UAE cement manufacturer Fujairah Cement Industries Company reported a surge in net profit to US$24.6m for 2004, up from US$9.7m in 2003.
Earnings per share (EPS) rose to 26.07 fils (US$0.089) in 2004 from 10.28 fils (US$0.035) in 2003. The company’s management board has recommended a 17.5 per cent cash dividend for 2004. The proposal is subject to shareholders’ approval. Fujairah Cement was established in the emirate of Fujairah in 1979 and was listed on the Kuwait Stock Exchange (KSE) in 1993.