Qatar National Cement chief rules out cement price hike

Qatar National Cement chief rules out cement price hike
Published: 09 May 2011

Qatar’s largest cement producer has ruled out the possibility of an increase in cement prices and said steps were being taken to ensure that the prices remain stable.

Qatar National Cement Company (QNCC) said that if domestic demand increases substantially due to the launch of mega projects for the 2022 FIFA World Cup, it could expand its production capacity or even float a new company.

“Our focus is on meeting local demand. We have no intentions or plans to export cement,” said Mohamed Al Sulaiti, general manager of the QNCC, Al Sharq reported yesterday. He stated that the company was taking effective steps to make sure that cement prices do not shoot up.

“Our company is determined to keep the prices stable. This is our priority. We are not going to increase the prices of cement at least in the foreseeable future,” he said.

QNCC announced a net profit of QAR113.7m for the first quarter ended March 31. The company’s net profit was QAR111.4m for the corresponding period last year.