Zamil Industrial Q1 profits continue to rise to SAR 21.8M (USD 5.8 M)

Monday, 18th April 2005

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 21.8 million / USD 5.8 million for the first quarter of 2005. This represents an impressive increase of 167% over the same period in 2004.

Total turnover during the quarter was SAR 538 million / USD 143.4 million, an increase of SAR 147 million / USD 39.2 million over the same period in 2004. Shareholders' equity increased by 14% to SAR 487 million / USD 129.8 million, up from SAR 427.5 million / USD 114 million in 2004.

Net profits after Zakat contributions grew by 167% to SAR 21.8 million / USD 5.8 million compared to SAR 8.1 million / USD 2.1 million in the equivalent period in 2004. Post Zakat earnings per share grew to SAR 3.12 / USD 0.83, up from SAR 1.17 / USD 0.31 in 2004.

Total exports amounted to SAR 207million / USD 55 million, representing 38% of group turnover. ZIIC products are sold in more than 75 international markets around the world.

Dr. Abdulrahman A. Al Zamil, Chairman of ZIIC, in a clear reference to the remarkable growth in turnover and profit said: "Our strategic investments in the expansion of our production facilities and advanced technologies are paying off. Our air conditioning sector has performed very well considering the unusual winter season this year, while our steel sector continues to set unprecedented records. We are very excited about our sustained success in exports to international markets".