Zamil Industrial Investment Company shifted to net losses after Zakat and tax worth SAR 78.47 million in the first nine months (9M) of 2022, against net profits of SAR 13.11 million in 9M-21.

The firm reported an annual growth of 9.21% in revenue to SAR 2.86 billion during the January-September 2022 period, compared to SAR 2.62 billion, according to the initial income statements.

The loss per share stood at SAR 1.31 in 9M-22, versus earnings per share (EPS) of SAR 0.22 in 9M-21.

In the third quarter (Q3) of 2022, Zamil logged net profits after Zakat and tax worth SAR 2.43 million, a 185.80% year-on-year (YoY) leap from SAR 852,000 in Q3-21.

Revenues increased by 22.29% YoY to SAR 1.01 billion in Q3-22 from SAR 827.01 million.

On a quarterly basis, the Saudi company turned profitable in the July-September 2022 period, against net losses after Zakat and tax worth SAR 28.99 million in Q2-22.

Meanwhile, the Q3-22 revenues went up by 5.66% from SAR 957.20 million in April-June 2021.

In the first half (H1) of 2022, Zamil swung to net losses after Zakat and tax worth SAR 80.91 million, compared to earnings valued at SAR 12.26 million in H1-21.