Zamil widens 9M 2023 loss to SAR 231.1 mln; Q3 at SAR 33.2 mln

Zamil Industrial Investment Co. posted a net loss of SAR 231 million in the first nine months of 2023, compared to SAR 78.5 million in the year-ago period.   

The nine-month loss was due to setting aside inventory provision of SAR 162.8 million due to the damages resulting from a fire, as well as an increase of SAR 69.2 million in finance costs and a rise of SAR 14.3 million in provisions for Zakat and tax.  

The company also cited a higher provision for expected credit loss of SAR 29.3 million and an impairment of non-current assets of SAR 8.2 million.  

However, this was partly offset by higher sales across all segments, a better gross profit margin in the steel and insulation segments, and better operating margins in both segments.

In Q3 2023, Zamil Industrial reported a loss of SAR 33.2 million, against a net profit of SAR 2.44 million in the year before.

This was due to an increase of SAR 20.1 million in finance charges and SAR 6.2 million in provision for Zakat and tax.  

The company also cited a higher provision for the expected credit loss of SAR 18.8 million.

Sequentially, the company decreased Q3 loss from SAR 184.09 million.

Shareholders’ equity, excluding minority interest, fell to SAR 530.38 million as of Sept. 30, 2023, from SAR 870.73 million in the year-earlier period.  

Accumulated loss reached SAR 33.1 million at the end of the nine-month period, accounting for 5.53% of capital.

View More Financial Results