Zamil Industrial trims 2021 net loss to SAR 159.4 mln; Q4 at SAR 172.5 mln

Zamil Industrial trims 2021 net loss to SAR 159.4 mln; Q4 at SAR 172.5 mln

24/03/2022 Argaam Exclusive

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Zamil Industrial Investment Co. cut its 2021 net loss after Zakat and tax to SAR 159.4 million, from SAR 159.9 million a year earlier.

 

The loss was attributed to higher project execution costs, due to delays in project schedules amid the COVID-19 pandemic.

 

The company allocated SAR 99.2 million provision for expected credit losses in 2021, compared to SAR 46.5 million in 2020.



Financials (M)

Item 2020 2021 Change‬
Revenues 3,382.96 3,523.82 4.2 %
Gross Income 446.36 487.43 9.2 %
Operating Income (61.38) (110.42) (79.9 %)
Net Income (159.87) (159.42) 0.3 %
Average Shares 60.00 60.00 -
EPS (Riyals) (2.66) (2.66) 0.3 %

Zamil reported a lower profit share from associates of SAR 22.5 million, along with lower other income of SAR 12.1 million.

 

The company’s international operations suffered from the COVID-19 impact, especially in India and Vietnam. Higher selling and distribution expenses increased by SAR 12 million to SAR 166 million in 2021, weighing on the annual results.

 

In Q4 2021, Zamil deepened its net loss after Zakat and tax to SAR 172.5 million, compared to SAR 34.2 million in the year-ago period.

 

In the previous quarter, the air-conditioning systems manufacturer posted a net profit of SAR 850,000.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 958.49 900.20 (6.1 %)
Gross Income 141.19 81.53 (42.3 %)
Operating Income (2.01) (157.88) (7,743.1 %)
Net Income (34.25) (172.54) (403.8 %)
Average Shares 60.00 60.00 -
EPS (Riyals) (0.57) (2.88) (403.8 %)

