27/10/2017 11:05 AST
Zamil Industrial Investment Company (Zamil Industrial) has announced its consolidated interim financial results for the period ending 30 September 2017.
Revenues for the third quarter of 2017 amounted to SAR 1,022.9 million (USD 272.8 million), compared with SAR 1,099.2 million (USD 293.1 million) for the same period in 2016, a decrease of 6.9 percent.
Gross profits for the third quarter were SAR 200.1 million (USD 53.4 million), compared with gross profits of SAR 241.8 million (USD 64.5 million) for the same period in 2016, a decrease of 17.2 percent.
Operating profits during the third quarter were SAR 41.1 million (USD 11 million), compared with SAR 73.9 million (USD 19.7 million) for the same period in 2016, a decrease of 44.4 percent.
Net profits for the third quarter of 2017, after deduction of Zakat and tax, were SAR 21.9 million (USD 5.8 million), compared with SAR 41.1 million (USD 11 million) during the same period in 2016, a decrease of 46.7 percent, and compared with SAR 36.4 million (USD 9.7 million) posted in the previous quarter (Q2 2017), a drop of 39.8 percent.
Total comprehensive income for the third quarter of 2017 amounted to SAR 21.5 million (USD 5.7 million), compared with SAR 41.7 million (USD 11.1 million) in the corresponding quarter of last year, a decrease of 48.3 percent, and compared with SAR 37.2 million (USD 9.9 million) posted in the previous quarter, a drop of 42.1 percent.
Revenues for the nine-month period ended 30 September 2017 amounted to SAR 3,146.4 million (USD 839 million), compared with SAR 3,730.7 million (USD 994.8 million) for the same period in 2016, a decrease of 15.6 percent.
Gross profits for the nine months were SAR 648.9 million (USD 173 million), compared with gross profits of SAR 771.2 million (USD 205.6 million) for the same period in 2016, a decrease of 15.9 percent.
Operating profits for the nine months were SAR 170.5 million (USD 45.5 million), compared with SAR 252.1 million (USD 67.2 million) for the same period in 2016, a decrease of 32.3 percent.
Net profits for the nine-month period ended 30 September 2017, after deduction of Zakat and tax, were SAR 100.2 million (USD 26.7 million), compared with SAR 145.3 million (USD 38.7 million), a decrease of 31.1 percent over the same period in 2016.
Equity attributable to shareholders (after the elimination of Minority Interest) as of 30 September 2017 amounted to SAR 1,666.4 million (USD 444.4 million), compared with SAR 1,696.7 million (USD 452.4) as of 30 September 2016, a decrease of 1.8 percent.
The decrease in net profits in the third quarter of 2017, when compared with the same period last year, was due to lower sales in the Steel and Insulation sectors and lower operating margins in the air-conditioning (AC), Steel and Insulation sectors attributable to project delays as a result of a general slowdown in the contracting business ecosystem.
The decrease in net profits in the nine-month period ending 30 September 2017, when compared with the same period last year, was due to lower sales and operating margins in the AC, Steel and Insulation sectors attributable to project delays as a result of a general slowdown in the contracting business ecosystem. The reduction in net profits is also attributed to the increase in financial charges.
The decrease in net profits in the third quarter, when compared with the second quarter of this year, was due to lower sales and operating margins in the AC, Steel and Insulation sectors. The decrease is also attributed to reduction in income from associate investments and increase in financial charges.
Comparative figures have been restated and reclassified based on IFRS transition effective 1 January 2016. The restated numbers are available in note 15 (first-time adoption of IFRS) in the interim condensed consolidated financial statements for the period ending 30 September 2017.
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