The Saudi Arabian National Company for Glass Industries, popularly known as Zoujaj, has announced that the Saudi Industrial Development Fund has approved its application for a SR 60 million loan. Zouj…
The Saudi Arabian National Company for Glass Industries, popularly known as Zoujaj, has announced that the Saudi Industrial Development Fund has approved its application for a SR 60 million loan. Zoujaj said the SR 60 million loan, which was approved on 26 August was being used for the construction of a furnace with a capacity of 140 tonnes per day. This will bring the Dammam factory“s production to 200 tonnes. Humoud Al-Rabiah, general manager of the glass container factories of Zoujaj, said the expansion will “satisfy the growing domestic demand as well as provide room for export in the GCC countries.” The new furnace will start functioning in May 1997, Al-Rabiah added. He said the glass bottle production in the Gulf countries currently stands at 1.3 billion annually with the Kingdom of Saudi Arabia producing around 1 billion bottles per year. For the first half of 1996, Zoujaj recorded a profit of SR 9.1 million, which was down from SR 10.2 million in the comparable period of 1995. The company in its unaudited financial statement for the first six months of the year said operational profits stood at SR 18.7 million compared to SR 18.1 million in the corresponding period of last year. Administrative and general expenditures amounted to SR 9.8 million, up from SR 9.4 million in the first six months of last year. Both assets and liabilities of the company as on 30 June, 1996 were balanced at SR 310.7 million, down from SR 329.3 million on the corresponding date of last year. Shareholders“ equity at the end of the period in question totalled SR 204.6 million, up from SR 188 million in the comparable period of 1995. The equity consisted of SR 187.5 million paid-up capital, SR 6.3 million as statutory reserve, SR 1.6 million in retained profits and SR 9.1 million in period profits.