Shareholders’ equity, after minority interest, dropped 14.7% to SAR 966.7 million in 2021, from SAR 1.133 billion in 2020.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2012 1,102.10 14.0 % 240.61 9.0 % 37.51 2.1 % 0.63
Q2 2012 1,344.79 1.5 % 283.54 0.9 % 55.77 16.4 % 0.93
Q3 2012 1,281.54 9.8 % 273.15 5.3 % 46.79 39.4 % 0.78
Q4 2012 1,626.45 28.2 % 367.82 26.9 % 61.39 70.7 % 1.02
Q1 2013 1,242.94 12.8 % 299.76 24.6 % 62.69 67.1 % 1.04
Q2 2013 1,431.03 6.4 % 314.89 11.1 % 63.60 14.0 % 1.06
Q3 2013 1,374.40 7.2 % 316.78 16.0 % 48.96 4.6 % 0.82
Q4 2013 1,365.61 (16.0 %) 375.38 2.1 % 60.11 (2.1 %) 1.00
Q1 2014 1,292.86 4.0 % 305.51 1.9 % 66.01 5.3 % 1.10
Q2 2014 1,386.01 (3.1 %) 316.09 0.4 % 73.02 14.8 % 1.22
Q3 2014 1,290.68 (6.1 %) 311.69 (1.6 %) 56.39 15.2 % 0.94
Q4 2014 1,485.87 8.8 % 400.78 6.8 % 64.92 8.0 % 1.08
Q1 2015 1,258.95 (2.6 %) 305.42 0.0 % 73.73 11.7 % 1.23
Q2 2015 1,438.81 3.8 % 317.26 0.4 % 74.36 1.8 % 1.24
Q3 2015 1,338.31 3.7 % 308.04 (1.2 %) 57.46 1.9 % 0.96
Q4 2015 1,452.53 (2.2 %) 374.57 (6.5 %) 57.45 (11.5 %) 0.96
Q1 2016 1,223.17 (2.8 %) 281.32 (7.9 %) 52.90 (28.3 %) 0.88
Q2 2016 1,408.33 (2.1 %) 308.91 (2.6 %) 51.22 (31.1 %) 0.85
Q3 2016 1,099.22 (17.9 %) 241.85 (21.5 %) 41.15 (28.4 %) 0.69
Q4 2016 1,198.51 (17.5 %) 299.84 (19.9 %) 1.11 (98.1 %) 0.02
Q1 2017 997.94 (18.4 %) 209.59 (25.5 %) 41.78 (21.0 %) 0.70
Q2 2017 1,125.43 (20.1 %) 237.43 (23.1 %) 36.45 (28.8 %) 0.61
Q3 2017 1,023.00 (6.9 %) 195.24 (19.3 %) 21.94 (46.7 %) 0.37
Q4 2017 1,257.49 4.9 % 269.35 (10.2 %) 4.85 337.1 % 0.08
Q1 2018 970.00 (2.8 %) 177.03 (15.5 %) 15.57 (62.7 %) 0.26
Q2 2018 1,060.89 (5.7 %) 143.21 (39.7 %) (39.77) (209.1 %) (0.66)
Q3 2018 1,074.18 5.0 % 163.36 (16.3 %) (22.58) (202.9 %) (0.38)
Q4 2018 1,208.58 (3.9 %) 235.35 (12.6 %) (93.06) (2017.9 %) (1.55)
Q1 2019 1,020.98 5.3 % 127.76 (27.8 %) (47.15) (402.9 %) (0.79)
Q2 2019 1,046.57 (1.4 %) 102.10 (28.7 %) (49.55) (24.6 %) (0.83)
Q3 2019 1,096.44 2.1 % 144.07 (11.8 %) (28.13) (24.6 %) (0.47)
Q4 2019 874.60 (27.6 %) 212.92 (9.5 %) (13.97) 85.0 % (0.23)
Q1 2020 880.28 (13.8 %) 118.55 (7.2 %) (28.83) 38.9 % (0.48)
Q2 2020 719.80 (31.2 %) 79.58 (22.1 %) (58.31) (17.7 %) (0.97)
Q3 2020 824.39 (24.8 %) 107.04 (25.7 %) (38.50) (36.8 %) (0.64)
Q4 2020 958.49 9.6 % 141.19 (33.7 %) (34.25) (145.1 %) (0.57)
Q1 2021 949.18 7.8 % 138.03 16.4 % 5.20 118.0 % 0.09
Q2 2021 847.42 17.7 % 132.05 65.9 % 7.07 112.1 % 0.12
Q3 2021 827.02 0.3 % 135.83 26.9 % 0.85 102.2 % 0.01
Q4 2021 900.20 (6.1 %) 81.53 (42.3 %) (172.54) (403.8 %) (2.88)
2021 3,523.82 4.2 % 487.43 9.2 % (159.42) 0.3 % (2.66)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 22.02 % 8.53 % 3.19 %
Q2 2012 21.99 % 8.65 % 3.33 %
Q3 2012 21.76 % 8.72 % 3.52 %
Q4 2012 21.76 % 9.60 % 3.76 %
Q1 2013 22.28 % 9.83 % 4.12 %
Q2 2013 22.49 % 9.71 % 4.20 %
Q3 2013 22.90 % 9.63 % 4.17 %
Q4 2013 24.14 % 10.06 % 4.35 %
Q1 2014 24.02 % 9.98 % 4.37 %
Q2 2014 24.24 % 10.24 % 4.58 %
Q3 2014 24.53 % 10.52 % 4.79 %
Q4 2014 24.45 % 10.36 % 4.95 %
Q1 2015 24.61 % 10.47 % 5.13 %
Q2 2015 24.39 % 10.36 % 5.10 %
Q3 2015 24.11 % 10.22 % 5.08 %
Q4 2015 23.78 % 10.38 % 5.99 %
Q1 2016 23.50 % 10.08 % 5.65 %
Q2 2016 23.47 % 10.07 % 5.25 %
Q3 2016 23.28 % 10.27 % 5.18 %
Q4 2016 22.96 % 9.76 % 4.80 %
Q1 2017 22.54 % 9.89 % 4.80 %
Q2 2017 22.36 % 9.67 % 4.77 %
Q3 2017 21.68 % 8.92 % 4.41 %
Q4 2017 20.70 % 8.18 % 2.63 %
Q1 2018 20.09 % 7.67 % 2.05 %
Q2 2018 18.20 % 6.04 % 0.31 %
Q3 2018 17.26 % 5.13 % (0.71 %)
Q4 2018 16.67 % 5.05 % (1.01 %)
Q1 2019 15.34 % 3.98 % (2.43 %)
Q2 2019 14.45 % 3.11 % (3.46 %)
Q3 2019 13.93 % 3.21 % (3.57 %)
Q4 2019 14.53 % 2.72 % (4.29 %)
Q1 2020 14.82 % 2.67 % (3.98 %)
Q2 2020 15.54 % 3.23 % (3.62 %)
Q3 2020 15.70 % 2.81 % (4.23 %)
Q4 2020 13.19 % 2.00 % (4.41 %)
Q1 2021 13.50 % 2.65 % (3.34 %)
Q2 2021 14.48 % 3.90 % (1.39 %)
Q3 2021 15.27 % 4.53 % (0.29 %)
Q4 2021 13.83 % 0.15 % (4.52 %)
2021 13.83 % 0.15 % (4.52 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 60.00 2.58 2.58 23.22
Q2 2012 60.00 2.71 2.71 23.14
Q3 2012 60.00 2.93 2.93 23.25
Q4 2012 60.00 3.36 3.36 24.15
Q1 2013 60.00 3.78 3.78 25.12
Q2 2013 60.00 3.91 3.91 25.26
Q3 2013 60.00 3.94 3.94 25.37
Q4 2013 60.00 3.92 3.92 26.81
Q1 2014 60.00 3.98 3.98 27.95
Q2 2014 60.00 4.13 4.13 28.10
Q3 2014 60.00 4.26 4.26 28.01
Q4 2014 60.00 4.34 4.50 29.04
Q1 2015 60.00 4.47 4.63 30.27
Q2 2015 60.00 4.49 4.65 30.44
Q3 2015 60.00 4.51 4.67 30.36
Q4 2015 60.00 4.38 5.48 31.42
Q1 2016 60.00 4.04 5.13 28.75
Q2 2016 60.00 3.65 4.75 32.00
Q3 2016 60.00 3.38 4.48 31.67
Q4 2016 60.00 2.44 3.95 27.97
Q1 2017 60.00 2.25 3.76 28.79
Q2 2017 60.00 2.01 3.51 28.41
Q3 2017 60.00 1.69 3.19 27.77
Q4 2017 60.00 1.75 1.93 27.75
Q1 2018 60.00 1.31 1.49 27.81
Q2 2018 60.00 0.04 0.22 26.02
Q3 2018 60.00 (0.70) (0.52) 25.66
Q4 2018 60.00 (2.33) (0.73) 23.60
Q1 2019 60.00 (3.38) (1.77) 22.82
Q2 2019 60.00 (3.54) (2.51) 22.02
Q3 2019 60.00 (3.63) (2.60) 21.53
Q4 2019 60.00 (2.31) (2.89) 21.31
Q1 2020 60.00 (2.01) (2.58) 20.76
Q2 2020 60.00 (2.15) (2.15) 19.77
Q3 2020 60.00 (2.33) (2.33) 19.18
Q4 2020 60.00 (2.66) (2.49) 18.89
Q1 2021 60.00 (2.10) (1.92) 18.98
Q2 2021 60.00 (1.01) (0.83) 19.07
Q3 2021 60.00 (0.35) (0.17) 19.09
Q4 2021 60.00 (2.66) (2.66) 16.11

