JEDDAH, 22 February 2006 -- Arabian Industrial Development Co. (NAMA) reported yesterday that its net profits jumped by 177 percent for the year 2005 to reach SR29.7 million compared to a net loss of SR27.8 million in 2004. NAMA's recorded that it made SR292.6 million in sales for 2005 and thus its sales grew by 25 percent from 2004 when the company sales were SR233 million.

NAMA's chief executive officer, Saud Al-Gosaibi, announced yesterday that his company is in the final stages of a merger with Jubail Petrochemical Co.

Arab News 2006