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Zamil Industrial Investment Company Announces Its Interim Financial Results for the Period Ending on 30-06-2023 (Six Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 1,125,480 | 957,207 | 17.58 | 1,039,198 | 8.3 |
| Gross Profit (Loss) | 150,922 | 117,838 | 28.07 | 150,695 | 0.15 |
| Operational Profit (Loss) | -158,501 | -2,432 | 6,417.31 | 24,504 | - |
| Net Profit (Loss) after Zakat and Tax | -184,094 | -28,993 | 534.96 | -13,812 | 1,232.86 |
| Total Comprehensive Income | -184,230 | -33,373 | 452.03 | -22,154 | 731.59 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 2,164,678 | 1,854,003 | 16.76 |
| Gross Profit (Loss) | 301,617 | 222,044 | 35.84 |
| Operational Profit (Loss) | -133,997 | -29,885 | 348.38 |
| Net Profit (Loss) after Zakat and Tax | -197,906 | -80,914 | 144.59 |
| Total Comprehensive Income | -206,348 | -94,146 | 119.18 |
| Total Share Holders Equity (after Deducting Minority Equity) | 564,499 | 872,578 | -35.31 |
| Profit (Loss) per Share | -3.3 | -1.35 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net loss increased due to: 1) Extraordinary provisions of SAR 162.8 million for the damaged inventories due to the fire incident that took place on 3 March 2023. 2) Higher financial charges by SAR 21.95 million. 3) Higher provision for Zakat and Tax by SAR 8 million. 4) Higher provision for Expected Credit Loss by SAR 13 million. However, the impact of the above is partly offset by the following: 1) Higher gross profit margins across all sectors. 2) Improved Operating Profit margins in both the Steel and Insulation sectors. 3) Higher Sales across all sectors. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | Net loss increased due to: 1) Extraordinary provisions of SAR 162.8 million for the damaged inventories due to the fire incident that took place on 3 March 2023. 2) Lower Gross Profit and Operating profit margins in the Steel sector. 3) Reduction in Sales in the AC sector due to the fire incident resulting in lower operating profit margins. 4) Higher Financial Charges by SAR 3.7 million. 5) Higher provisions for Expected Credit Loss by SAR 7.9 million. 6) Lower Profits from Discontinued Operations by SAR 4.3 million. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Net loss increased due to: 1) Extraordinary provisions of SAR 162.8 million for the damaged inventories due to the fire incident that took place on 3 March 2023. 2) Higher financial charges by SAR 49 million. 3) Higher provision for Zakat and Tax by SAR 8 million 4) Higher Provisions for Expected Credit Loss by SAR 10.4 million. 5) Impairment loss of non-current assets by SAR 8.2 million. However, the impact of the above is partly offset by the following: 1) Higher Gross Profit margins across all sectors. 2) Improved Operating margins in all sectors. 3) Higher Sales across all sectors. 4) Higher Profits from Discontinued operations by SAR 42.2 million. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | None |
| Reclassification of Comparison Items | Comparative figures have been reclassified to conform with the presentation in the current period. |
| Additional Information | It is worth mentioning the following important notes: 1. Consolidated Sales during the period increased across all sectors by 16.8% (AC = 11.3%, Steel = 20.6%, and Insulation = 34.2%). 2. Consolidated Gross Profit margins improved across all sectors to 13.9%. 3. Operating Profit during the period, excluding extraordinary provisions, was SAR 28.8 million compared to a loss of SAR 29.9 million. 4. During the period, the company made a provision amounting to SR 162.8 million for inventories that were damaged during the fire incident which occurred in one of the plants of Zamil Air Conditioners and Home Appliances Company (a subsidiary) back on 3 March 2023. The company has insurance coverage to mitigate the risk from such losses. The company has filed claims and is confident that the settlement from insurance company will be adequate to cover the losses due to the fire. |
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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Last Price 21.6
Net Change 1.5 (+7.46%)
Value Traded (Sar) 57,323,281.08
Volume Traded 2,678,730
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