Gulf Cement net gains up to QR32.3m

Gulf Cement net gains up to QR32.3m
Published: 21 January 2008

Gulf Cement net gains up to QR32.3m

Gulf Cement Company has reported a net profit of QR32.3m in 2007 and said it was proposing to convert itself into a holding entity for its cement, and the proposed sand, investment and trading companies.

The company had reported a net profit of QR19.8mn since its inception on May 2006 to December 31, 2006.

After its board meeting yesterday, the company also announced that it was shifting its net profits to the retained earnings since the company was expanding its activities to include sand manufacturing company and a company for development and investment as well as another one for trading services.

“A recommendation to the company’s annual general meeting to convert into a holding company to include the new companies” would be made, said a spokesperson in a communiqué to the Doha Securities Market.