Saudi Arabian Amiantit Co. announced that its preliminary consolidated financial results for the nine months period ending September 30th 2008 have shown remarkable improvement in sales and net profits, compared to the same period for the previous year, 2007. The company has generated net profits of approximately SAR 214.8 million, compared to approximately SAR 63.9 million for the same period of 2007, at an increase of approximately 236.1%. Operational profits increased to approximately SAR 319.4 million, compared with approximately SAR 229.3 million for the same period of last year, at an increase of approximately 39.3%, while net share profit has reached SAR 1.86 compared to SAR 0.55 for the same period of the last year 2007.

Financial results for the three month period ending September 30th 2008 have shown that Amiantit has generated net profits of approximately SAR 98.1 million, compared with approximately SAR 24.1 million for the same period of 2007, at an increase of 307%. The company has generated net sales of approximately SAR 3.1 billion for the nine month period ending September 30th 2008, at an increase of 34.7% compared with the same period of the last year, which was approximately SAR 2.3 billion.

Dr. Solaiman Abdulaziz Al-Twaijri, CEO of Saudi Arabian Amiantit Co. attributed the positive increase in Amiantit’s profits and sales to the increasing demand upon the company’s products as a direct result of the expansion in infrastructure and the industrial projects, both locally and regionally, and expansion in the industrial and municipalities projects globally. Dr. Al-Twaijri added that the wise policy adopted by the Board Of Directors of the company to reduce risks and minimize the factors which were reducing the income, was fruitful. In line with this policy, Amiantit has for example already sold its operations in North America, which was a direct cause for the last year's low income. In addition, Amiantit announced previously that it has generated approximately SAR 83 million from selling 50% of its shares in CPIC of China.