Riyadh – Mubasher: Zamil Industrial Investment said Wednesday it saw a 30.3% decline in net profit for the first quarter of 2016 to SAR 51.4 million ($13.7 million), from SAR 73.73 million ($19.66 million) reported in the corresponding period last year.
In a filing posted on Tadawul website today, the company attributed the profit decline to a fall in sales at the company’s air-conditioning segment due to a delay or suspension of executing projects in the kingdom.
Zamil also cited a decline in exchange rates in developing countries to which it exports products.
