Ras Al Khaimah Company for White Cement & Construction Materials saw a 43% fall in net profits for the first half of 2010 compared to the same period last year, as the increased cost of sales ate away at gross takings.
The UAE firm, which produces white cement used in tiles and other decorative elements as well as calcium silicate bricks, saw after-tax numbers fall from AED50.15 million last year to AED28.3 million, in results yet to be audited.
However, the company’s finance officer declared high demand for its products and is expanding one of its three plants to meet national and international demand.
Its net profits for the second quarter were almost a sixth of those in the second quarter of the previous, year, down to AED6.87 million from AED36.9 million. Net operating profit was up 8% to AED49.6 million, although the company pointed out that one kiln was out of production until April.