ZAMIL STEEL PRE-ENGINEERED BUILDINGS
Design, manufacture and supply of pre-engineered steel buildings

Zamil Industrial posts SAR 44.9 M net profits in first quarter

   Monday, 16th April 2007

Zamil Industrial has announced its interim financials for the first quarter ending 31 March 2007 in a statement released by Khalid A. Al Zamil, Managing Director.

During the first quarter, net profits after Zakat contributions were SAR 44.9 million (USD 12 million) compared to SAR 44.1 million (USD 11.8 million), representing an increase of 1.6 percent over the same period in 2006. Net profits for the same period last year accounted for non-operational profits from the sale of investment shares which amounted to SAR 22.3 million (USD 5.9 million). A comparison of net profits, not withstanding returns from investments, shows an increase of 105.2% for the period ending 31 March 2007 against profits of SAR 21.9 million (USD 5.8 million) for the same period last year.

Total turnover for the group was SAR 815.5 million (USD 217.5 million), a growth of 37.1 percent compared with same period last year. Shareholders' Equity also increased by 15.6 percent to SAR 715.5 million (USD 190.8 million).

Zamil Industrial operating profits, on the other hand, posted an increase of 60.6 percent from SAR 38.5 million (USD 10.3 million) in 2006 to SAR 61.8 million (USD 16.5 million) as at 31 March 2007.

Post Zakat Earnings per Share grew to SAR 1.00 (USD 0.27) from SAR 0.98 (USD 0.26) representing 1.6 percent growth.

Khalid Al Zamil said, "Sector businesses maintained their excellent performance in this quarter. Our export sales have also soared 35.1 percent over the same period last year representing 40 percent of our consolidated sales." He added, "Last week we inaugurated our latest production facility in Ras Al Khaima, UAE, which represents an important junction in our strategic expansion. It is expected to boost our steel manufacturing capability from 2007 and improve our deliveries and services to our clients."