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Zamil Industrial Investment Company Announces its Annual Financial Results for the Period Ending on 31-12-2023
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 4,684,427 | 3,926,186 | 19.31 | ||
| Gross Profit (Loss) | 572,235 | 551,428 | 3.77 | ||
| Operational Profit (Loss) | -329,543 | -41,449 | 695.06 | ||
| Net profit (Loss) | -297,843 | -178,069 | 67.26 | ||
| Total Comprehensive Income | -319,080 | -195,841 | 62.93 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 451,803 | 770,883 | -41.39 | ||
| Profit (Loss) per Share | -4.96 | -2.97 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | Consolidated Sales during the period increased by 19.3% due to sales growth across all sectors. Steel Sector grew by 27.6% and the Insulation sector grew by 47.6%. AC Sector growth was 3% despite production loss due to a fire in one of its plants. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net loss for the year increased due to: 1) In accordance with International Financial Reporting Standards (IFRS), SAR 157.1 million non-cash provision was accounted for expected credit loss on contract assets and trade receivables for the year as compared to SAR 72.3 million in the previous year, resulting in an increase of SAR 84.8 million. 2) Financial charges for the year is SAR 187.7 million as compared to SAR 109.6 million in the previous year, resulting in an increase of SAR 78.1 million. 3) Tax and zakat for the year is 45.9 million as compared to SAR 28.7 million in the previous year, resulting in an increase of SAR 17.2 million 4) The financial impact of SAR 171 M incurred as direct costs due to a fire in one of the subsidiaries is accounted as operational loss and the insurance recovery towards the same has been accounted as Income from Insurance Claim. However, the impact of the above losses is partly offset by the following: 1) Higher sales resulted in an improvement of gross profit in the steel and insulation Sectors. 2) Higher profits from associated companies by SAR 21.3 million 3) Higher other income by SAR 30.9 million. 4) Higher Gain from discontinued operations by SAR 43.1 million as a result of sale of assets held for sale. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | Comparative figures have been reclassified to conform with the presentation in the current year. |
| Additional Information | None |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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