Advanced Building Industries Co. — Earnings Release 2020

Mar 18, 2021

Zamil Industrial Investment Company Announces its Annual Financial Results for the Period Ending on 31-12-2020

2240 · 18/03/2021 15:47:35 · Announcement #62302 · View on Saudi Exchange

Zamil Industrial Investment Company Announces its Annual Financial Results for the Period Ending on 31-12-2020

Element List	Current Year	Previous Year	%Change
Sales/Revenue	3,382,962	4,038,583	-16.233
Gross Profit (Loss)	463,112	586,846	-21.084
Operational Profit (Loss)	-60,754	-27,265	122.827
Net Profit (Loss) after Zakat and Tax	-159,873	-138,809	15.174
Total Comprehensive Income	-145,298	-136,619	6.352
Total Share Holders Equity (after Deducting Minority Equity)	1,133,469	1,278,767	-11.362
Profit (Loss) per Share	-2.66	-2.31
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is	Net loss increase for the year was due to:

1) Impairment in certain capital assets and goodwill in the amount of SAR 43.2 million.

2) Increase in the provisions for expected credit loss of financial assets by SAR 24.2 million.

3) Reduction in sales across all sectors.

4) Lower operating margins in the Steel and Insulation sectors.

Despite the aforementioned reasons, the company succeeded in achieving the following during an exceptional year by all standards:

1) Continued diligent efforts on cost-cutting and control of expenses resulted in a savings of SAR 220 million in operating expenses in 2020.

2) Decrease in financial charges by SAR 39 Million.

3) Improved operating margin in the AC Sector.

4) Higher profits from associated companies and other income. Statement of the type of external auditor's report Unmodified opinion Reclassification of Comparison Items Comparative figures have been reclassified to conform with the presentation in the current year. Additional Information 1) Net Profit for the 4th Quarter 2020 before impairment is SAR 8.9 Million. Adjusting for the impairment, the declared loss is SAR 34.2 Million.

2) Net loss for the year 2020 would have stood at SAR 116.7 million without impairment of SAR 43.2 Million.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.