Kuwait Cement Company net profit edges higher

Kuwait Cement Company recorded a net profit of KWD14.78m (US$51.9m) in 2012, up 3.6 per cent from KWD14.27m a year earlier, the company said in a bourse filing.

The cement producer reported earnings per share (EPS) of 23.94 fils for 2012, compared to 23.08 fils a year ago. The total assets rose to KWD286.2m at end-December 2012 from KWD258.9m a year ago.

Kuwait Cement is the largest cement producer in the country and has two major shareholders in Kuwait Investment Authority (29.4 per cent) and National Industries Group Holding (26.8 per cent). The company imports large amounts of limestone from UAE’s Ras Al Khaimah Rock Co.

Located at Al Shuaiba, Kuwait Cement has been expanding its capacity with an FLSmidth 8500tpd clinker line, doubling total cement capacity to 4.8Mta by February 2013. The company has a berth at Al Shuaiba port for imports.