JEDDAH – Zamil Industrial Investment Company said Tuesday that it registered SR60.1 million ($16.1 million) net profit for the fourth quarter of 2013, compared with SR 61.4 million ($16.4 million) during the same period in 2012, a drop of 2.1 percent, and compared with SR48.9 million ($13.1 million) posted in the previous quarter (Q3), or an increase of 22.8 percent. Gross profits for the fourth quarter of 2013 were SR326.2 million ($86.9 million), compared with gross profits of SR367.8 million ($98.1 million) for the same period in 2012, a decrease of 11.3 percent. Operating profits during the fourth quarter were SR102.2 million ($27.2 million), compared with SR114.4 million ($30.5 million) for the same period in 2012, a decrease of 10.7 percent. During the 12 months ended Dec. 31, 2013, net profits were SR235.4 million ($62.8 million), compared with SR201.5 million ($53.7 million), an increase of 16.8 percent over the same period in 2012. Earnings per share grew to SR3.92 ($1.1) from SR3.36 ($0.90) during the same period in 2012. Gross profits for the 12 months were SR1.26 billion ($335.4 million), compared with SR1.165 billion ($310.7 million) for the same period in 2012, an increase of 7.9 percent. Operating profits for the 12 months were SR385.1 million ($102.7 million), compared with SR365.2 million ($97.4 million) for the same period in 2012, an increase of 5.4 percent. The decrease in the fourth quarter of 2013, when compared with the same quarter of 2012, was due to a drop in sales and to foreign currency exchange losses which are mainly attributable to the devaluation of the Indian rupee and Egyptian pound. Improved performance in the twelve-month period, when compared to the same period last year, was attributed to the improved performance of the steel sector and in overseas operations. It also reflects a decrease in the zakat provision and non-controlling interests. In addition, increased sales in the air conditioning and concrete sectors were responsible for the increase in selling and distribution expenses. The sequential performance improvements that occurred during the fourth quarter of 2013, when compared with the previous quarter, were attributed to improved margins and sales growth in both the air conditioning and steel sectors. — SG
