Zamil Industrial’s Q2 profits up 16.4% year-on-year

Zamil Steel’s parent company, Zamil Industrial Investment Co, saw its net profits rise 16.4% in the second quarter of 2012, compared with the same period last year, on improved sales and operating efficiencies.

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Listed in Riyadh, Zamil Industrial said it made 55.8 million riyals ($14.86 million) compared with 48 million riyals in the same period last year.

This was higher 48.7% than the 37.5 million riyals posted in the first quarter, a result the company attributed to “the increase in sales and other income”.

Although Zamil Steel is the main part of the company, Zamil Industrial runs a number of manufacturing subsidiaries, including the production of glass, mirrors, insulation and air conditioners.

Zamil Steel is one of the Gulf’s major structural steel manufacturers and suppliers, including pre-engineered buildings.

Over six months, Zamil Industrial made a net profit of 93.3 million riyals, up 10.1% against the 84.7 million in the same period in 2011. Earnings per share grew to 1.55 riyals compared to 1.41 riyals in 2011.

“The reason driving the improvement was a 7% increase in sales and higher operational efficiencies coupled with better cost management in all sectors,” the company told investors.

Zamil Industrial shares remained at 29 riyals at the start of July 23.

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