ZIIC posts $12 million net profits for 2002
Saudi Arabia’s Zamil Industrial Investment Company (ZIIC) recorded a net profit of 45.2 million Saudi riyals ($12.1 million) for the year 2002.
"This represents an increase of 221 percent compared to the year 2001 net profits of SR 14 million. This noticeable increase in the company's net profit was mainly due to the improvement in performance of the local and international operations of ZIIC during the year,” says Managing Director of ZIIC, Adib A. Al-Zamil.
Earnings per share rose from SR 2.35 in 2001 to SR 7.54 at the end of the fiscal year. In addition, the shareholders' equity also reported a sizeable increase of 11 percent at SR 428.5 million ($114.3 million) in 2002 compared to SR 386.6 million ($103.1 million) in 2001.
Al-Zamil also stated that, through its three manufacturing sectors, Zamil Air Conditioners, Zamil Steel Industries and Zamil Glass Industries, ZIIC reported annual sales of SR 1.4 million in 2002 ($376.1 million). This compares favorably to sales of SR 1.2 million in 2001 ($332.6 million) an increase of 13 percent. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
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