Zamil Industrial Investment Company posted a 70.7 percent increase in net profits in the fourth quarter of 2012 at SR61.4 million ($16.4 million), compared to SR36 million ($9.6 million) during the same period in 2011, and a 31.2 percent increase compared to SR46.8 million ($12.5 million) posted in the previous quarter (Q3), the company said in a statement. The reasons behind the better performance in the fourth quarter compared to the same period last year were due to improved operational efficiency in all sectors, improved performance from overseas operations, and enhanced asset utilization in the steel sector. It also performed better in the fourth quarter compared to the third quarter of 2012 due to improved operational efficiency in all sectors, in addition to improved performance from overseas operations. During the 12 months ending Dec. 31, 2012, net profits were SR201.5 million ($53.7 million) compared to SR154.2 million ($41.1 million), representing an increase of 30.7 percent over the same period in 2011. Better performance in the 12 months was due to improved operational efficiency in all sectors, improved performance from overseas operations, and enhanced asset utilization in the steel sector. Earnings per share increased to SR3.36 ($0.90) from SR2.57 ($0.69) in the same period in 2011. Gross profits for the 12 months were SR1,153.2 million ($307.5 million) compared to SR1,051.2 million ($280.3 million) for the same period in 2011, an increase of 9.7 percent. Gross profits for the fourth quarter of 2012 were SR355.9 million ($94.9 million), compared to SR289.9 million ($77.3 million) for the same period in 2011, an increase of 22.8 percent. Operating profits for the fourth quarter of 2012 were SR113.2 million ($30.2 million), compared to SR42.7 million ($11.4 million) in the same period in 2011, an increase of 165.3 percent. Operating profits for the 12 months were SR363.9 million ($97.1 million) compared with SR258.3 million ($68.9 million) for the same period in 2011, an increase of 40.9 percent. – SG
