ZIIC’s net profits up 14 percent in 1Q 2003
The Zamil Industrial Investment Company (ZIIC) recorded net profits before Zakat allowances of 7.4 million Saudi riyals (two million dollars) in the first quarter of 2003, an increase of 13.6 percent compared to the same quarter of 2002.
Total turnover for ZIIC’s three sectors, namely, air conditioners, steel and glass, was SR 304 million in the first three months of the year compared to SR 293 million during the same period last year, an increase of almost four percent.
Earnings per share rose from SR 1.08 in 2002 to SR 1.23 at the end of the first quarter in 2003. In addition, shareholders’ equity also increased by 0.5 percent to SR 393.9 million compared to SR 391.8 million in 2002.
The Zamil Group was established in 1938 by the late Abdullah Al-Zamil. After his death, ownership was transferred to his heirs who created and developed the organization. The Zamil family announced in 1998 that it would convert its air conditioner, steel and glass operations into a public company.
ZIIC was capitalized at SR 300 million, comprising six million shares. Hamad Abdullah Al-Zamil & Bros holds 60 percent of the shares and 40 percent of the shares have been privately placed with investors in Saudi Arabia and Gulf Cooperation Council (GCC) countries. — (menareport.com)
© 2003 Mena Report (www.menareport.com)