DAMMAM – Zamil Industrial Investment Company posted SR62.7 million ($16.7 million) net profits for the first quarter of 2013), compared to SR37.5 million ($10 million) during the same period in 2012, representing an increase of 67.1 percent; and compared to SR61.4 million ($16.4 million) posted in the previous quarter (Q4) or a growth of 2.1 percent. Better performance in the first quarter was due to increase in sales and improved operating margins in the air conditioning, steel and concrete sectors in Saudi Arabia and abroad. The first quarter of 2013 did well as compared to the fourth quarter of 2012 due to reduction in expenses and zakat provisions. Gross profit for the first quarter of 2013 hit SR299.8 million ($80 million), compared to gross profit of SR240.6 million ($64.2 million) for the same period in 2012, an increase of 24.6 percent. Operating profits during the first quarter were SR97.2 million ($25.9 million) compared to SR70.8 million ($18.9 million) in the same period in 2012, an increase of 37.2 percent. Earnings per share grew to SR1.04 ($0.28) from SR0.63 ($0.17) in the same period in 2012. — SG
