The Clap
Amiantit (2160), a manufacturer of fiberglass pipes, saw its losses decrease to SAR 8.8 million at the end of 2022 compared to a loss of SAR 171.3 million during the same period in 2021.
What
The company attributed the decrease in its losses in 2022 to several factors, including an increase in its revenues by 16% as a result of a larger volume of new orders compared to 2021.
So What
Amiantit’s accumulated losses at the end of 2022 amounted to about SAR 34.559 million, equivalent to 34.9% of the group’s capital.
Now What
In 2022, the company witnessed net accounting profits of SAR 37 million in addition to a SAR 23 million increase in investment profits.
