Zamil Industrial Investment Company reports higher net profits
Zamil Industrial Investment Company (ZIIC), the Saudi manufacturing and fabrication group focused on growth segments of the construction industry, has announced net profits after Zakat contributions of SR 35 million (US$ 9.3 million) for the first half of 2004. This represents an increase of 11.8% over the same period in 2003.
Total turnover during the first half was SR 932.9 million (US$ 248.7 million), an increase of SR 165.3 million (US$ 44 million), a 21.5% increase over the same period in 2003. Shareholders’ equity increased by 8.6% to SR 453.8 million (US$ 121 million), up from SR 417.7 million (US$ 111.3 million) in 2003.
Net profits after Zakat contributions grew by 11.8% to SR 35 million (US$ 9.3 million) compared to SR 31.3 million (US$ 8.3 million) in the same period in 2003. Post Zakat earnings per share also grew by 11.8% to SR 5.0 (US$ 1.33), up from SR 4.47 (US$ 1.19) in 2003.
Total exports amounted to SR 525 million (US$ 140 million), representing 56.3 % of group turnover. ZIIC products are marketed and sold in more than 75 countries around the world.
Dr. Abdulrahman A. Al Zamil, Chairman of ZIIC, highlighted the first half results:” Our year-to-date steel sector sales were SR 456.97 million (US$ 121.8 million), representing an increase of SR 125.7 million (US$ 33.5 million), despite the on-going world steel crisis. The air conditioning sector recorded sales of SR 449.4 million (US$ 119.8 million), an increase of SR 38.2 million (US$ 10.2 million) over the same period last year. This strong performance demonstrates our capabilities and further strengthens our stakeholders’ confidence in our continued growth and manufactured products.” (menareport.com)
© 2004 Mena Report (www.menareport.com)