Gulf Cement 1Q04 net profit surges

The net profit of UAE cement maker Gulf Cement Company surged 364 per cent YoY to AED35.7m (US$9.7m) for the first quarter of 2004. The company’s sales rose to AED96.4m (US$26.2m) in the first three months of 2004 from AED54.1m (US$14.7m) in the same period of 2003.

Assets increased to AED509.6m at end-March 2004 from AED473.4m at end-December 2003 and shareholders’ equity climbed to AED458.1m  from AED422.4m.