Saudi Arabia“s Zamil Industrial Investment Company (ZIIC) has announced net profits for the 1Q of 2006 of SAR 44.1 million (USD 11.8 million), after Zakat contributions, a leap in profit of 102% comp…
Saudi Arabia“s Zamil Industrial Investment Company (ZIIC) has announced net profits for the 1Q of 2006 of SAR 44.1 million (USD 11.8 million), after Zakat contributions, a leap in profit of 102% compared to the 1Q 2005. Turnover for the 1Q 2006 reached SAR 594.7 million (USD 158.6 million), a rise of 10.6% compared with the same period of 2005. Shareholders“ equity rose 27.1% to SAR 618.7 million (USD 165 million), up from SAR 486.9 million (USD 130 million) in the same period of 2005. Post-Zakat earnings per share (EPS) rose by 102% to SAR 6.3 (USD 1.68), compared to SAR 3.12 (USD 0.83) in 2005. Exports for the 1Q 2006 increased to SAR 239.6 million (USD 63.9 million) up 16% from the same period in 2005, representing 40% of total revenues. ZIIC Chairman Dr. Abdulrahman Al Zamil welcomed the results, saying: “We are very pleased with our performance and our operational efficiency. All our sector businesses are faring well. Our expansion projects in the Kingdom of Saudi Arabia, the UAE, India and Vietnam, will boost further our manufacturing capabilities and give our industries a clear competitive edge in serving our global clients and creating value for our shareowners and meeting the expectations of all our stakeholders”. Dammam-based Zamil Industrial Investment Company (ZIIC) was founded in 1998 and employs more than 6,500 people in 55 countries. It serves the requirements of the global construction industry through its three sector businesses: Zamil Air Conditioners, Zamil Steel Industries and Zamil Glass Industries (architectural glass processing). For the year ended 31 December 2005, ZIIC posted turnover of SAR 2.4 billion (USD 631.9 million), up 20.5% over 2004, with net profit, after Zakat contributions, of SAR 106.4 million (USD 28.4 million). Post-Zakat earnings per share also grew by 51.6% to SAR 15.19 (USD 4.05), up from SAR 10.02 (USD 2.67) during the same period in 2004. Shareholders“ equity rose by 18.7% to SAR 587.5 million (USD 156.7 million). Export sales accounted for SAR 934 million (USD 249 million) representing 39% of total revenues and 5% growth over 2004. ZIIC exports to more than 80 international markets. The company“s shares are actively traded on the Saudi Stock Market.