RAK Cement nine month net profit declines, UAE

Ras Al Khaimah Cement reported an 86.6 per cent decline in net profit for the nine months to the end of September due to technical stoppage at the plant earlier this year.

The UAE-based producer said net profit fell to AED650,000 (US$176,000) compared to US$1.3m (AED4.85m) last year. Sales rose by 3.7 per cent during the 9M13 period to AED182.6m, with domestic dispatches increasing 37 per cent YoY to AED138.7m while exports were down 41 per cent YoY to AED43.9m.

The company said that profits were much lower due to a technical stoppage at the plant in February, costing the company an estimated US$1.1m.