UAE Gulf Cement Produces 1.4Mt cement in 2003

UAE Gulf Cement Produces 1.4Mt cement in 2003
Published: 01 April 2004

UAE cement company Gulf Cement Gulf Cement, based in the UAE emirate of Ras al-Khaimah, produced a total of 1.4Mt of cement in 2003 and reported clinker output of some 1.23Mt for the year, it was reported on March 31, 2004. The company’s sales of cement and clinker rose to 1.58Mt in 2003 from 1.49Mt in 2002 and its sales of blast furnace slag registered a significant increase over the period. In 2003, some 61.9 per cent of Gulf Cement production was sold on the local market, while the remaining 38.1 per cent were exported to the Gulf Cooperation Council (GCC) countries. Gulf Cement 2003 net profit surged 530 per cent year-on-year to some 67.8 mln UAE dirhams (US$18.5m). The company will pay a 10 per cent cash dividend for 2003 and will raise its capital to 264.6 mln dirhams (US$72m) from 240.6 mln dirhams through a 10 per cent bonus issue.