RIYADH, 13 May 2005 — The Arab Company for Livestock Development (ACOLID), which promotes equity investment in different projects across the Arab world besides forming, participating and possessing wholly or partially projects in the field of animal resources, has reported a net profit of $340 million.
This represents more than 171 percent of ACOLID’s paid-up capital. The average annual rate of return during the period of the company’s performing activity reached 8.3 percent. This was disclosed by Dr. Abdullah T. Al-Thenayan, ACOLID’s director general, here yesterday. Dr. Al-Thenayan said that ACOLID has managed to set up some 38 business entities including projects, affiliated companies and shareholdings in 11 Arab states.
ACOLID, founded by these Arab states way back in 1977, has achieved such a remarkable profit despite the harsh climatic conditions, which have a passive impact on agricultural and animal sectors.
Referring to the performance of ACOLID, Dr. Al-Thenayan said in a press statement that “the volume of this Arab company’s fixed assets increased to 230 percent, while its shareholders’ equity reached 150 percent up to the end of 2004 in fully-owned projects, affiliated and subsidiary companies”.