The preliminary financial results of Saudi Arabian Amiantit Company, announced on Monday, revealed a 44.9% increase in losses during the year ended December 31, 2019.
The company said, in a statement to the “Tadawul” financial market, that it achieved a net loss of 338.5 million riyals, compared to losses of 233.5 million riyals in 2018.
The company achieved a net operating loss of 247.5 million riyals, compared to an operating loss of 41.1 million riyals in 2018.
The company attributed the high losses during the year to the exceptional allowances for impairment that the group needed to calculate compared to last year.
The majority of these allocations are due to a decrease in the value of fixed assets in accordance with the requirements of International Accounting Standards (IAS 36) “Standard for Decline in Asset Value” for three local units of cash flow amounting to 125.7 million riyals.
It should be noted that the company achieved a net loss of 301.1 million riyals during the first nine months of 2019, compared to a net loss of 91.8 million riyals during the corresponding period of 2018.