Financial Results : Zamil narrows FY2019 losses to SAR 138.8 mln

Zamil narrows FY2019 losses to SAR 138.8 mln

22/03/2020 Argaam Exclusive

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Zamil Industrial Investment Co. marginally narrowed its net losses after Zakat and tax to SAR 138.8 million for the fiscal year 2019, as compared to SAR 139.8 million in year earlier period.



Financials (M)

Item 2018 2019 Change‬
Revenues 4,313.65 4,038.58 (6.4 %)
Gross Income 715.37 586.85 (18.0 %)
Operating Income 97.93 (27.27) (127.8 %)
Net Income (139.83) (138.81) 0.7 %
Average Shares 60.00 60.00 -
EPS (Riyals) (2.33) (2.31) 0.7 %

The reduction in loss is driven by an increase in profit of its associates and other income, lower provision for expected credit loss of financial assets and reduction in loss from discontinued operations.

 

However, the impact is offset by an increase in tax and financial charges, as well as a reduction in gross profit margins in the AC and steel sectors due to a rise in input costs and severe competition.

 

In Q4 2019, the company also narrowed its net losses by 85% to SAR 13.97 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 1,208.58 874.60 (27.6 %)
Gross Income 235.35 212.92 (9.5 %)
Operating Income 54.65 22.41 (59.0 %)
Net Income (93.06) (13.97) 85.0 %
Average Shares 60.00 60.00 -
EPS (Riyals) (1.55) (0.23) 85.0 %

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