ZIIC posts SAR 45.3M net profit in Q3
Posted: 18 October 2003
Zamil Industrial Investment Company (ZIIC), the international manufacturing
and fabrication group focused on growth segments of the construction
industry, has announced a 9.3 per cent increase in profits after Zakat contributions
in its financial results for the nine months ending September 2003.
"The steel sector in particular posted very good results and
witnessed increase in its activities through its three manufacturing
facilities located in Dammam, Saudi Arabia and Zamil Steel's factories
in Egypt and Vietnam. We are reporting considerable growth in sales
volume of ZIIC's three sectors, Air Conditioning, Steel and Glass,
in addition to an increase of 13.2 per cent in exports compared to last
year representing around 34 per cent of the overall turnover,” commented
Dr. Abdulrahman A. Al-Zamil, Chairman of ZIIC.
ZIIC turnover rose by 10 per cent to SAR 1209.5m (US$ 332.5m). This includes
significant growth in export sales, which rose more than 13 per cent to
SAR 407.7m (US$ 108.7m), a contribution of 33.7 per cent to the total turnover.
Shareholders Equity witnessed a slight increase of 1.1 per cent to SAR 430.6m
(US$ 114.8m) at the end of the third quarter of 2003 from SAR 425.9m
(US$ 113.6m) in comparison with the same period in 2002.
Net profits increased by 9.3 per cent (after Zakat contributions) to SAR
45.3m ($ 12.1m), while post Zakat earnings per share grew by 9.3 per cent
to SAR 7.55 ($2.01), up from SAR 6.91 ($ 1.84) during the same period
in 2002.
About Zamil Industrial Investment Company
Zamil Industrial Investment Company (ZIIC) was founded in 1998,
is headquartered in Dammam, Kingdom of Saudi Arabia, and employs
more than 4,800 people in 50 countries. As an international manufacturing
and fabrication group, it provides leading air conditioning, pre-engineered
steel buildings, structural steel products, transmission towers,
open web joists and decks, and architectural glass processing solutions
to meet the requirements of the global construction industry through
its three sector businesses: Zamil Air Conditioners (www.zamilac.com),
Zamil Steel Industries (www.zamilsteel.com) and Zamil Glass Industries
(www.zamilglass.com).
ZIIC exports to more than 70 markets and derives 37 per cent of
revenues from outside Saudi Arabia.
For the year ended 31 December 2002, profits were SAR 50.8 million
(US$ 13.5m) on turnover of SAR 1.4 billion ($ 376m). ZIIC’s
shares have been actively traded on the Saudi Equity Market since
early 2002.
More information can be found at www.ziic.com.
Posted by Richard Price,
Editor Pipeline Magazine
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