UAE cement producers see improvements in 9M12 profits
Two leading cement producers in the UAE have posted an improvement in profits for the first nine months of 2012 as construction activity on the local market shows signs of a revival.
Arkan Building Materials said profits grew 76 per cent during the year to the end of September to AED41.5m (US$11.2m). The company’s improvement was attributed to a 38 per cent rise in sales which increased to AED295.1m during the year from AED213.5m in the same period of the previous year.
Revenue at Arkan’s Emirates Cement Factory rose from AED129.6m last year to AED1418m and profits rose to AED41m from AED36.8m, which the company said was due to increased prices.
Meanwhile, Sharjah Cement & Industrial Development also issued a rise in third-quarter results as the company swung to a profit. The company’s profits stood at AED14.3m during the period compared to a loss of AED17.8m for the same period in the previous year.