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ZAMIL INDUSTRIAL INVESTMENT COMPANY
Core business: A manufacturing giant of glass, steel, mirrors and air conditioners. Subsidiaries include Zamil Steel.
The only materials supplier with big-scale multiple specialisms, Zamil has been competitive on all fronts in the last year: steel, glass, mirrors, transmission towers and air conditioners.
Its rise on the stock market had an outstanding start to the year with Q4 2009 results that more than tripled after reducing costs and securing investments in India and Egypt.
In an interview with a newswire, Abdulla Al-Zamil, chief executive officer, emphasized the reduction in inventories and receivables to reduce its debts to banks.
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It has meant that it could cut steel costs in its home markets where some rivals could not. New ventures with Indian firm Heurtey Petrochem’s Petro-Chem Development and New Delhi Tele-Towers last year and a steel factory in India at the end of 2008 look to be adding to its firepower.
But despite its gain against the CW benchmark, it fell below the SR41.73 in which it started the year and has lost around SR9 since its peak in 14th April.
CW benchmark outperformance: 4.26%
Market capitalization: SR2.736 billion
Conclusion:
As four of the top five, Kuwait companies have been surprisingly successful. Cement is still vital, and Kuwait Portland Cement Company has enjoyed the market juggle of supply and demand. Two contractors – Combined Group Contracting and KCPC – have produced a big outperformance with effective diversification.
However, some have flourished with a single product area, such as Saudi Vitrified Clay Pipes Company. There is a link between strong first quarter results and a good rise for the half-year.
Top ten fallers
(below the 5% CW benchmark)
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