Gulf Cement Company nine-month profit surges

UAE-based Gulf Cement Company registered 62 per cent growth in its net profit to AED73.9m (US$ 20.1m) for the first nine months of 2014, the company said in a statement to Abu Dhabi Securities Exchange.

The growth was attributed to a 178 per cent increase in operating income and a 181 per cent rise in gross profit which was enough to offset the sharp drop in investment income.

Gross profit soared 181 per cent to AED80.4m, while investment income narrowed 39 per cent to AED32.3m.

Earnings per share (EPS) totalled AED 0.09, up from AED 0.06 in the corresponding period of 2013.