Gulf Cement Co first-half profit more than doubles

Gulf Cement Co first-half profit more than doubles
Published: 25 July 2005

Gulf Cement Co said its half-year profit more than doubled to KWD18.4m (US$63m) from KWD7.6m  in the same period of 2004. 
 
A statement posted on the Kuwaiti stock exchange Web site shortly before the market closed said earnings per share rose to 58 fils from 24 fils. There are 1,000 fils per dinar. 
 
The company did not give a reason for the profit increase or specify which measure was used for the headline figure, but said KWD4.1m of it represented unrealised profits which would only be realised should a position be liquidated. 
 
Gulf Cement, based in Ras al-Khaimah in the United Arab Emirates, is quoted on the stock markets of Abu Dhabi and Kuwait.