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.