Zamil Industrial Records Net Profit of SR852 Thousand during the 3Q

Zamil Industrial Investment Company recorded a net profit after zakat and tax of SR852,000 during the third quarter, compared to losses of SR38.49 million during the same quarter of the previous year.

This came after Zamil Industrial announced its condensed consolidated interim financial results for the period ending on 30-09-2021 (Nine Months).

The operational profit amounted to SR12.97 million during the third quarter, compared to losses of SR13.78 million during the same quarter of the previous year.

The gross profit amounted to sr135 million during the third quarter, compared to SR107 million during the same quarter of the previous year, an increase of 26%.

The net profit after zakat and tax during the current period amounted to SR13 million, compared to losses of SR125.63 million during the same period of the previous year.

Profits per share during the current period amounted to SR0.22 riyals, compared to losses of SR2.09 during the same period of the previous year.

The increase in Net profit for the quarter is due to:

1) Increased Sales in the Steel sector.

2) Improved Gross Profit and Operating Margins in both the AC and Steel sectors.

3) Lower Financial Charges.

4) Increase in Other Income.

5) Reduction in Loss from Discontinued Operations.

The decrease in Net profit is due to:

1) Lower Sales in both the AC and Steel sectors.

2) Lower Operating Margin in the AC sector.

3) Higher provisions for expected credit loss.

4) Lower Other Income.

The increase in Net profit is due to:

1) Increased Sales in the Steel sector.

2) Improved Gross Profit and Operating Margins across all sectors.

3) Lower Operating Expenses and Financial Charges.

4) Reduction in Loss from Discontinued Operations.

5) Increase in Other Income.

Comparative figures have been reclassified to conform with the presentation in the current period.