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 13.01 13.01 1.45
Q2 2012 10.43 10.43 1.22
Q3 2012 10.06 10.06 1.27
Q4 2012 9.38 9.38 1.30
Q1 2013 8.87 8.87 1.33
Q2 2013 10.47 10.47 1.62
Q3 2013 12.04 12.04 1.87
Q4 2013 11.09 11.09 1.62
Q1 2014 12.88 12.88 1.83
Q2 2014 13.81 13.81 2.03
Q3 2014 15.97 15.97 2.43
Q4 2014 10.83 10.44 1.62
Q1 2015 13.01 12.55 1.92
Q2 2015 12.58 12.14 1.86
Q3 2015 8.87 8.56 1.32
Q4 2015 7.43 5.94 1.04
Q1 2016 7.24 5.69 1.02
Q2 2016 7.70 5.92 0.88
Q3 2016 6.62 5.00 0.71
Q4 2016 12.71 7.86 1.11
Q1 2017 13.20 7.92 1.03
Q2 2017 13.97 7.99 0.99
Q3 2017 15.67 8.28 0.95
Q4 2017 15.35 13.91 0.97
Q1 2018 19.41 17.06 0.92
Q2 2018 More than 100 More than 100 0.93
Q3 2018 NEG NEG 0.78
Q4 2018 NEG NEG 0.74
Q1 2019 NEG NEG 0.78
Q2 2019 NEG NEG 0.77
Q3 2019 NEG NEG 0.83
Q4 2019 NEG NEG 0.85
Q1 2020 NEG NEG 0.66
Q2 2020 NEG NEG 0.78
Q3 2020 NEG NEG 1.03
Q4 2020 NEG NEG 1.10
Q1 2021 NEG NEG 1.24
Q2 2021 NEG NEG 2.04
Q3 2021 NEG NEG 2.07
Q4 2021 NEG NEG 1.72

