SADQ Reports 35 Million Riyals in Profits at the End of Last Year
Riyadh-Amlak
The Saudi Industrial Development Company «SADQ» managed to achieve profits of 35 million riyals in 2013, an increase of 51% compared to the previous year and a growth rate of (101%) of the company’s total investments. The company’s net profits in the fourth quarter of 2013 reached 7 million riyals, an increase of (75%) compared to the fourth quarter of the previous year.
For his part, Engineer Bandar bin Abdullah Al-Humaidi, Chairman of the Board of Directors of the Saudi Industrial Development Company “SADQ,” that the growing profits the company has managed to increase and maintain over the past years reflect the effectiveness of the development steps taken by the company’s management to capitalize on favorable market opportunities and focus on high-return investments for the optimal utilization of the company’s assets, whichenabled the company to grow its revenues, increase its profits, and achieve significant leaps in its performance, while also helping to solidify its strong presence within the Kingdom’s promising construction and building sector. He explained that total shareholders“ equity reached (403.5) million riyals, an increase of (9%) compared to the previous year, and the company’s assets reached (498) million riyals, an increase of 71% compared to 2012. The company was able to cover all accumulated losses and convert them into accumulated retained earnings by the end of 2013.
Engineer Al-Humaidi noted that the company is proceeding with its plan to localize jobs and increase female employment in some of the company’s production lines, and is currently making the necessary preparations to create a suitable work environment in other production lines. Last year, the company also introduced new products in the mattress sector through one of its subsidiaries, Sleep High. He explained that the Sadq Ceramics factory achieved profits double those of 2012 for the second consecutive year, Additionally, its ceramic sanitary ware product has won numerous government project tenders.
