Zamil Industrial widens H1 2023 loss to SAR 197.9 mln; Q2 at SAR 184.1 mln

Zamil Industrial widens H1 2023 loss to SAR 197.9 mln; Q2 at SAR 184.1 mln

14/08/2023 Argaam Exclusive

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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.



Financials (M)

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.



Current Quarter Comparison (M)

Compared With The
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 %)

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.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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)
Q1 2022 896.80 (5.5 %) 104.21 (24.5 %) (51.92) (1098.5 %) (0.87)
Q2 2022 957.21 13.0 % 117.84 (10.8 %) (28.99) (510.3 %) (0.48)
Q3 2022 1,011.36 22.3 % 155.70 14.6 % 2.44 185.8 % 0.04
Q4 2022 1,060.83 17.8 % 173.68 113.0 % (99.59) 42.3 % (1.66)
Q1 2023 1,039.20 15.9 % 146.78 40.9 % (13.81) 73.4 % (0.23)
Q2 2023 1,125.48 17.6 % 150.92 28.1 % (184.09) (535.0 %) (3.07)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q1 2022 13.07 % (1.30 %) (6.24 %)
Q2 2022 12.27 % (1.88 %) (7.05 %)
Q3 2022 12.20 % (1.37 %) (6.67 %)
Q4 2022 14.04 % 1.46 % (4.54 %)
Q1 2023 14.60 % 2.87 % (3.78 %)
Q2 2023 14.80 % 2.82 % (3.82 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2022 60.00 (3.61) (3.61) 15.10
Q2 2022 60.00 (4.21) (4.21) 14.54
Q3 2022 60.00 (4.18) (4.18) 14.51
Q4 2022 60.00 (2.97) (2.97) 12.85
Q1 2023 60.00 (2.33) (2.56) 12.48
Q2 2023 60.00 (4.92) (2.70) 9.41

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2022 NEG NEG 1.71
Q2 2022 NEG NEG 1.25
Q3 2022 NEG NEG 1.25
Q4 2022 NEG NEG 1.24
Q1 2023 NEG NEG 1.33
Q2 2023 NEG NEG 2.21

Business Segments (Million)

Compared With The
Period Air conditioners Manufacture Iron Industry Insulation materials industry Corporate and others Eliminations concrete Headquarters & Others
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) - -
Q1 2022 327.89 520.53 50.62 0.24 (2.48) - -
Q2 2022 359.49 545.78 54.32 0.26 (2.65) - -
Q3 2022 408.93 554.81 59.02 0.26 (11.66) - -
Q4 2022 367.74 644.64 58.06 0.26 (9.88) - -
Q1 2023 398.57 603.96 68.83 0.26 (32.43) - -
Q2 2023 366.66 681.91 72.03 0.26 4.64 - -

Analysts Estimates (Million)

Item Q2 2023 (e) Q2 2023 (a) Change‬
Average (7.00) (184.09) (2529.9 %)

Estimates vs Actual (Million)

Item Q2 2023 (e) Q2 2023 (a) Change
HSBC (7.00) (184.09) (2529.9) %


Financial Ratios
Current
Market Cap (M Riyal) 1,440.00
Enterprise Value (EV) (M) 3,275.19
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 )
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Share Price

Zamil Industrial Investment Co.
24.00
(0.02) (0.08 %)

Zamil Industrial Investment Co. (ZAMIL INDUST)

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