Business Segments (Million)

Compared With The
Period Air conditioners Manufacture Iron Industry Insulation materials industry Corporate and others Eliminations concrete Headquarters & Others
Q1 2012 349.88 628.69 95.40 - - 28.13 -
Q2 2012 537.38 681.91 85.93 - - 39.57 -
Q3 2012 508.89 660.32 70.70 - - 41.48 0.15
Q4 2012 788.41 718.44 70.93 - - 47.27 1.39
Q1 2013 474.88 647.71 71.77 - - - 48.58
Q2 2013 648.27 657.97 75.26 - - - 49.53
Q3 2013 602.72 655.39 74.09 - - - 42.20
Q4 2013 502.51 736.22 77.52 - - - 49.36
Q1 2014 502.69 658.11 73.96 - - - 58.11
Q2 2014 610.58 637.54 78.32 - - - 59.58
Q3 2014 601.45 571.21 74.93 - - - 43.08
Q4 2014 749.08 668.66 65.73 - - - 2.40
Q1 2015 547.19 628.68 81.12 - - - 1.96
Q2 2015 698.85 650.62 87.67 - - - 1.67
Q3 2015 569.05 694.71 73.52 - - - 1.03
Q4 2015 661.12 709.80 79.08 - - - 2.53
Q1 2016 496.61 640.12 85.22 6.27 (5.04) - -
Q2 2016 692.41 629.07 85.58 6.85 (5.58) - -
Q3 2016 475.69 544.81 77.21 6.39 (4.88) - -
Q4 2016 576.34 548.25 98.78 8.44 (33.29) - -
Q1 2017 407.19 508.55 84.88 7.27 (9.96) - -
Q2 2017 566.05 485.96 74.75 2.22 (3.56) - -
Q3 2017 506.96 445.42 71.33 3.78 (4.49) - -
Q4 2017 664.59 529.71 68.63 5.73 (11.17) - -
Q1 2018 412.20 482.42 77.11 3.50 (5.24) - -
Q2 2018 456.20 530.63 75.93 4.80 (6.67) - -
Q3 2018 487.31 516.27 69.71 3.32 (2.43) - -
Q4 2018 528.46 611.40 79.40 4.35 (15.02) - -
Q1 2019 374.14 560.36 87.65 2.79 (3.96) - -
Q2 2019 391.14 585.70 71.88 2.43 (4.58) - -
Q3 2019 495.14 544.56 61.24 1.27 (5.78) - -
Q4 2019 493.44 334.80 67.93 1.21 (22.77) - -
Q1 2020 349.68 472.09 64.34 1.07 (6.90) - -
Q2 2020 363.40 322.16 36.41 1.15 (3.32) - -
Q3 2020 371.16 407.42 54.61 0.08 (8.88) - -
Q4 2020 467.57 442.43 55.57 0.20 (7.27) - -
Q1 2021 395.51 499.76 56.95 0.24 (3.27) - -
Q2 2021 333.56 473.04 44.14 0.24 (3.56) - -
Q3 2021 318.34 467.62 46.32 0.24 (5.50) - -
Q4 2021 296.22 556.54 59.32 0.24 (12.12) - -

Current
Market Cap (M Riyal) 1,438.80
Enterprise Value (EV) (M) 3,273.99
Shares Outstanding ((M)) 60.00
EPS ( Riyal) (TTM) (4.64)
Book Value (BV) ( Riyal) 7.27
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.30
Return on Average Assets (%) (TTM) (4.52 )
Return on Average Equity (%) (TTM) (47.02 )

Share Price

23.96
(0.06) (0.25 %)

Zamil Industrial Investment Co. (ZAMIL INDUST)


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