882 million riyals half year revenues of mohammad al-mojil group
The Mohammad Al-Mojil Group (MMG) announced that it has achieved revenues of SAR 882.4 million ($235.3 million) for the six-month period ending June 30, 2007, achieving a growth rate of 206% as compared to the same period during the previous year. The Company achieved an operating profit of SAR 286.5 million ($76.4 million) during the first six months of the year 2007, reaching a growth rate of 336% compared to the same period of the previous year.
Eng. Adel Al-Mojil, Vice Chairman of MMG, said: "The good results of the Company were due to its continued efforts to develop its projects and strengthen its position as a contractor specialized in industrial construction in the areas of oil, gas, petrochemicals, energy, and water desalination. MMG, whose capital is one billion Saudi riyals (266.7 million dollars), was capable of putting the expertise and experience it had gained during the past five decades, since its establishment, in the service of the industrial advancement and economic progress that the Kingdom of Saudi Arabia is presently witnessing. MMG has succeeded in building for itself a sound reputation based on principles of safety, security, and trust, timely completion of its projects."
Mr. Fahad Al-Raqtan, Managing Director of MMG, pointed out that the industrial renaissance that Saudi Arabia is witnessing right now is liable to continue strongly and present estimations indicate that the value of industrial projects to be awarded in the oil and gas sector in the forthcoming four years is estimated at $53 billion, the petrochemical sector at about $50 billion, the electricity and energy sector at about $18 billion, and the water and desalination sector at about $4 billion.” He added: "This progress in our operational results is simultaneous with the development of the subsidiary activities of MMG. At present MMG employs 13,477 employees, 10% of whom are Saudis. This is double the statutory Saudisation rate imposed by the government on the contractor sector in which MMG operates. Nevertheless, MMG plans to increase this rate with the expansion of its activities. We have invested over SAR 20 million in a centre, specialised in training Saudi youth who wish to join the Company."
MMG had recently launched the Patriotic Pride Sharing Programme, aimed at increasing awareness of the Company's activities and efforts in recruiting and training Saudi nationals.
Finally, Eng. Adel Al-Mojil, Vice Chairman, explained: "MMG has a sound reputation in its area of work. We aim to continue to execute its strategies in financial, administrative, and industrial development in order to achieve its targeted goals in areas of industry important to the Kingdom of Saudi Arabia. This in turn will lead to the welfare and benefit of the nation and of the Saudi citizen."
