Zamil Industrial Investment Company (ZIIC) has announced a net profit of SAR 88 million/USD 23.5 million, after Zakat contributions (an Islamic tax which accounts for one-fortieth of income), for the …
Zamil Industrial Investment Company (ZIIC) has announced a net profit of SAR 88 million/USD 23.5 million, after Zakat contributions (an Islamic tax which accounts for one-fortieth of income), for the nine months ending September 2005, up 48% on the corresponding period in 2004. Turnover was SAR 1.83 billion/USD 490 million, up SAR 375 million/USD 100 million, or 26%, on the same period 2004. Shareholders“ equity also grew by 18.7% to SAR 570.6 million/USD 152.1million, up from SAR 481million/USD 128.2 million in 2004. The post Zakat Earnings per Share grew as well by 48% to SAR 12.5/USD 3.3, up from SAR 8.5/USD 2.2 over the same period 2004. Exports were SAR 726.1 million/USD 194 million, representing 40% of the group“s turnover, an increase of 8% over the same period in 2004. Commenting on performance, Dr. Abdulrahman Al Zamil, Chairman, ZIIC, said: We have anticipated this period of increased activity and growth. Our production facilities were well prepared to take advantage of these favorable conditions. The general economy in the Kingdom and the GCC has contributed towards a vibrant construction industry. Our sector businesses have been awarded many large contracts in 2005. We expect to maintain our growth and sustain our high productivity. Our international operations have performed very well and have posted excellent results, while our exports continue to be very strong. This is further testimony about the quality of Saudi products and their ability to compete in world markets, he added. For the year ended 31 December 2004, ZIIC posted turnover of SAR 1.97 billion/USD 525 million, up 26% over 2003. Post-Zakat earnings per share also grew by 40% to SAR 10/USD 2.67, up from SAR 7.17/USD 1.91 during the same period in 2003. Shareholders“ equity increased by 13.2% to SAR 494.9 million/USD 132 million. Export sales were SAR 889.9 million/USD 237.3 million, up 62.5% on 2003. Zamil Industrial Investment Company (ZIIC) operates through three businesses: Zamil Air Conditioners, Zamil Steel Industries, and Zamil Glass Industries. ZIIC exports to more than 75 international markets and derives 45% of its revenues from outside Saudi Arabia.