Shareholders of Zamil Industrial, a leading manufacturing and fabrication group, have approved a 15 per cent distribution of profits at SR1.5 ($0.40) per share at their general assembly.

The session was held to discuss several agenda items in the presence of members of the board of directors, a delegate from the Ministry of Commerce and Industry and representatives from the external auditor. The quorum for the meeting was 58 per cent.
Shareholders agreed unanimous-
usly to the proposed agenda items and approved the board of directors’ report for the year 2008 and Zamil Industrial final accounts and the auditor’s report for the fiscal year ending 31 December 2008.
They also agreed to hold the board of directors free from any liabilities for the fiscal year ending 31 December 2008.
Zamil Industrial posted net profits of SR225.1 million in 2008, an increase of nine per cent over the same period in 2007.
This growth is attributed to an expansion of worldwide sales on the part of the company’s sector businesses. Total turnover for the group was SR4.55 billion, a growth of 23.6 per cent compared with the same period last year.
Shareholders’ equity increased by 15.2 per cent to SR1.02 billion.
The company will begin distribution of the approved dividends to eligible shareholders by means of a transfer to their accounts by April 21 through National Commercial Bank, according to a statement.