Saudi-based Zamil Industrial said its net profit for the first nine months of 2008 rose 27 per cent to SR205.1 million ($54.7 million) when compared with SR161.3 million during the same period last year.

Announcing the company’s interim consolidated financial results, managing director Khalid A Al Zamil said the total group turnover was SR3.6 billion, up 29.5 per cent when compared with the same period last year.
The shareholders’ equity also increased by 20.3 per cent to just over a billion riyals, he pointed out.
Zamil Industrial’s operating profits registered an increase of 22.5 per cent from SR230.5 million in 2007 to SR 282.4 million as of 30 September 2008. Post-Zakat earnings per share grew to SR4.56 from SR3.59.
The financial results from July to September 2008 showed net profits of SR81.7 million when compared with SR58.7 million in the same period in 2007 with an increase of 39.2 per cent.
“Zamil Industrial’s performance during the first nine months was remarkable with significant growth compared with the same period last year due to increased sales generated from our domestic and international operations,” Al Zamil remarked.
“Expansion of our production facilities and improving upon our manufacturing capabilities has yielded excellent results. We are able to cope with additional demands on our industries and sustain our growth,” he added.