Mojil Group (MMG), Saudi Arabia's premier industrial construction and construction services company, registered record-breaking revenues of SR1.96 billion last year, up 119 percent compared to 2006. During the same period, the company's net income soared to SR548.57 million, up 164 percent compared to 2006. In 2007, the company's gross profit rose to SR634.84 million, an increase of 145 percent compared to the previous year. The company said in a statement on Friday that it has benefited from its 50-year heritage as one of the Kingdom's most reliable service providers to the extremely high-growth oil, gas and petrochemical industries. MMG recently also said the Saudi Capital Market Authority has approved the company's application to hold an initial public offering. The offering consists of 30 million shares, representing 30 percent of the company's share capital. The IPO will open for retail subscription on May 3, 2008, and close on May 12, 2008. “Following more than a half-century of operations in Saudi Arabia, Mohammad Al-Mojil Group has never been more strongly positioned to support the rapid growth of the Kingdom's all-important energy industry,” said Eng. Adel Al-Mojil, vice chairman of MMG. “Operating across the construction services value chain and dedicated exclusively to the needs of the Kingdom, MMG experienced record growth last year. During a period of sustained high energy prices, demand for our expertise has never been greater, and we anticipate continued strong growth in 2008. “Just as important as the company's financial performance is the ongoing contribution we make to the Kingdom's long-term economic growth and diversification. By creating thousands of new employment opportunities and providing technical and vocational training for aspiring Saudi nationals, MMG fuels its own organic expansion and provides for the well-being of the Kingdom as a whole.” “As today's announcement demonstrates, 2007 was a truly remarkable year for MMG,” said Fahad Al-Raqtan, managing director of MMG. “The company kicked off last year with an outstanding order book of SR2 billion and was awarded another SAR 3.2 billion worth of new contracts during 2007, of which the company successfully executed SR1.9 billion during that period. At the end of 2007, the company had an outstanding order book of SR3.3 billion. We are all extremely proud of this performance and are grateful to our partners for the trust they continue to place with MMG to carry out such projects on time and to the highest standards. “In this regard, it is important to note that our assets, including fully-owned construction equipment, marine vessels and other facilities, increased significantly last year, by a total of 72 per cent to SR2.23 billion. MMG is uniquely able to meet the dynamic needs of its clients precisely because its asset base is so large; we are able to provide the cranes, pipes and trucks, for instance, necessary to move projects from blueprints to completion with unmatched efficiency.” “Just as important as our physical resources, our human resources set MMG apart from its peers. We currently have more than 24,000 skilled and experienced staff working on all of our projects. This is unquestionably our greatest asset: we share our record success with each of them, and with the people of Saudi Arabia. Together, we will continue to build an even brighter and more prosperous future for this dynamic nation,” Al-Raqtan further said. Established in the 1950s, MMG has grown to become one of Saudi Arabia's largest industrial construction companies, actively participating in the realization of significant projects across the Kingdom. With a track record of delivering results on time, on budget and to the exact specifications of its clients, MMG is the construction and construction services provider of choice for many of the Kingdom's largest companies, including Saudi Aramco, the world's leading producer of energy. Awarded “Construction Partner of the Year” by Samsung Engineering last year, MMG has completed projects worth more than SAR 37.5 billion. __
