The board of directors of UAE Ras al-Khaimah cement manufacturer Union Cement approved on June 13, 2004 a proposal to install a new kiln with an annual capacity of 2.5Mt. The move is aimed at meeting the growing local and regional demand for cement.
Union Cement posted a net profit of AED18.9m (US$5.1m) for the first quarter of 2004, up from AED7.4m (US$2m) in the same period of 2003. The company’s 2003 net profit surged to AED46.7m (US$12.7m) from AED1.97m (US$536,000) in 2002 on strong sales and lower expenses. Union Cement is traded on Abu Dhabi Securities Market (ADSM).