Contract valued at SAR 33.7 million/USD 9 million
Zamil Steel has again been awarded the contract to supply structural steel products for Phase 2, Stage 2 of Shoaiba Power Plant Project in the Kingdom of Saudi Arabia. This contract worth SAR 33.7 million (USD 9 million), raises the total cumulative value to SAR 163 million (USD 43 million) for structural steel works executed by Zamil Steel on previous stages and phases of this project.
A consortium of Alstom Power of France and Saudi Archirodon is the main contractor for the Shoaiba Power Plant Project. Saudi Archirodon has partnered with Zamil Steel on all previous stages and phases of this crucial project.
More than 30,000 metric tons of structural steel has already been provided for earlier phases and stages, and in this latest win Zamil Steel's Structural Steel Business Unit will provide steel for building structures and pipe racks. Delivery has commenced in September and is targeted for completion in April 2006.
"Zamil Steel has been awarded this contract based on proven performance and an impressive track record in the previous phases and stages of this large scale undertaking. This includes consideration for the high quality of our products, demonstrated efficiency in delivering upon our commitment and our competitive pricing offer," said Adnan Al Mansour, Executive Vice President, Zamil Steel Industries.
Zamil Steel has recently made substantial infrastructure investments in expanding its manufacturing facilities and production capabilities in order to meet rising global demand. .
"We have made substantial investments in new equipment and in the considerable expansion of our production facilities. We have also upgraded our computer design systems to further enhance our engineering capabilities. Combined these factors have increased our ability to meet strong production forecasts within Saudi Arabia as well as internationally," added Adnan Al Mansour.
-Ends-
About Shoaiba Power Plant
The Shoaiba Power Plant generates 4070 MW of power to meet the growing demand for electricity in Saudi Arabia. With its location near the city of Jeddah on the Red Sea coast, it also features port facilities where tankers can berth to offload crude oil.
About Zamil Steel Industries (www.zamilsteel.com)
Founded in 1977, Zamil Steel (ZS) is a global leader in the manufacture of pre-engineered steel buildings and the Middle East's premier supplier of structural steel products and process equipment, transmission and telecommunications towers. Zamil steel operates a joint venture between Zamil Industrial Investment Company and Steel Plus, a subsidiary of Canam Manac Group, Canada, to design and fabricate open web steel joists and floor decks.
ZS manufactures a total 250,000 MT of fabricated steel per annum of low rise and high rise steel buildings and structures for diverse industrial, commercial, agriculture, aviation, entertainment and military applications and support of infrastructure and development projects. Zamil Steel's products are sold in more than 75 countries through an international network of dedicated sales and representative offices, certified builders, agents and distributors.
Zamil Steel's main factories are based in Dammam, Saudi Arabia. Additional factories are located in Egypt and Vietnam. More than 500 engineers are employed in its engineering departments in Saudi Arabia, Jordan, Egypt, Vietnam and India.
ZSI is one of three sector businesses of Zamil Industrial Investment Company.
About Zamil Industrial Investment Company
Zamil Industrial Investment Company (ZIIC) was founded in 1998. It is headquartered in Dammam, Kingdom of Saudi Arabia, and employs more than 5,500 people in 50 countries. As an international manufacturing and fabrication group, it provides leading air conditioning, pre-engineered steel buildings, structural steel products, process equipment, transmission and telecommunications towers, open web joists and decks, and architectural glass processing solutions to meet the requirements of the global construction industry through its three sector businesses: Zamil Air Conditioners (www.zamilac.com), Zamil Steel Industries (www.zamilsteel.com) and Zamil Glass Industries (www.zamilglass.com).
For the year ended 31 December 2004, ZIIC posted turnover of SAR 1.97 billion/USD 525 million, a growth of 26% over 2003. Post Zakat earnings per share also grew by 40% to SAR 10/USD 2.67, up from SAR 7.17/USD 1.91 during the same period in 2003. Shareholders' equity grew by 13.2% to SAR 494.9 million/USD 132 million. Export sales accounted for SAR 889.9 million/USD 237.3 million representing a 62.5% growth over 2003. ZIIC exports to more than 75 international markets and derives 45% of its revenues from outside Saudi Arabia.
Total turnover during the first nine months of 2005 was SAR 1.83 billion/USD 489.2 million, an increase of SAR 375 million/USD 100 million over the same period in 2004. Shareholders' equity increased by 18.7% to SAR 570.7 million/USD 152.2 million compared to the same period in 2004. Net profits after Zakat contributions grew by 48% to SAR 88 million/USD 23.5 million over the equivalent period in 2004. Post Zakat earnings per share grew to SAR 12.6/USD 3.4. Exports during the first nine months of 2005 were at SAR 726.1 million/USD 194 million.
ZIIC shares are actively traded on the Saudi Stock Market. More information can be found at www.ziic.com
For more information please contact:
Said Al-Daajani
Zamil Industrial Investment Company
Corporate Communications
Tel: 966 3 8471840
Fax: 966 3 8472574
E-mail: saidaldaajani@ziic.com
Jamil Alsharif
Tel: 973 17 533532
Fax: 973 17 533370
E-mail: jsharif@hillandknowlton.com.bh
© Press Release 2005
