Zamil Industrial announces interim financial results
Zamil Industrial has announced its interim financial results for the nine months ending 30 September 2007 showing a marked increase over last year, in a statement released by Khalid A. Al Zamil, Managing Director.
During the first nine months, net profits after Zakat contributions were SAR 161.3 million (USD 43 million) compared to SAR 154.7 million (USD 41.3 million), representing an increase of 4.3 percent over the same period in 2006. Net profits for the same period last year accounted for non-operational profits from the sale of investment shares which amounted to SAR 22 million (USD 5.9 million). A comparison of net profits, not withstanding returns from investments, shows an increase of 21.8 percent for the period ending 30 September 2007 against profits of SAR 132.4 million (USD 35.3 million) for the same period last year.
Total turnover for the group was SAR 2,780.3 million (USD 741.4 million), a growth of 31.5 percent compared with same period last year. Shareholders’ Equity also increased by 17.9 percent to SAR 836.5 million (USD 223.1 million).
Zamil Industrial operating profits, on the other hand, posted an increase of 25.4 percent from SAR 183.8 million (USD 49 million) in 2006 to SAR 230.5 million (USD 61.5 million) as at 30 September 2007.
Post Zakat Earnings per Share grew to SAR 3.59 (USD 0.96) from SAR 3.44 (USD 0.92) representing 4.3 percent growth. The financial results from July to September 2007 posted net profits of SAR 58.7 million (USD 15.7 million) compared to SAR 57.8 million (USD 15.4 million) in the same period in 2006, an increase of 1.6 percent.
Khalid Al Zamil said, “Zamil Industrial performance during the first nine months was remarkable with significant growth compared with the same period last year due to increased sales generated from our domestic and international operations. The company export sales have also soared 37.4 percent over the same period last year representing 38 percent of our consolidated sales.”