Zamil profits rise 2.23% in Q4

Riyadh – Mubasher: Zamil Industrial Investment's profits grew 2.23% year-on-year to SAR 58.7 million ($15.66 million) in the fourth quarter of 2016 from SAR 57.45 million ($15.32 million).

The rise in net profits in Q4 was attributed to higher other income and non-controlling interests and due to reduction in impairment loss of non-current assets, according to a bourse filing on Thursday.

Decrease in income from main operations was due to lower sales of core products in AC and Steel sector attributable to project delays in Saudi as a result of general slowdown in the contracting business eco-system, the statement said.

As for the twelve months of 2016, the company achieved net profits of SAR 201 million down by 23.57 from SAR 263 million in 2015.

Moreover, the company's board recommended cash dividends for the second half of 2016 at 10% of the stock’s par value, or SAR 1 a share, totalling SAR 60 million.

The dividend eligibility is for shareholders of record until the close of trading on the general meeting date.

Mubasher Contribution Time: 19-Jan-2017 11:23 (GMT)
Mubasher Last Update Time: 19-Jan-2017 11:23 (GMT)