The Saudi-based Zamil Industrial Investment Company (ZIIC) recorded a 180 percent net profit increase in first nine months of 2002 reaching 45 million Saudi riyals ($12 million). The company’s exports increased by 9.6 percent reaching SR 360 million during the same period, reported Al-Hayat.
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)
© 2002 Mena Report (www.menareport.com )