Zamil turns to SAR 11.5M profit in H1 2024; Q2 at SAR 6.1M

06/08/2024 Argaam Exclusive

Zamil Industrial Investment Co. reported a net profit of SAR 11.5 million in H1 2024, against a net loss of SAR 197.9 million in a year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 2,164.68 2,639.70 21.9 %
Gross Income 301.62 412.70 36.8 %
Operating Income 28.79 78.53 172.8 %
Net Income (197.91) 11.53 105.8 %
Average Shares 60.00 60.00 -
EPS (Riyals) (3.30) 0.19 105.8 %

Consolidated sales increased by 21.9% year-on-year (YoY) as sales grew across all segments, with air-conditioning higher by 24.3%, steel by 20.1% and insulation by 12.4%.

 

The company also noted increases in operating income and other income, along with a rise of SAR 5.8 million in profit share from associates.

 

Zakat and income tax decreased, and Zamil recognized a SAR 171 million write-off in inventory in H1 2023 due to fire and impairment loss on non-current assets.

 

Zamil reported a net profit of SAR 6.1 million in Q2 2024, versus a net loss of SAR 184.09 million in a year earlier period.

 

This was propelled by higher operating sales and 41.3% higher gross profit, increased operating income and higher profit share from associates.

 

The company also cited lower finance costs and decreased Zakat and income tax.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 1,125.48 1,335.28 18.6 %
Gross Income 150.92 213.24 41.3 %
Operating Income 4.29 57.09 1231.8 %
Net Income (184.09) 6.10 103.3 %
Average Shares 60.00 60.00 -
EPS (Riyals) (3.07) 0.10 103.3 %
On a quarterly basis, Q2 2024 net earnings increased by 12.4% from SAR 5.4 million in Q1 2024.
 
Total shareholders’ equity (after deducting minority equity) reached SAR 441.56 million by June 30, 2024, compared to SAR 564.49 million in the corresponding period of the year before.
 

Accumulated losses reached SAR 98.3 million by June 30, 2024, which represents 16.4% of paid-up capital.

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Share Price

Zamil Industrial Investment Co.
27.75
(0.35) (1.25 %)

Zamil Industrial Investment Co. (ZAMIL INDUST)

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Financial Ratios
Current
Market Cap (M Riyal) 1,686.00
Enterprise Value (EV) (M) 3,478.79
Shares Outstanding ((M)) 60.00
EPS ( Riyal) (TTM) (1.47)
Book Value (BV) ( Riyal) 7.36
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.82
Return on Average Assets (%) (TTM) (1.50 )
Return on Average Equity (%) (TTM) (17.58 )
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