Zamil Industrial to return to profit in 2021: chairman

Zamil Industrial Investment Co. expects to return to profitability in 2021, Rotana Khalejia reported, citing Chairman Khalid Abdullah Al Zamil.

He explained that the lower demand in the previous years was due to the decrease in exports to Syria, Iraq and other countries, the drop in oil prices, and the COVID-19 pandemic.

The chairman stressed the need for a clear strategy to protect domestic industries from unfair dumping, through raising customs protection within the limits of the World Trade Organization (WTO) system and applying the strategy of local and national content in the correct way to strengthen industries.

The level of Saudi industry is great and of the highest specifications, he noted.

With regard to the General Authority of Zakat and Tax (GAZT) claims to pay Zakat differences, Al Zamil said he expects his company to succeed in its objection to this value.

He clarified that the company is in talks with GAZT officials to explain that the Zakat differences is not realistic.

In December, Zamil received letters from GAZT, requiring it to adjust its Zakat reports for the period from 2014 to 2018 and pay Zakat differences worth SAR 229.3 million, according to data compiled by Argaam.