profits as a result of reversing a fixed assets impairment provision for one of the cash-generating units with a net value of SAR 37 million, after calculating its depreciation retroactively in 2022.

 

In addition, Amiantit reversed SAR 13 million provisions for expected credit losses in 2022. The company also noted an increase in investment profits of SAR 23 million.

 

Amiantit turned to a net profit after Zakat and tax of SAR 9.3 million in Q4 2022, from a loss of SAR 23.5 million in the year-earlier period. 

  

On a sequential basis, the firm swung to a net profit from a net loss of SAR 8.1 million in Q3 2022. 



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 117.14 144.19 23.1 %
Gross Income 0.24 (2.81) (1252.0 %)
Operating Income (20.43) (23.49) (15.0 %)
Net Income (23.52) 9.33 139.6 %
Average Shares 30.25 30.25 -
EPS (Riyals) (0.78) 0.31 139.6 %

Total shareholders’ equity with no minority interest, stood at SAR 337.51 million by the end of 2022, versus SAR 325.39 million in 2021. 

 

Accumulated losses amounted to SAR 34.55 million, or 34.9% of the capital, at the end of the current period. 



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2013 859.19 (4.5 %) 140.28 (10.0 %) 30.33 (13.8 %) 1.00
Q2 2013 830.39 (7.3 %) 144.39 (3.1 %) 30.66 0.9 % 1.01
Q3 2013 760.81 (1.0 %) 101.09 (13.0 %) 17.59 8.5 % 0.58
Q4 2013 680.29 (23.6 %) 84.24 (37.8 %) 34.02 15.1 % 1.12
Q1 2014 697.61 (18.8 %) 107.91 (23.1 %) 20.59 (32.1 %) 0.68
Q2 2014 716.87 (13.7 %) 110.43 (23.5 %) 24.56 (19.9 %) 0.81
Q3 2014 623.25 (18.1 %) 85.34 (15.6 %) 17.58 (0.1 %) 0.58
Q4 2014 688.06 1.1 % 121.35 44.0 % 19.89 (41.5 %) 0.66
Q1 2015 731.36 4.8 % 110.60 2.5 % 25.86 25.6 % 0.85
Q2 2015 713.61 (0.5 %) 113.95 3.2 % 25.98 5.8 % 0.86
Q3 2015 720.15 15.5 % 140.43 64.6 % 27.06 54.0 % 0.89
Q4 2015 743.51 8.1 % 104.91 (13.5 %) 22.47 13.0 % 0.74
Q1 2016 554.29 (24.2 %) 95.49 (13.7 %) 0.51 (98.0 %) 0.02
Q2 2016 508.71 (28.7 %) 74.20 (34.9 %) 1.56 (94.0 %) 0.05
Q3 2016 284.77 (60.5 %) 45.91 (67.3 %) (33.58) (224.1 %) (1.11)
Q4 2016 246.31 (66.9 %) (55.11) (152.5 %) (201.68) (997.5 %) (6.67)
Q1 2017 210.13 (62.1 %) 23.34 (75.6 %) (45.75) (9036.1 %) (1.51)
Q2 2017 212.33 (58.3 %) 34.93 (52.9 %) (14.51) (1033.3 %) (0.48)
Q3 2017 132.78 (53.4 %) 1.85 (96.0 %) 6.41 119.1 % 0.21
Q4 2017 232.97 (5.4 %) 64.38 216.8 % (50.47) 75.0 % (1.67)
Q1 2018 199.97 (4.8 %) 32.04 37.3 % (39.98) 12.6 % (1.32)
Q2 2018 199.41 (6.1 %) 18.94 (45.8 %) (53.26) (267.0 %) (1.76)
Q3 2018 269.68 103.1 % 59.67 3130.8 % 1.42 (77.8 %) 0.05
Q4 2018 278.53 19.6 % (14.54) (122.6 %) (141.71) (180.8 %) (4.69)
Q1 2019 233.03 16.5 % 15.63 (51.2 %) (40.37) (1.0 %) (1.33)
Q2 2019 163.58 (18.0 %) (205.01) (1182.5 %) (255.75) (380.2 %) (8.46)
Q3 2019 186.35 (30.9 %) 19.52 (67.3 %) (4.97) (449.3 %) (0.16)
Q4 2019 197.45 (29.1 %) 23.35 260.5 % (37.39) 73.6 % (1.24)
Q1 2020 162.04 (30.5 %) (5.87) (137.6 %) (131.29) (225.3 %) (4.34)
Q2 2020 83.18 (49.1 %) (14.95) 92.7 % (57.30) 77.6 % (1.89)
Q3 2020 115.97 (37.8 %) (6.24) (132.0 %) (55.50) (1,016.4 %) (1.83)
Q4 2020 79.83 (59.6 %) (38.09) (263.1 %) (145.26) (288.5 %) (4.80)
Q1 2021 114.56 (29.3 %) (18.33) (212.1 %) (1.35) 99.0 % (0.04)
Q2 2021 111.09 33.6 % (24.82) (66.0 %) (59.11) (3.2 %) (1.95)
