Zamil Industrial votes in chairman and executives

Zamil's steel subsidiary is a leading supplier in the Gulf

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The board of Zamil Industrial Investment Company (Zamil Industrial) reelected Dr Abdulrahman A Al Zamil as its chairman, according to a company note to the Tadawul Stock Exchange, KSA.

The Dammam-based manufacturing and fabrication giant also appointed members of its executive, audit, nomination and renumeration committees, it added. It was the first meeting of its fifth term, which was voted in at the end of March this year.

Zamil Industrial has a range of business lines and subsidiaries, including the production of pre-engineered steel buildings (PEB), structural steel products, air conditioning systems, air cooled heat exchangers, district cooling and utility services, as well as glass and cement products.

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2009 turnover was SR4.204 billion, a decline of 7.6% over 2008, with net profit, after Zakat contribution, of SR230.2 million, after its Zakat contribution. Export sales accounted for SR1.1 billion – roughly 30% of its business. However, the fourth quarter results up to 31st December saw profits after cutting costs and getting revenue from Indian and Egyptian ventures.

Net income for the three-month period was SR64 million from SR20 million in the year-earlier period. Export sales accounted for SR1.1 billion – roughly 30% of its business.

Last week the company was part of the two-day ‘Mega Engineering Projects in Eastern Province’ Exhibition organised by King Fahd University of Petroleum and Minerals (KFUPM) at the KFUPM Exhibition Center in Dhahran. Prince Mohammed bin Fahd bin Abdulaziz Al Saud, governor of the Eastern Province of Saudi Arabia, was in attendance.

Earlier this year, Zamil Group Holding Company came first in ConstructionWeek’s first top 50 GCC supplier list, gaining particular acknowledgement for the success of its subsidiaries Zamil Steel and Zamil Glass.

Yesterday the company’s stock price slipped SR1.6 – down 3.8% - to close at SR40.5. It has seen a turbulent rise and decline in value in the last three months, rising from SR46.80 at the beginning of March to SR54.25 by 14th April, seeing a low of SR40.10 by 25th May, before a spike at SR44.50 at the beginning of last week.