Zamil narrows losses to SAR 87.1 in H1 2020

Zamil Industrial Investment Co. reported a net loss after Zakat and tax of SAR 87.13 million for the first half of 2020, from a loss of SAR 96.71 million for the same period a year earlier.

The decline in net loss was attributed to better gross profit and operating margin in the AC segment, in addition to lower operating expenses, higher profit from associates and lower financial charges. 

The company widened net losses to SAR 58.31 million in Q2 2020, from a loss of SAR 49.55 million in the same period last year due to lower sales across the board, lower gross profit margins and operating margins in the steel and insulation segments. 

When compared to previous quarter, the company widened its losses on lower sales in the steel and insulation segments, lower gross profit margin across the board, as well as lower operating margins in the steel and insulation segments. Moreover, the company reported lower profits from associates, a decline in other income and higher Zakat and income tax.