Riyadh – Mubasher: Zamil Industrial Investment Company incurred net losses after Zakat and tax valued at SAR 13.81 million in the first quarter (Q1) of 2023.

The reported net losses were lower by 73.40% year-on-year (YoY) than SAR 51.92 million, according to the interim income statements.

Revenues surged by 15.88% to SAR 1.03 billion during January-March 2023, versus SAR 896.79 million in Q1-22.

The loss per share amounted to SAR 0.23 in the first three months (3M) of 2023, down from SAR 0.87 in the year-ago period.

On a quarterly basis, the Q1-23 net losses after Zakat and tax plummeted by 86.13% from SAR 99.59 million in Q4-22, while the revenues declined by 2.04% from SAR 1.06 billion.

Last year, the net losses after Zakat and tax of Zamil reached SAR 178.06 million, an 11.70% increase from SAR 159.41 million in 2021.

In March 2023, the Tadawul-listed firm announced a SAR 718.75 million project with Maersk Arabia Logistics Services.