The net profit of UAE Ras al-Khaimah cement manufacturer Union Cement surged 226 per cent YoY to AED48.9m (US$13.3m) for the first half of 2004. The company’s sales revenue climbed 68.1 per cent to AED144.6m (US$39.4m), while the cost of goods sold increased to AED82m from AED57.3m. As a result, gross profit rose to AED62.6m (US$17m) from AED28.7m (US$7m). Union Cement total assets grew to AED553.2m at end-June 2004 from AED537.6m at end-December 2003. The company’s shareholders’ equity totalled AED521.2m at end-June 2004.
Meanwhile, Saudi cement producer Tabuk Cement Company (TCC) posted a net profit of SAR58.5m (US$15.6m) for the first half of 2004, up by 75 per cent YoY. TCC’s sales stood at SAR140m (US$37.3m), up 34 per cent, while operating revenue rose 79 per cent to SAR59.4m (US$15.8m). The company’s total assets stood at SAR1.1bn (US$293m), down 2.4 per cent. TCC posted a net profit of SAR75.7m (US$20.2m) for 2003, down from SAR78.8m (US$21m) for 2002.