Zamil turns to profits of SAR 26.8M in 2024, SAR 8.2M in Q4

26/03/2025 Argaam Exclusive

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Zamil Industrial Investment Co. turned to a net profit of SAR 26.8 million in 2024, against losses of SAR 297.8 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 4,684.43 6,090.50 30.0 %
Gross Income 572.24 1,058.65 85.0 %
Operating Income (329.54) 173.81 152.7 %
Net Income (297.84) 26.81 109.0 %
Average Shares 60.00 60.00 -
Earnings Per Share before unusual items (Riyals) (5.98) (0.11) 98.1 %
EPS (Riyals) (4.96) 0.45 109.0 %

Consolidated sales increased by 30% year-on-year (YoY) in 2024, due to sales growth in the AC and steel segments by 66% and 14%, respectively, by year-end.

 

Further, the 2024 operating income of the steel and insulation segments grew by SAR 154 million and SAR 34 million, respectively.

 

The operating losses of the AC segment declined from SAR 367 million in 2023 to SAR 45 million in 2024.

 

Other revenues also surged by SAR 31.3 million on annual basis in 2024. This was driven by gains from the sale of damaged items during the fire incident that took place in Q1 2023.

 

However, this was partly offset by the increased provision for the expected credit losses (ECL) to align with International Financial Reporting Standards (IFRS).

 

A non-cash provision of SAR 250.8 million was accounted for ECL on contract assets and trade receivables for 2024, compared to SAR 157.1 million in the previous year, resulting in an incremental provision of SAR 93.7 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 1,293.87 1,809.35 39.8 %
Gross Income 107.19 373.84 248.8 %
Operating Income (187.96) 58.14 130.9 %
Net Income (66.77) 8.23 112.3 %
Average Shares 60.00 60.00 -
Earnings Per Share before unusual items (Riyals) (4.17) 0.14 103.3 %
EPS (Riyals) (1.11) 0.14 112.3 %

The company also swung to net earnings of SAR 8.2 million in Q4 2024, against net losses of SAR 66.8 million a year earlier.

 

Sequentially, the three-month bottom line grew 16.6% from SAR 7.05 million in Q3 2024.

 

Accumulated losses reached SAR 62.90 million by the end of the current period, representing 10.5% of capital.

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Share Price

Zamil Industrial Investment Co.
32.70
2.95 9.92 %

Zamil Industrial Investment Co. (ZAMIL INDUST)

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Financial Ratios
Current
Market Cap (M Riyal) 1,962.00
Enterprise Value (EV) (M) 3,747.19
Shares Outstanding ((M)) 60.00
EPS ( Riyal) (TTM) 0.45
Book Value (BV) ( Riyal) 7.98
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) 73.20
Price/book 4.10
Return on Average Assets (%) (TTM) 0.4
Return on Average Equity (%) (TTM) 5.8
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