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FINANCIAL NEWS
Saudi Zamil Industrial mulls two buyout for up to USD80m in 2013
21 Nov 2012
(MENAFN) Saudi Zamil Industrial Investment Company is considering two acquisitions in Saudi Arabia’s construction and building materials sector for USD80 million in 2013, Arabian Business reported.
CEO Abdulla Al Zamil said the company is in talks with two companies in the sector, adding that in case of an agreement, Zamil Industrial t would finance the deals from own cash.
Zamil Industrial, founded in 1998, sells its products in more than 90 countries with manufacturing facilities in Saudi Arabia, the United Arab Emirates, Egypt, Austria, India, Vietnam and Italy.
The company employs more than 10,000 people in 55 countries. It derives about 40 percent of its revenue from outside the Kingdom.
Zamil Industrial reported a 39.4 percent increase in its third quarter net profits to USD12.5 million from USD8.96 million a year earlier, while sales grew by 9.8 percent.
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