Q3 2021 96.11 (17.1 %) (33.63) (439.3 %) (87.35) (57.4 %) (2.89)
Q4 2021 117.14 46.7 % 0.24 100.6 % (23.52) 83.8 % (0.78)
Q1 2022 119.52 4.3 % 9.18 150.1 % (5.98) (344.6 %) (0.20)
Q2 2022 121.64 9.5 % 4.60 118.5 % (4.04) 93.2 % (0.13)
Q3 2022 123.48 28.5 % 8.02 123.8 % (8.09) 90.7 % (0.27)
Q4 2022 144.19 23.1 % (2.81) (1252.0 %) 9.33 139.6 % 0.31
2022 508.82 15.9 % 18.99 124.8 % (8.78) 94.9 % (0.29)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 15.85 % 10.97 % 3.12 %
Q2 2013 16.02 % 10.93 % 3.19 %
Q3 2013 15.60 % 10.61 % 3.24 %
Q4 2013 15.01 % 9.47 % 3.60 %
Q1 2014 14.74 % 8.73 % 3.46 %
Q2 2014 14.14 % 8.17 % 3.35 %
Q3 2014 14.27 % 7.67 % 2.74 %
Q4 2014 15.59 % 10.14 % 2.76 %
Q1 2015 15.50 % 10.89 % 2.92 %
Q2 2015 15.65 % 10.91 % 3.01 %
Q3 2015 17.05 % 12.54 % 3.98 %
Q4 2015 16.16 % 12.06 % 3.49 %
Q1 2016 16.65 % 12.06 % 2.78 %
Q2 2016 16.43 % 11.42 % 2.04 %
Q3 2016 15.33 % 9.58 % (0.43 %)
Q4 2016 10.07 % (2.40 %) (14.63 %)
Q1 2017 7.07 % (6.77 %) (22.36 %)
Q2 2017 5.15 % (10.57 %) (30.99 %)
Q3 2017 0.63 % (16.65 %) (39.82 %)
Q4 2017 15.80 % 5.49 % (21.30 %)
Q1 2018 17.12 % 5.54 % (20.84 %)
Q2 2018 15.32 % 3.48 % (26.26 %)
Q3 2018 19.40 % 9.47 % (15.77 %)
Q4 2018 10.14 % 5.72 % (22.96 %)
Q1 2019 8.13 % 3.58 % (22.22 %)
Q2 2019 (15.27 %) (7.30 %) (44.50 %)
Q3 2019 (21.40 %) (11.76 %) (49.54 %)
Q4 2019 (18.77 %) (9.98 %) (43.37 %)
Q1 2020 (23.68 %) (14.19 %) (51.61 %)
Q2 2020 3.50 % (4.51 %) (26.39 %)
Q3 2020 (0.67 %) (9.19 %) (36.43 %)
Q4 2020 (14.77 %) (27.50 %) (64.34 %)
Q1 2021 (19.72 %) (35.82 %) (68.43 %)
Q2 2021 (20.76 %) (36.52 %) (64.72 %)
Q3 2021 (28.60 %) (49.45 %) (80.11 %)
Q4 2021 (17.44 %) (35.71 %) (52.59 %)
Q1 2022 (11.05 %) (23.59 %) (41.29 %)
Q2 2022 (4.31 %) (16.40 %) (31.11 %)
Q3 2022 4.57 % (3.50 %) (12.04 %)
Q4 2022 3.73 % (4.15 %) (11.65 %)
2022 3.73 % (4.15 %) (11.65 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 30.25 3.52 3.52 48.60
Q2 2013 30.25 3.53 3.53 49.30
Q3 2013 30.25 3.58 3.58 50.25
Q4 2013 30.25 3.72 3.72 51.72
Q1 2014 30.25 3.40 3.40 48.42
Q2 2014 30.25 3.20 3.16 49.07
Q3 2014 30.25 3.20 2.46 47.58
Q4 2014 30.25 2.73 2.49 47.45
Q1 2015 30.25 2.91 2.66 46.73
Q2 2015 30.25 2.95 2.75 47.55
Q3 2015 30.25 3.27 3.76 48.19
Q4 2015 30.25 3.35 3.35 48.38
Q1 2016 30.25 2.51 2.51 43.21
Q2 2016 30.25 1.71 1.71 41.29
Q3 2016 30.25 (0.30) (0.30) 40.25
Q4 2016 30.25 (7.71) (7.71) 32.22
Q1 2017 30.25 (9.24) (9.24) 31.10
Q2 2017 30.25 (9.77) (9.77) 31.68
Q3 2017 30.25 (8.45) (10.55) 33.04
Q4 2017 30.25 (3.45) (5.55) 31.97
Q1 2018 30.25 (3.26) (5.36) 30.92
Q2 2018 30.25 (4.54) (6.64) 27.92
Q3 2018 30.25 (4.70) (4.70) 27.96
Q4 2018 30.25 (7.72) (7.19) 22.12
Q1 2019 30.25 (7.73) (7.21) 20.13
Q2 2019 30.25 (14.43) (13.90) 11.94
Q3 2019 30.25 (14.64) (14.11) 11.04
Q4 2019 30.25 (11.19) (11.19) 11.15
Q1 2020 30.25 (14.20) (12.10) 7.07
Q2 2020 30.25 (7.64) (5.49) 5.57
Q3 2020 30.25 (9.31) (6.73) 4.40
Q4 2020 30.25 (12.87) (9.38) 4.91
Q1 2021 30.25 (8.58) (8.90) 4.25
Q2 2021 30.25 (8.64) (9.02) 2.72
Q3 2021 30.25 (9.69) (10.64) (0.42)
Q4 2021 30.25 (5.66) (7.63) 10.76
Q1 2022 30.25 (5.82) (6.06) 10.28
Q2 2022 30.25 (4.00) (4.67) 9.37
Q3 2022 30.25 (1.38) (1.92) 8.13
Q4 2022 30.25 (0.29) (1.96) 11.16

