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Zamil posts first-quarter net profit

Saudi Zamil Industrial Investment Company (ZIIC) posted a net profit of SAR 6.5 million for the first three months of 2002, compared to a net loss of SAR 7.1 million for the same period of 2001. The c…

Saudi Zamil Industrial Investment Company (ZIIC) posted a net profit of SAR 6.5 million for the first three months of 2002, compared to a net loss of SAR 7.1 million for the same period of 2001. The company“s gross sales stood at SAR 293.4 million for the first quarter of 2002, against SAR 246.7 million for the corresponding period of 2001, up 19% year-on-year. On 27 March 2002 the board of ZIIC recommended a cash dividend payment of SAR 5.0 per share for 2001. Zamil Air Conditioners merged in 1998 with Zamil Steel and Zamil Glass Industries to form Zamil Industrial Investment Company, which is based in the town of Dammam, eastern Saudi Arabia. ZIIC was listed on the Saudi Sock Exchange in the middle of February 2002.

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