20/01/2016 19:23 AST
Zamil Industrial Investment Co. (Zamil Industrial) has announced its consolidated interim financial results for the period ending 31 December 2015.
Net profits for the fourth quarter of 2015 were SAR 57.5 million (USD 15.3 million), compared with SAR 64.9 million (USD 17.3 million) during the same period in 2014, a decrease of 11.5 percent, and compared with SAR 57.5 million (USD 15.3 million) posted in the third quarter.
Gross profits for the fourth quarter of 2015 were SAR 384.9 million (USD 102.6 million), compared with gross profits of SAR 400.8 million (USD 106.9 million) for the same period in 2014, a decrease of 4.0 percent.
Operating profits during the fourth quarter were SAR 129.5 million (USD 34.5 million), compared with SAR 119.9 million (USD 31.9 million) for the same period in 2014, an increase of 8.0 percent.
During the twelve months ended 31 December 2015, net profits were SAR 263.1 million (USD 70.2 million), compared with SAR 260.3 million (USD 69.4 million), an increase of 1.0 percent over the same period in 2014.
Gross profits for the twelve months were SAR 1,315.6 million (USD 350.8 million), compared with SAR 1,334.1 million (USD 355.8 million) for the same period in 2014, a drop of 1.4 percent.
Operating profits for the twelve months were SAR 410.5 million (USD 109.5 million), compared with SAR 405.9 million (USD 108.2 million) for the same period in 2014, an increase of 1.1 percent.
Earnings per share grew to SAR 4.38 (USD 1.17), from SAR 4.34 (USD 1.16) during the same period in 2014.
Operating profits increased in the fourth quarter of 2015 by 8 percent, when compared with the same quarter of 2014. However, net profit decreased due to higher provisions for goodwill impairment and currency fluctuations, deferred charges write offs, and reduction in other income.
The increase in net profit in the twelve-month period, when compared with the same period last year, was attributed to better operating margins in the air-conditioning sector and also to the increase in associate income, lower financial charges, non-controlling interests, zakat, and taxes.
Operating profits increased by 50.2 percent in the fourth quarter, when compared with the third quarter of 2015. However, net profit remained the same due to higher provisions for goodwill impairment, currency fluctuations and deferred charges write offs.
Certain figures for the fourth quarter of 2014 have been reclassified to conform to the presentation in the current period.
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