ZIIC posts healthy net

Dammam-based Zamil Industrial Investment Company sees fourth quarter net profit rise 10.9% year on year.

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By  David Ingham Published  January 20, 2004

Zamil Industrial Investment Company (ZIIC), posted net profit of SR50.3 million (US $13.4 million) for the fourth calendar quarter of 2003, a year on year increase of 10.9%. Earnings per share reached SR8.39 (US $2.24), up from SR7.56 the year before. The Dammam-based manufacturing group’s revenue in the quarter was SR1.55 billion (US $414.2m), a 10.5% increase over 2002. “The sustained growth in the air conditioning sector was attributed to winning major contracts in Saudi Arabia and abroad, with remarkable performance by our ‘Cooline’ brand in foreign markets,” said Dr. Abdulrahman Al Zamil, chairman, ZIIC. “The steel sector posted good results through our three business units in Dammam, Saudi Arabia as well as through Zamil Steel’s operations in Egypt and Vietnam, which continue to focus on sales to neighboring countries.” ZIIC was founded in 1998 and now employs around 5,000 people in 50 countries. It manufactures a range of construction products and materials through its three businesses: Zamil Air Conditioners, Zamil Steel Industries and Zamil Glass Industries. The listed company derives around 40% of its revenues from outside Saudi Arabia.

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