More than 2 billion riyals profit of Tobacco National Company [Archives:2004/725/Local News]

April 1 2004

The General and Extraordinary Assemblies of the National Tobacco Company held their annual meeting on 10 March, chaired by Mr. Tawfeeq Saleh, Chairman of the Company, to review the annual report for the year 2003. The Chairman explained that work in the new factory, built at a cost of 2.54 billion Riyals, will commence this year at a capacity of 344 thousands cartons during 2004. He confirmed the importance of this modernization of the company in the light of foreign competition and challenges facing the company as a result of smuggling, which requires the collective efforts of the relevant authorities. The annual report points also the contribution of the company to the national economy, of sum of nearly 11,167 million Riyals, plus the sum of 165,860 thousand Riyals in donations to sports, education and social organisations.
The report also indicates that the company earned a profit in 2003 of 2.8 billion Riyals, an increase of 300 million Riyals from 2002.