QNCC posts QR257m 1H profit, Qatar

QNCC posts QR257m 1H profit, Qatar
Published: 27 July 2010

Qatar National Cement Company (QNCC) has posted a marginal 1% rise in its first-half net profit to QR256.79m.

However, gross profit rose by a robust 31% to QR258.28mn as cost of sales plunged faster than revenue, according to its financial statement.

Revenues fell 33% to QR586.61mn whereas cost of sales more than halved to QR328.33mn. Other income plunged 65% to QR33.33mn during January-June 2010.

Stoppage of cement imports led the decrease in sales value, QNCC chairman and managing director Salem bin Butti al-Naimi, said.

The company’s total production capacity now stands at 15,000tpd.

Although general and administrative expenses rose 3% to QR24.03m, finance costs dropped 64% to QR5.55m and selling and distribution costs by 2% to QR4.87m.

Total assets were valued at QR2.46bn, comprising current assets of QR0.53bn and non-current assets of QR1.93bn.