Saudi Arabia: ZIIC posts 9.3% rise in profits for 2003 YTD

Saudi glass and building materials group Zamil Industrial Investment Company (ZIIC), has posted a 9.3% increase in profits after Zakat contributions in its financial results for the nine months ending…

Saudi glass and building materials group Zamil Industrial Investment Company (ZIIC), has posted a 9.3% increase in profits after Zakat contributions in its financial results for the nine months ending September 2003. Zakat is an amount due from Muslims to assist the poor, and the contribution rate is 2.5% above a certain level of wealth. “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% in exports compared to last year representing around 34% of the overall turnover,” said Dr. Abdulrahman A. Al-Zamil, Chairman of ZIIC. ZIIC turnover increased by 10% to SAR 1209.5 million (USD 332.5 million). This includes significant growth in export sales, which went up more than 13% to SAR 407.7 million (USD 108.7 million). Shareholders“ equity increased by 1.1% to SAR 430.6 million (USD 114.8 million) at the end of the 3Q of 2003 from SAR 425.9 million (USD 113.6 million) year-on-year. Net profits increased by 9.3% (after Zakat contributions) to SAR 45.3 million (USD 12.1 million), while post Zakat earnings per share grew by 9.3% to SAR 7.55 (USD 2.01), up from SAR 6.91 (USD 1.84) for the same period in 2002. Founded in 1998, Zamil Industrial Investment Company (ZIIC) is headquartered in Dammam, Kingdom of Saudi Arabia, and employs more than 4,800 people in 50 countries.