Zamil Industrial posts first quarter net profits of SAR 8.2M (US$ 2.2M)
Wednesday, 21st April 2004
Zamil Industrial Investment Company (ZIIC), the international manufacturing and fabrication group focused on growth segments of the construction industry, has announced net profits after Zakat contributions of SAR 8.2 million (US$ 2.2 million) for the first quarter of 2004. This represents an increase of 30.2% over the same period in 2003.
Total turnover during the quarter was SAR 390.8 million (US$ 104.2 million), an increase of SAR 86.6 million (US$ 23.1million) over the same period in 2003. Shareholders’ equity increased by 8.5% to SAR 427.5 million (US$ 114 million), up from SAR 393.9 million (US$ 105 million) in 2003.
Net profits after Zakat contributions grew by 30.2% to SAR 8.2 million (US$ 2.2 million) compared to SAR 6.3 million (US$ 1.7 million) in the equivalent period in 2003. Post Zakat earnings per share also grew by 30.2% to SAR 1.17 (US$ 0.31), up from SAR 0.90 (US$ 0.07) in 2003.
Total exports amounted to SAR 195.9 million (US$ 52.2 million), representing 50.1% 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, pointed out that the first quarter results show continued improved growth.
“Steel sector sales recorded an increase of SAR 46.5 million (US$ 12.4 million) despite the recent international steel demand crisis. The air-conditioning sector, not yet in its traditional peak summer season, also witnessed an increase in year-to-date sales of SAR 36.8 million (US$ 9.8 million) despite the increase in Euro exchange prices. These successes - compared to the same period last year - further reassure our stakeholders and strengthen their confidence in our products and their quality as well as in the ability of our sector businesses to compete internationally,†said Dr. Al Zamil.
