ZIIC’S net profits up 25 percent in 1H 2003
Zamil Industrial Investment Company (ZIIC), the Saudi international manufacturing and fabrication group has reported a 25 percent increase in profits after Zakat contributions in its financial results for the six months ending June 30, 2003.
The group’s turnover rose by 6.7 percent to 767.6 million Saudi riyals ($204 million). This includes a strong growth in export sales, which rose more than 13 percent to SR 282.8 million ($75.2 million), a contribution of 36.8 percent to the total turnover.
Net profits increased by 25 percent to SR 31.3 million ($8.3 million), while post Zakat earnings per share grew by 25 percent to SR 5.22 ($1.39), up from SR 4.17 ($1.11) during the same period in 2002.
ZIIC was founded in 1998, is headquartered in Dammam, Kingdom of Saudi Arabia, and employs more than 4,500 people in 50 countries. As an international manufacturing and fabrication group focused on growth segments of the construction industry, it is a leading producer of air conditioners, pre-engineered steel buildings, other steel products and architectural glass processing through its three sector businesses. 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)