Zamil Industrial: 1Q 2005 net profit up 167%

Saudi Zamil Industrial Investment Company (ZIIC) registered a 167% year-on-year leap in net profit to SAR 21.8 million (USD 5.8 million/EUR 4.5 million) for the 1Q of 2005, the company said on 18 Apri…

Saudi Zamil Industrial Investment Company (ZIIC) registered a 167% year-on-year leap in net profit to SAR 21.8 million (USD 5.8 million/EUR 4.5 million) for the 1Q of 2005, the company said on 18 April 2005. ZIIC“s total revenue stood at SAR 538 million (USD 143.4 million/EUR 111.3 million), up 38%. Earnings per share (EPS) stood at SAR 3.12 (USD 0.83/EUR 0.65), compared to SAR 1.71 (USD 0.46/EUR 0.35). Shareholders“ equity increased to SAR 487 million (USD 129.9 million/EUR 100.7 million) from SAR 427.5 million (USD 114 million/EUR 88.4 million). ZIIC registered a rise in total exports to SAR 207 million (USD 55.2 million/EUR 42.8 million), equal to 38% of the total turnover. ZIIC posted a net profit of SAR 70.2 million (USD 18.7 million/EUR 14.5 million) for 2004, up 39.7% year-on-year, it was reported on 17 January 2005. The company“s total revenue for 2004 was SAR 1.96 billion (USD 523 million/EUR 405 million ), up 25.6 % on the year. Zamil Air Conditioners merged with Zamil Steel and Zamil Glass Industries in 1998 to form ZIIC, which is based in Dammam, eastern Saudi Arabia. (Note: Unless otherwise stated, all figures are for the 1Q of 2005/04)