RIYADH: Dammam-based Saudi Arabian Amiantit Co. has widened losses by 344 percent in the first quarter of 2022 despite a slight increase in its revenues.
The company’s net losses widened to SR5.98 million ($1.5 million) during the first quarter of 2022, compared to SR1.34 million in the same period last year, according to a bourse filing.
Increased net losses happened despite a 4.3 percent increase in the company’s revenues.
This rise in losses was a result of recorded accounting profits during the first quarter of 2021 against settlement discounts for some outstanding obligations with some banks that amounted to around SR20 million.
Established in 1968, the company manufactures pipes.