RaK Cement agrees to raise capital to Dh 440m - UAE

The extraordinary general assemby of the Ras Al Khaimah Cement Company agreed today to raise its capital to Dh 440 divided into 440m shares. Board Chairman Dr. Abdul Rahman Al Sharhan said the company had posted a net profit of Dh 96m in 2004 compared to Dh 30m in 2003. ’’The high growth in profits was attributed to the increase in sales in 2004,’’ he added.

He disclosed that Dh 2.6m of the projected 2005 budget had been earmarked to improve environmental performance of the factory. The meeting approved a 10 per cent dividend per share for the fiscal year 2004. National manpower in the factory accounts for 23 per cent.