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 26.50 26.50 1.92
Q2 2013 26.24 26.24 1.88
Q3 2013 26.28 26.28 1.87
Q4 2013 27.48 27.48 1.98
Q1 2014 32.53 32.53 2.28
Q2 2014 35.73 36.16 2.33
Q3 2014 39.27 51.02 2.64
Q4 2014 31.79 34.92 1.83
Q1 2015 28.72 31.36 1.79
Q2 2015 29.98 32.23 1.86
Q3 2015 21.02 18.27 1.42
Q4 2015 17.74 17.74 1.23
Q1 2016 24.63 24.63 1.43
Q2 2016 31.99 31.99 1.32
Q3 2016 NEG NEG 0.97
Q4 2016 NEG NEG 1.71
Q1 2017 NEG NEG 1.46
Q2 2017 NEG NEG 1.17
Q3 2017 NEG NEG 1.39
Q4 2017 NEG NEG 1.75
Q1 2018 NEG NEG 1.67
Q2 2018 NEG NEG 1.63
Q3 2018 NEG NEG 1.36
Q4 2018 NEG NEG 1.76
Q1 2019 NEG NEG 2.10
Q2 2019 NEG NEG 3.40
Q3 2019 NEG NEG 3.26
Q4 2019 NEG NEG 2.73
Q1 2020 NEG NEG 2.66
Q2 2020 NEG NEG 3.61
Q3 2020 NEG NEG 7.12
Q4 2020 NEG NEG 6.91
Q1 2021 NEG NEG 9.87
Q2 2021 NEG NEG 16.31
Q3 2021 NEG NEG (87.70)
Q4 2021 NEG NEG 2.59
Q1 2022 NEG NEG 2.13
Q2 2022 NEG NEG 1.70
Q3 2022 NEG NEG 2.03
Q4 2022 NEG NEG 1.40

Business Segments (Million)

Compared With The
Period Pipe Manufacturing and technology Water Management elimination Technology
Q1 2013 800.56 58.63 - -
Q2 2013 750.55 79.84 - -
Q3 2013 645.51 115.28 - -
Q4 2013 583.55 96.74 - -
Q1 2014 615.72 81.89 - -
Q2 2014 700.99 15.88 - -
Q3 2014 586.18 37.07 - -
Q4 2014 619.72 68.35 - -
Q1 2015 664.05 67.31 - -
Q2 2015 652.32 61.29 - -
Q3 2015 641.38 78.77 - -
Q4 2015 626.64 116.87 - -
Q1 2016 516.75 37.54 - -
Q2 2016 454.65 54.06 - -
Q3 2016 - 62.75 - -
Q4 2016 336.51 22.30 (112.50) -
Q1 2017 221.56 13.56 (24.98) -
Q2 2017 190.64 37.53 (15.84) -
Q3 2017 121.90 40.28 (25.26) -
Q4 2017 185.99 66.84 (85.95) -
Q1 2018 191.22 24.73 (15.97) -
Q2 2018 178.12 41.42 (20.13) -
Q3 2018 250.65 53.84 (34.90) -
Q4 2018 202.20 55.58 20.75 -
Q1 2019 211.00 34.71 (12.67) -
Q2 2019 190.93 (20.23) (7.12) -
Q3 2019 153.55 39.06 (6.27) -
Q4 2019 151.09 52.11 (5.75) -
Q1 2020 152.84 16.29 (7.09) -
Q2 2020 74.85 11.91 (3.57) -
Q3 2020 111.50 10.22 (5.74) -
Q1 2021 111.72 16.37 (13.53) -
Q2 2021 82.01 15.56 13.53 -
Q3 2021 114.31 13.65 (31.85) -
Q4 2021 112.04 15.49 (10.38) -
Q1 2022 117.35 10.93 (8.76) -
Q2 2022 115.19 9.84 (3.39) -
Q3 2022 120.25 9.16 (5.93) -
Q4 2022 139.23 10.45 (5.49) -

Current
Market Cap (M Riyal) 1,122.66
Enterprise Value (EV) (M) 1,240.34
Shares Outstanding ((M)) 44.55
EPS ( Riyal) (TTM) 6.69
Book Value (BV) ( Riyal) 20.30
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) 3.77
Price/book 1.24
Return on Average Assets (%) (TTM) 13.2
Return on Average Equity (%) (TTM) 48.1

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