Zamil Industrial widens H1 2023 loss to SAR 197.9 mln; Q2 at SAR 184.1 mln

14/08/2023 Argaam Exclusive

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Zamil Industrial Investment Co. reported a net loss of SAR 197.9 million in H1 2023, compared to SAR 80.9 million in the prior-year period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	1,854.00	2,164.68	16.8 %
Gross Income	222.04	301.62	35.8 %
Operating Income	(29.89)	28.79	196.3 %
Net Income	(80.91)	(197.91)	(144.6 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	(1.35)	(3.30)	(144.6 %)

The losses were due to extraordinary provisions of SAR 162.8 million for the damaged inventories due to the fire incident that took place on March 3, 2023.

The company also cited an increase in financial charges, provision for Zakat and tax, provisions for expected credit loss (ECL), and impairment loss of non-current assets.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	957.21	1,125.48	17.6 %
Gross Income	117.84	150.92	28.1 %
Operating Income	(2.43)	4.29	276.3 %
Net Income	(28.99)	(184.09)	(535.0 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.48)	(3.07)	(535.0 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	1,039.20	1,125.48	8.3 %
Gross Income	146.78	150.92	2.8 %
Operating Income	24.50	4.29	(82.5 %)
Net Income	(13.81)	(184.09)	(1,232.9 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	(0.23)	(3.07)	(1,232.9 %)

In Q2 2023, the company widened net losses to SAR 184.1 million from SAR 28.9 million in Q2 2022 for the above reasons.

Sequentially, net loss increased significantly from SAR 13.8 million in Q1 2023.

Total shareholders’ equity, after minority interest, stood at SAR 564.49 million by the end of June 2023, compared to SAR 872.57 million in the year-earlier period.

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