Zamil deepens 2023 loss to SAR 297.8M; Q4 loss at SAR 66.8M

Zamil Industrial Investment Co. widened 2023 net losses to SAR 297.8 million in 2023, from SAR 178.1 million a year earlier.

Increased losses were due to the year-on-year (YoY) hike of SAR 78.1 million and SAR 17.2 million in finance costs and tax & Zakat provisions, respectively. This was offset by higher profit from associates, increased other revenue and recording SAR 43.1 million net profit from selling assets of halted operations.

For the same year, income from associates grew to SAR 21.3 million, with other income also up YoY by SAR 30.9 million.

The company also cited recording SAR 171 million in 2023 as a financial impact on the direct costs resulting from the fire at one of the subsidiaries. The related operating loss and insurance claims were calculated as other income.

Q4 2023 loss fell to SAR 66.8 million, compared to SAR 99.59 million in the prior-year period.

On a quarterly basis, net loss widened from SAR 33.17 million in Q3 2023.

Total shareholders’ equity, after minority interest, slumped to SAR 451.80 million by Dec. 31, 2023, compared to SAR 770.88 million a year ago.

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