MENAFN reported that Zamil Industrial Investment Company net profits for the Q1 of the current year amounted to USD9.8 million which is 33.2% down from last year's USD14.7 million.

The company stated that its net profit also went down by 40% in the Q1 compared to a quarter before when profits amounted to USD16.4 million. As for gross profit it hit 58.9 million in the Q1 compared to USD59.1 million in the same quarter of the previous year.

The company added that operating profits for the same quarter went down by 22.7% QoQ and amounted to USD 15.9 million. The company cited the drop in profits to the increase in competition which put more pressure on prices.

(Sourced from www.menafn.com)