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.
| 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.
| 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 | 150.70 | 150.92 | 0.2 % |
| 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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