Qatar National Cement Company reports fall in net profit

Qatar National Cement Company reports fall in net profit
Published: 08 August 2011

Qatar National Cement Company (QNCC) has reported 17% shrinkage in the first half’s net profit to QAR214.27m (US$58.8m) due to lower revenue.

Revenue fell 11% to QAR521.52mn and cost of sales also dipped 10% to QAR296.85m, resulting in a 13% slump in gross profit to QAR224.67m, according to its financial statement filed with the Qatar Exchange.

Other income plunged 42% to QAR19.47m, even as it reported QAR1.32m gains as share of results of associates against a loss of QAR0.36m in the previous year period.

Selling and distributions expenses were down 9% to QAR4.44m, general and administrative costs by 4% to QAR23.12m and finance charges by 34% to QAR3.64m.

Total assets were valued at QR2.42bn, comprising current assets of QAR0.50bn and non-current assets of QAR1.92bn. Total equity stood at QR2.09bn on a capital base of QAR491.01m and earnings-per-share was QAR4.36 at the end of June 30, 2011.