Zamil earns SAR 5.4M in Q1 2024

Zamil Industrial Investment Co. swung to a net profit of SAR 5.4 million in Q1 2024, from a net loss of SAR 13.8 million in Q1 2023.

Gross sales grew by 25.5% year-on-year (YoY) on better sales from all segments. The steel segment’s sales increased 24.7% YoY, followed by air conditioning (AC) (+19.1%), and insulation (+18.8%).

Zamil also reported higher operating income from the steel and insulation segments. Other income rose by SAR 43.2 million on a YoY basis, primarily due to the income generated from the sale of damaged items after a factory fire in Q1 2023.

Furthermore, the company’s profit share from associates and strategic partnerships increased by SAR 2.3 million, while Zakat charges and income taxes decreased by SAR 1.8 million.

The company also turned a profit from a net loss of SAR 66.7 million in Q4 2023, as gross sales rose 0.8% quarter-on-quarter (QoQ). Gross profit margins from the AC and insulation segments increased sequentially. Provisions for expected credit losses also declined by SAR 79.5 million.

Total shareholders’ equity, after minority interest, declined to SAR 436.34 million by March 31, 2024, from SAR 748.72 billion a year earlier.

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