Zamil Industries maintains record profits for nine months in 2006
Saturday, 28th October 2006
Zamil Industrial Investment Company (ZIIC) has announced its interim financials for the nine months period ending 30 September 2006 in a statement released by Khalid A. Al Zamil, Managing Director, ZIIC.
During the first nine months period in 2006, net profits after Zakat contributions were SAR 154.7 million (USD 41.3 million) compared to SAR 88 million (USD 23.5 million),representing an increase of 76 percent over the same period in 2005. Total turnover for the group was SAR 2.11 billion (USD 563.6 million), a growth of 15.2 percent compared with last year. Shareholders' Equity also increased by 24.3 percent to SAR 709.4 million (USD 189.2 million).
Operating profits for ZIIC, on the other hand, posted an increase of 46 percent from SAR 125.9 million (USD 33.6 million) in 2005 to SAR 183.8 million (USD 49 million) in 2006.
Post Zakat Earnings per Share during nine months of 2006 grew to SAR 3.44 (USD 0.92) from SAR 1.95 (USD 0.52) representing a 76 percent growth.
The financial results from July to September 2006 posted net profits of SAR 57.8 million (USD 15.4 million) compared to SAR 35 million (USD 9.3 million), an increase of 65 percent.
Khalid Al Zamil stated: "The strategy to expand our production facilities and improve upon our manufacturing capabilities, which we've started in 2003, has yielded excellent results. We are able to cope with the additional demands on our industries and sustain our growth. Our recent acquisitions of complementary industries have also contributed to our company's record results. All our sector businesses, including our international operations and exports, are performing very well as we've expected".
