Saudi Arabian Amiantit Company announced earnings results for the year ended December 31, 2016. For the year, the company announced net profit of SAR 250.795 million compared to SAR 101.37 million for the year ended December 31, 2015. Operational profit was SAR 65.117 million, compared to SAR 220.95 million for the year ended December 31, 2015. Losses per share during the year have reached SAR 2.21 compared to earnings per share of SAR 0.89 for last year. The reasons of the decrease during the current year compared to last year are attributed to the following: Heavy decline of domestic sales for the Saudi Arabian subsidiaries, attributable to the postponement and sometimes downsizing or cancellation of projects on the domestic market. Indeed, sales in the GCC have decreased from SAR 1.714 million in 2015 to SAR 1.067 million in 2016, a decrease of 37.8%. Lower sales prices observed on the market. Additional Provisions: Considering the low performance on the construction and infrastructure markets in Saudi Arabia, and in preparation for the implementation of IFRS, the Group decided to book additional provisions and losses for a total of SAR 148.0 million compared to 2015 to cover the following contingencies and exposures: Bad debt reserves on trade receivables in the GCC, towards contractors whose ability to honor their debts has been negatively impacted by their low activity and collections in 2016; impairment of assets related to business segments that suffered from continuous low capacity utilization; losses on inventories whose realization perspectives are negatively impacted by the current low order backlog; Provisions booked by German subsidiary PWT during the fourth quarter of 2016 on contracts in Iraq and Turkey resulting from slow progress on site, amid political instability and difficult working conditions, and aiming at covering the total estimated future losses on such projects as per SOCPA accounting principles; Increased Income Tax and Zakat expenses due to possible exposures over prior years; and Full impairment of the investments in the two joint ventures of the Group in Egypt, due to the strong decrease of the Egyptian pound, which caused these companies to recognize important exchange losses. A lower activity than last year in Europe, especially in Amiantit Spain, as many public orders were put on hold during the political vacuum, which has just ended, and as exports to North Africa suffered from low oil prices; increased financial charges due to higher costs charged by banks.