Advanced Building Industries Co. — Earnings Release 2002

Jan 20, 2003

ZAMIL INDUSTRIAL INVESTMENT COMPANY POSTS SR 45.2 MILLION NET PROFITS FOR 2002 INCREASING BY 221 PERCENT

2240 · 20/01/2003 09:36:53 · Announcement #4555 · View on Saudi Exchange

ZAMIL INDUSTRIAL INVESTMENT COMPANY POSTS SR 45.2 MILLION NET PROFITS FOR 2002 INCREASING BY 221 PERCENT

Mr. Adib A. Al-Zamil, the managing director of Zamil Industrial Investment Company (ZIIC), announced that the company for the year 2002 has achieved net profits of SR 45.2 million (USD 12.1 million) an increase of 221 percent compared to the year 2001 net profits of SR 14 million. ?This noticeable increase in the company?s net profit was mainly due to the improvement in performance of the local and international operations of ZIIC during the year? says Al-Zamil. The earnings per share rose from SR 2.35 in 2001 to SR 7.54 at the end of the fiscal year. In addition, the shareholders equity also reported a sizeable increase of 11 percent at SR 428.5 million (USD 114.3 million) in 2002 compared to SR 386.6 million (USD 103.1) in 2001. Mr. Adib Al-Zamil also stated that ZIIC through its three manufacturing sectors (Zamil Air Conditioners, Zamil Steel Industries and Zamil Glass Industries) reported annual sales of SR 1,410.3 million in 2002 (USD 376.1 million) compared to sales of SR 1,247.4 million in 2001 (USD 332.6 million) an increase of 13 percent.

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