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Saudi Arabian Amiantit Co. soars, publishes annual results
- Saudi Arabia: Monday, February 04 - 2013 at 18:50
The Tadawul All-Share Index slipped 0.11% to 7,025.44 points Monday. Sabic declined 0.80% in value and finished trading at SR93. Saudi Arabian Amiantit Co. jumped 3.44% to hit SR15.05. Earlier in the day, the producer of pipes, tanks and related accessories said the net income for 2012 amounted to SR111.3m, representing a decrease of 26% compared to the previous year. The firm said income for the year declined due to decrease of sales by 3% year-on-year. "The management adopted the policy of containing the sales knowing that this would result in declining sales growth because of the notable increase of the outstanding receivables and the willingness of the management to control and decrease the growth of the receivables by way of controlling the credit sales," it added. Other reason of declined profits is the share of the company in the net losses of Associates amounting to SR39.3m compared to SR11.4m for the prior year. However, operating expenses decreased by 8% year-on-year.
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Gérard Al-Fil, Financial JournalistMonday, February 04 - 2013 at 18:50 UAE local time (GMT+4)
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