Advanced Building Industries Co. — Earnings Release 2006

Jan 23, 2007

RECORD PROFIT FOR ZAMIL INDUSTRIES IN 2006

2240 · 23/01/2007 07:46:31 · Announcement #9982 · View on Saudi Exchange

RECORD PROFIT FOR ZAMIL INDUSTRIES IN 2006

Zamil Industrial Investment Company (ZIIC) has announced its interim financials for the twelve months period ending 31 December 2006 in a statement released by Khalid A. Al Zamil, Managing Director, ZIIC.

During 2006, net profits after Zakat contributions were SAR 191.7 million (USD 51.1 million) compared to SAR 106.4 million (USD 28.4 million), representing an increase of 80.2 percent over the same period in 2005. Total turnover for the group was SAR 2.87 billion (USD 765.1 million), a growth of 21.1 percent compared with last year. Shareholders? Equity also increased by 26.4 percent to SAR 742.9 million (USD 198.1 million).

Operating profits for ZIIC, on the other hand, posted an increase of 47.2 percent from SAR 153.9 million (USD 41.0 million) in 2005 to SAR 226.5 million (USD 60.4 million) in 2006.

Post Zakat Earnings per Share during 2006 grew to SAR 4.26 (USD 1.14) from SAR 2.36 (USD 0.63) representing 80.2 percent growth.

The financial results from October to December 2006 posted net profits of SAR 36.9 million (USD 9.9 million) compared to SAR 18.4 million (USD 4.9 million) in the same period in 2005, an increase of 100.4 percent.

Khalid Al Zamil said, ?ZIIC sectors posted record breaking figures in 2006 in local, international sales, as well as net profits. The excellent results are attributed to the increased efficiencies of our manufacturing facilities and the continuous implementation of strategic initiatives across our sector businesses, while focusing on maintaining a strong satisfied customer base.? He added, ?We forecast 2007 to be another successful year with our new manufacturing facilities scheduled to come on stream during the year coupled with the completion of current expansions.?

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