Zamil earns SAR 5.4M in Q1 2024

Zamil earns SAR 5.4M in Q1 2024

15/05/2024 Argaam Exclusive

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Zamil Industrial Investment Co. swung to a net profit of SAR 5.4 million in Q1 2024, from a net loss of SAR 13.8 million in Q1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 1,039.20 1,304.42 25.5 %
Gross Income 146.78 199.45 35.9 %
Operating Income 24.50 21.44 (12.5 %)
Net Income (13.81) 5.43 139.3 %
Average Shares 60.00 60.00 -
EPS (Riyals) (0.23) 0.09 139.3 %

Gross sales grew by 25.5% year-on-year (YoY) on better sales from all segments. The steel segment’s sales increased 24.7% YoY, followed by air conditioning (AC) (+19.1%), and insulation (+18.8%).

 

Zamil also reported higher operating income from the steel and insulation segments. Other income rose by SAR 43.2 million on a YoY basis, primarily due to the income generated from the sale of damaged items after a factory fire in Q1 2023.

 

Furthermore, the company’s profit share from associates and strategic partnerships increased by SAR 2.3 million, while Zakat charges and income taxes decreased by SAR 1.8 million.

 

The company also turned a profit from a net loss of SAR 66.7 million in Q4 2023, as gross sales rose 0.8% quarter-on-quarter (QoQ). Gross profit margins from the AC and insulation segments increased sequentially. Provisions for expected credit losses also declined by SAR 79.5 million.

 

Total shareholders’ equity, after minority interest, declined to SAR 436.34 million by March 31, 2024, from SAR 748.72 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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)
Q3 2023 1,225.88 21.2 % 163.43 5.0 % (33.17) (1462.2 %) (0.55)
Q4 2023 1,293.87 22.0 % 107.19 (38.3 %) (66.77) 33.0 % (1.11)
Q1 2024 1,304.42 25.5 % 199.45 35.9 % 5.43 139.3 % 0.09

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q3 2023 14.26 % 1.88 % (4.69 %)
Q4 2023 12.13 % (1.46 %) (7.67 %)
Q1 2024 12.55 % (1.71 %) (7.27 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2023 60.00 (5.51) (3.48) 8.84
Q4 2023 60.00 (4.96) (5.98) 7.53
Q1 2024 60.00 (4.64) (5.99) 7.27

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2023 NEG NEG 2.60
Q4 2023 NEG NEG 3.49
Q1 2024 NEG NEG 3.59

Business Segments (Million)

Compared With The
Period Air conditioners Manufacture Iron Industry Insulation materials industry Corporate and others Eliminations concrete Headquarters & Others
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 - -
Q3 2023 395.13 731.68 102.57 0.26 (3.75) - -
Q4 2023 348.07 874.33 84.31 0.26 (13.09) - -
Q1 2024 474.87 753.28 81.75 0.26 (5.74) - -

Current
Market Cap (M Riyal) 1,437.60
Enterprise Value (EV) (M) 3,272.79
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 3.29
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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