Saudi ZIIC reports 9.3 percent net profit increase
Saudi Arabia’s Zamil Industrial Investment Company (ZIIC) has announced a 9.3 percent increase in profits, reaching 45.3 million Saudi riyals ($12.1million), in its financial results for the nine months ending September 2003.
"The steel sector in particular posted very good results and witnessed increase in its activities through its three manufacturing facilities located in Dammam, Saudi Arabia and Zamil Steel's factories in Egypt and Vietnam,” said Chairman of ZIIC, Abdulrahman A. Al-Zamil.
“We are reporting considerable growth in sales volume of ZIIC's three sectors, Air Conditioning, Steel and Glass, in addition to an increase of 13.2 percent in exports compared to last year representing around 34 percent of the overall turnover,” added Al-Zamil.
ZIIC turnover rose by 10 percent to $332.5 million. This includes significant growth in export sales, which rose more than 13 percent to $ 108.7 million, a contribution of 33.7 percent to the total turnover.
Shareholders Equity witnessed a slight increase of 1.1 percent to $114.8 million at the end of the third quarter of 2003 from $113.6 million in comparison with the same period in 2002.
ZIIC was founded in 1998, is headquartered in Dammam, Saudi Arabia, and employs more than 4,800 people in 50 countries. As an international manufacturing and fabrication group, it provides air conditioning, pre-engineered steel buildings and architectural glass processing. ZIIC exports to more than 70 markets and derives 37 percent of revenues from outside Saudi Arabia. — (menareport.com)
© 2003 Mena Report (www.menareport.com)