Qatari Gulf Cement Company plans to retain its net profit of QAR32.3m (US$8.9m), according to preliminary figures for 2007, to fund capacity expansion projects, local media reported on January 20, 2008.
In addition to a cement plant that is under construction, the company plans to open a factory for construction sand. It also intends to establish an investment and development firm and a company for commercial services.
Gulf Cement is currently building production facilities in Doha’s industrial area Umm Bab. They will have a daily capacity of 5,000t of cement. The company aims to meet between 20 per cent and 25 per cent of local demand through the expansion.
The cement maker will also propose to shareholders to transform into a holding company in order to include its future diversified activities.
For 2006 Gulf Cement reported a QAR19.8m (US$5.4m) net profit for the seven months since May, when it started operations.