Zamil Industrial, a leading manufacturing and fabrication group, convened its general assembly yesterday (March 31) where the shareholders approved a 15 per cent distribution of profits at SR1.5 ($0.40) per share.

The session was held to discuss several agenda items in the presence of members of the board of directors, shareholders, a delegate from the Ministry of Commerce and Industry and representatives from the external auditor. The quorum for the meeting was 58 percent.

Shareholders agreed unanimously 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 ($60 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 SR4,550 million ($1,213 million), a growth of 23.6 per cent compared with same period last year.

Shareholders’ equity also increased by 15.2 per cent to SR1028.3 million ($274.2 million).

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. – TradeArabia News Service