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Arab News, Sunday, Aug 21, 2022 | Muharram 22, 1444

Saudi Arabian Amiantit’s losses shrink 83%, reveals $107m project award

Saudi Arabia: Saudi Arabian Amiantit Co. saw its half-year losses shrink by 83 percent, bolstered by continued sales growth.

Losses of the pipes manufacturer during the first half of 2022 came down to SR10 million ($2.7 million), from SR60 million in the same period last year, according to a bourse filing.

The company attributed the improved performance to an increase of SR15.5 million, or 7 percent, in revenues to SR241 million on the back of pandemic recovery.

Amiantit separately announced that its half-owned unit Tawzea Co. was awarded a SR400 million contract, along with a consortium of Aqualia Spain Co. and Alhaj Abdullah Ali Riza Co.

The purpose of the seven-year deal is to provide water and environmental treatment services in the northern sector, serving four regions in the Kingdom.

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