Zamil Industrial turns to loss of SAR 80.9 mln in H1 2022, Q2 loss at SAR 29 mln

11/08/2022 Argaam Exclusive

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Zamil Industrial Investment Co. reported a net loss after Zakat and tax of SAR 80.9 million in H1 2022, compared to a net profit after Zakat and tax of SAR 12.3 million in the prior-year period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	1,796.60	1,854.00	3.2 %
Gross Income	270.08	222.04	(17.8 %)
Operating Income	33.50	(29.89)	(189.2 %)
Net Income	12.27	(80.91)	(759.7 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.20	(1.35)	(759.7 %)

The losses were driven by lower gross profit and operating margin in the air conditioner and steel segments, as well as higher financial charges, a decline in earnings from associate companies and a drop in other income.

The company swung to a net loss of SAR 29 million, versus a net profit of SAR 7.1 million in Q2 2021.

Sequentially, net loss narrowed from SAR 51.9 million in Q1 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	847.42	957.21	13.0 %
Gross Income	132.05	117.84	(10.8 %)
Operating Income	15.12	(2.43)	(116.1 %)
Net Income	7.07	(28.99)	(510.3 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.12	(0.48)	(510.3 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	896.80	957.21	6.7 %
Gross Income	104.21	117.84	13.1 %
Operating Income	(27.45)	(2.43)	91.1 %
Net Income	(51.92)	(28.99)	44.2 %
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.87)	(0.48)	44.2 %

Total shareholders’ equity, excluding minority interest, stood at SAR 872.578 million by the end of June 2022, compared to SAR 1.144 billion in the year-earlier period.

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