UAE firms see opposite net results
Two UAE-based cement firms have seen opposite fortunes for their third quarter net profits, Construction Week reports.
Ras Al Khaimah Company for White Cement & Construction Materials saw net gains fall 7% to AED59.9m, despite an equal percentage rise in net operating profits to AED51.5m.
The UAE firm produces white cement used in tiles and other decorative elements as well as calcium silicate bricks, and is expanding one of its three plants to meet national demand.
It also produces hydrated lime through its subsidiary Ras Al Khaimah Lime Company, also known as Noora, chiefly used for its nearby lime brick factory that produces the calcium silicate bricks. It had suffered a 43% fall in net profits for the first half of the year, and although it saw sales rise 14% in that period against the same time last year, the cost of sales rose almost 16%.
Sharjah Cement & Industrial Development, meanwhile, saw sales fall 25% to 130.9m against the AED175.3m posted for the third quarter last year. Sales for the first nine months of 2010 fell almost 40% against the same nine months last year, from AED735.6m down to AED443.48m.
However, its net profit reached AED6.7m, reversing a net loss of AED4.4 million in the same period last year.
It saw an increase of AED33.1m in the fair value – marked at current prices - of available-for- sale investments. Total available for sale investments fell to AED341m against AED347m at the end of 2009 and AED368.9m at September 2009. Total asset s remained steady since the end of last year, AED 1.869bn, though this down 3% from AED1.94bn in September.
Published under Cement News
