Zamil Industrial narrows Q1 2023 loss to SAR 13.8 mln

The improved performance in the first quarter was due to higher sales across all segments, which led to an improvement in gross and operating profit. This is in addition to a SAR 3 million increase in earnings from associates.

The company also cited higher income from discontinued operations due to the reversal of a previously recognized impairment loss of SAR 22 million. This was despite a SAR 27 million uptick in financing costs and a SAR 3 million pullback in other revenue.

Additionally, Zamil Industrial realized an impairment loss on property, plant and equipment of SAR 8.2 million because of the fire outbreak that occurred on March 3, 2023.

On a quarterly basis, the first-quarter net loss narrowed from SAR 99.59 million, mainly driven by higher sales on improved operating profit from the air conditioning and insulation segments, as well as a SAR 3.4 million decline in Zakat and tax.

Total shareholders’ equity, excluding minority interest, stood at SAR 748.72 million at the end of Q1 2023, compared to SAR 905.95 million in the year-earlier period.

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