Riyadh – Mubasher: Zamil Industrial Investment Company (Zamil Industrial) turned profitable in 2024 on an annual basis.

According to the company's financial data, released on the Tadawul website on Wednesday, net profits reached SAR 26.8 million last year, compared to losses of SAR 297.84 million in 2023.

The company attributed its return to profitability to several factors, most notably increased sales, which resulted in an 85% increase in gross profit, a rise in the gross profit ratio from 12.2% to 17.4%, and the achievement of operating profits of SAR 181.5 million, compared to operating losses of SAR 329 million the previous year.

The company added that the shift was also supported by a SAR 31.3 million increase in other revenues, primarily due to income from the sale of damaged materials resulting from the fire incident that occurred during the first quarter of 2023, a SAR 3.5 million increase in the company's share of profits from associates, a SAR 14.7 million decrease in financial burdens, and a SAR 14.4 million decrease in the tax and zakat provision.

Zamil Industrial's revenues increased by 30.02% in 2024, reaching SAR 6.09 billion, compared to SAR 4.68 billion in the previous year.