Zamil industries posts net profits of SAR 53m for the first half of 2005
Tuesday, 12th July 2005
Zamil Industrial Investment Company (ZIIC), the international manufacturing and fabrication group, focused on growth segments of the construction industry, has announced sustained growth in net profits after Zakat contributions of SAR 52.9 million / USD 14.1 million for the first half of this year, an increase of 51 % over the same period in 2004.
Total turnover for the first half of this year continued its upward trend reaching SAR 1.2 billion / USD 318 million, an increase of SAR 259 million / USD 69 million. This represents a 28 % growth over the same period last year. Shareholders' Equity also increased by 16.5 % to SAR 528.5 million / USD141 million.
Post Zakat Earnings per Share grew to SAR 7.6 / USD 2.0
Total exports amounted to SAR 424 million / USD 113 million for the same period, representing 36% of turnover. ZIIC's sector businesses products are marketed and sold in more than 75 countries around the world.
Dr. Abdulrahman Al Zamil, Chairman of ZIIC commented on the first half results: "We have achieved significant growth in turnover and profit. Our exports continue to show strength. Our air conditioning and steel sectors have performed particularly well in home markets as they have won several major contracts. The vibrant Saudi economy continues to energize the industrial and construction sectors. We anticipate continued growth for the remainder of this year".