Saudi Arabia“s Zamil Industrial Investment Company (ZIIC), the manufacturing and fabrication group comprising Zamil Air Conditioners, Zamil Steel Industries and Zamil Glass Industries, posted net pro…
Saudi Arabia“s Zamil Industrial Investment Company (ZIIC), the manufacturing and fabrication group comprising Zamil Air Conditioners, Zamil Steel Industries and Zamil Glass Industries, posted net profits, after Zakat contributions, of SAR 106.4 million (USD 28.4 million) for the year ended December 2005, a net increase of 51.6% over 2004. ZIIC turnover for 2005 grew to SAR 2.4 billion (USD 631.7 million), up 20.5% on 2004, while Shareholders Equity increased to SAR 589.5 million (USD 157.2 million), up by 19.1% on the previous year. Post Zakat Earnings per Share have also rose by 51.6% to SAR 15.19 (USD 4.05), up from SAR 10.02 (USD 2.67) in 2004. ZIIC Chairman Dr. Abdulrahman Al Zamil, said, “Our strong performance in 2005 was further enhanced by the Kingdom“s vibrant economy, as well as favorable conditions in the GCC. Our sector businesses, namely Steel and Air Conditioning, have done remarkably well in the Saudi market. We have been awarded major contracts locally and abroad. Our exports continue to support our business growth and expansion strategies as demonstrated by increased demand for our building solutions”. “Revenues generated from exports reached SAR 934 million (USD 249 million), representing 39% of the group“s total sales. We have expanded our manufacturing plants and capabilities in the Kingdom, while new production facilities are being commissioned in the GCC, Vietnam and India. We foresee sustained growth ahead, and we aim to achieve even better results for our shareholders. We are strategically positioned to take advantage of increased business opportunities WTO membership will present”. For the year ended 31 December 2004, ZIIC posted turnover of SAR 1.97 billion (USD 525 million), a rise of 26% over 2003. Post Zakat earnings per share also increased by 40% to SAR 10 (USD 2.67), up from SAR 7.17 (USD 1.91) during the corresponding period in 2003. Shareholders“ equity grew by 13.2% to SAR 494.9 million (USD 132 million). Export sales accounted for SAR 889.9 million (USD 237.3 million) representing a 62.5% rise over 2003. Total turnover for the first nine months of 2005 was SAR 1.83 billion (USD 489.2 million), SAR 375 million (USD 100 million) higher than the corresponding period in 2004. Shareholders“ equity increased by 18.7% to SAR 570.7 million (USD 152.2 million) compared to the same period in 2004. Net profits after Zakat contributions rose 48% to SAR 88 million (USD 23.5 million) over the equivalent period in 2004. Post Zakat earnings per share increased to SAR 12.6 (USD 3.40). Exports during the first nine months of 2005 were at SAR 726.1 million (USD 194 million). ZIIC shares are actively traded on the Saudi Stock Market.