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.
| 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.
| 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 %) |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 827.02 | 900.20 | 8.8 % |
| Gross Income | 135.83 | 81.53 | (40.0 %) |
| Operating Income | 13.97 | (157.88) | (1230.5 %) |
| Net Income | 0.85 | (172.54) | (20350.6 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.01 | (2.88) | (20350.6 %) |
Shareholders’ equity, after minority interest, dropped 14.7% to SAR 966.7 million in 2021, from SAR 1.133 billion in 2020.
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