Kuwait’s Portland Cement profits up

Kuwait’s Portland Cement profits up
Published: 10 March 2004

Kuwait Portland Cement Co said on Tuesday its net profit for 2003 had risen 86 percent to 15.14 million Kuwaiti dinars (US$51m) from 8.12 million dinars a year earlier. General manager Adel al-Ghanim told Reuters that increased steel and cement sales had helped boost profits.  In a profit report carried by the Kuwait Stock Exchange, the company attributed 8.05 million dinars of its 2003 profits to the implementation of international accounting standards.  Though it did not elaborate, al-Ghanim said the bulk of the increase was "coming from the investment side".  Investment income totalled 8.3 mln dirhams ($2.3m), up 21.2 per cent.