Advanced Building Industries Co. — Earnings Release 2004

Oct 19, 2004

ZIIC POSTS NET PROFITS OF SAR 59.5M (US$ 15.9M) FOR NINE MONTHS

2240 · 19/10/2004 12:23:31 · Announcement #6005 · View on Saudi Exchange

ZIIC POSTS NET PROFITS OF SAR 59.5M (US$ 15.9M) FOR NINE MONTHS

Zamil Industrial Investment Company (ZIIC), the international manufacturing and fabrication group focused on growth segments of the construction industry, has announced net profits after Zakat contributions of SAR 59.5 million (US$ 15.9 million) for the nine months ending September 2004. This represents an increase of 31.4% over the same period in 2003. Total turnover during the nine months was SAR 1,459.8 million (US$ 389.3 million), an increase of SAR 250.3 million (US$ 66.8 million), a 20.7% increase over the same period in 2003. Shareholders' equity increased by 11.7% to SAR 480.9 million (US$ 128.2 million), up from SAR 430.6 million (US$ 114.8 million) in 2003. Net profits after Zakat contributions grew by 31.4% to SAR 59.5 million (US$ 15.9 million) compared to SAR 45.3 million (US$ 12.1 million) in the same period in 2003. Post Zakat earnings per share also grew by 31.4% to SAR 8.5 (US$ 2.27), up from SAR 6.47 (US$ 1.73) in 2003. Total exports amounted to SAR 792.6 million (US$ 211.4 million), representing 54.3 % of group turnover. ZIIC products are marketed and sold in more than 75 countries around the world. Dr. Abdulrahman A. Al Zamil, Chairman of ZIIC, said that the company's strong financial performance saw a further a substantial increase as at September 2004 compared to the same period last year. He added "the steel and air conditioning sector sales posted an increase of 48.3% and 2% respectively, while the glass sector recorded an 8.3% decrease in sales due to the reorganization of the production lines and supporting departments in addition to the increasingly fierce competition in the architectural glass processing industry". On Monday, ZIIC announced a new fund for its Saudi employees and workers to purchase shares in the newly formed telecommunications company "Etihad Etisalat". This initiative comes as appreciation for their efforts and dedication to the company and to encourage and motivate to recognize and invest in profitable opportunities.

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