Zamil Industrial logs SAR 78.5 mln loss in 9M 2022, turns to SAR 2.4 mln profit in Q3

Zamil Industrial Investment Co. turned to a net loss after Zakat and tax of SAR 78.5 million in the first nine months of 2022, against a profit of SAR 13.1 million in the year-ago period.

The nine-month loss was attributed to reduced gross and operating profit margins across all sectors, paired with a SAR 9.9 million and SAR 4.5 million drop in income from associates and other income, respectively.

This is besides an increase of SAR 4.5 million in Zakat and tax provisions, in addition to a SAR 30.6 million jump in financing costs.

In Q3 2022, Zamil Industrial saw a more than two-fold increase in net profit after Zakat and tax to SAR 2.4 million, from SAR 850,000 in the year before.

Sequentially, the company turned to profit from a net loss of SAR 29 million in Q2 2022. This was driven by increased sales of all sectors, improved gross and operating profit margins in the heating, ventilation and air conditioning (HVAC) and steel sectors, higher income from associates and a reduction in losses of discontinued operations.

Shareholders’ equity, excluding minority interest, fell to SAR 870.737 million as of Sept. 30, 2022, from SAR 1.145 billion in the year-earlier period.

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