ZIIC: meeting considers capital increase

Saudi Zamil Industrial Investment Company (ZIIC) held an extraordinary general meeting (EGM) on 10 May 2006 to discuss and approve a capital increase to SAR 450 million (USD 120 million/EUR 94.5 milli…

Saudi Zamil Industrial Investment Company (ZIIC) held an extraordinary general meeting (EGM) on 10 May 2006 to discuss and approve a capital increase to SAR 450 million (USD 120 million/EUR 94.5 million). The capital increase will be carried out via a two-for-seven bonus issue and will be financed with SAR 100 million (USD 26.7 million/EUR 21 million) from Zamil“s retained profits. ZIIC also held an ordinary meeting on the same day to review the company“s financial results for 2005. Net profit after Zakat contributions rose 51.6% year-on-year to SAR 106.4 million (USD 28.4 million/EUR 22.3 million), and total revenue increased to SAR 2.4 billion (USD 640 million/EUR 504 million) from SAR 1.97 billion (USD 525 million/EUR 414 million) a year ago. Zamil Air Conditioners merged with Zamil Steel and Zamil Glass Industries in 1998 to form ZIIC, based in Dammam, eastern Saudi Arabia. The company sells to 80 countries.