‎“Zamil Industrial” records losses of SR178 mln during 2022, an ‎increase of 12%‎

Zamil Industrial Investment Company recorded losses after zakat and tax of 178 million riyals during the year 2022 AD, compared to 159 million riyals in 2021 AD, an increase of 12%. This came after today’s announcement of the annual financial results ending in 12-31-2022. ,.

The operational loss amounted to 41 million riyals during the year ending in 2022, compared to losses of 110 million riyals in the previous year, a decline of 62%.

As for gross profit, it amounted to 551 million riyals in the current year, compared to 487 million riyals in the previous year, with a growth of 13%.

The loss per share in the current year amounted to 2.97 riyals, compared to losses of 2.66 riyals in the previous year.

The net loss for the current year is due to:

1) An increase in financing costs by 57.7 million riyals

2) An increase in zakat and tax allocations by 12.8 million riyals

3) A decrease in the profits of associate companies by 3.1 million riyals, and a decrease in other income by 15.6 million riyals.

4) Provision for doubtful debts in the amount of 72.3 million riyals.

Despite the aforementioned reasons, the company succeeded in achieving the following during the year:

1) The increase in sales led to an improvement in gross profit in the air conditioning and iron sectors.

2) An improvement in gross profit and operating profit margins in the steel sector.

The company said that the comparative figures have been reclassified to conform to the current year figures.