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Zamil Industrial Investment swings to profitability in Q1-24

Zamil Industrial Investment swings to profitability in Q1-24
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ZAMIL INDUST
2240
19.46% 23.94 3.90

Riyadh – Mubasher: Zamil Industrial Investment Company shifted to a net profit of SAR 5.42 million in the first quarter (Q1) of 2024, compared to a net loss of SAR 13.81 million in the equivalent quarter of last year.

Revenues jumped by 25.52% YoY to SAR 1.30 billion in Q1-24 from SAR 1.03 billion, according to the interim financial results.

The company posted earnings per share (EPS) of SAR 0.09 in the three-month period that ended on 31 March 2024, versus a loss per share of SAR 0.23 in the corresponding period a year earlier.

Quarter-on-quarter (QoQ), the company shifted to profitability in Q1-24, compared to a net loss of SAR 66.76 million in Q4-23, while the revenues inched higher by 0.82% from SAR 1.29 billion.

Zamil Industrial Investment incurred SAR 297.84 million in net loss after tax and Zakat in 2023, up 67% YoY from SAR 178.07 million in 2022.

The Tadawul-listed company reported accumulated losses of SAR 33.16 million at the end of 30 September 2023, accounting for 5.53% of capital.