Zamil makes SAR 18.6M profit in 9M 2024; Q3 at SAR 7.1M

Zamil Industrial Investment Co. swung to a net profit of SAR 18.6 million in the first nine months of 2024, against a net loss of SAR 231.1 million in the year-earlier period.

The company reported a 26.3% year-on-year (YoY) increase in total revenue, on better sales in the air conditioning and steel segments, which grew by 48.6% and 16%, respectively.
 
Revenue rose across the board, driving the gross profit up by 47.3% YoY. Operating income increased from all segments, while other income jumped by SAR 32.6 million. 

Zamil also reported an increase of SAR 4.8 million in its profit share from associates and joint ventures.  The company also cited declines in Zakat and income tax, as well as finance costs by SAR 4.2 million and SAR 6.2 million, respectively.
 
On the other hand, profits from discontinued operations dropped by SAR 39.6 million recognized in 2023.

The third-quarter net earnings saw an over two-fold increase to SAR 7.1 million, against net losses of SAR 33.1 million, thanks to a 33.9% YoY in topline.

On a sequential basis, net earnings rose 15.7% from SAR 6.1 million in Q2 2024 as total revenue rose 22.9% quarter-on-quarter (QoQ), on better sales in the air conditioning segment, which leapt 62%.

Gross profit went up by 27.6%. Finance costs decreased by SAR 1.1 million.

 
Total shareholders’ equity, after minority interest, reached SAR 447.97 million as of Sept. 30, 2024, compared to SAR 530.38 million in the corresponding period of 2023.
 
Accumulated losses reached SAR 91.2 million by the end of the nine-month period, which represents 15.2% of the company’s capital.

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