Cement News tagged under: Gulf Cement Co

RSS feed

Gulf Cement Co sees net loss widen in 2020

11 February 2021, Published under Cement News

UAE-based Gulf Cement Co has posted a net loss of AED273.5m (US$74.47m) in 2020, compared to a net loss of AED26.8m in the previous year. The company’s revenue also declined 22 per cent YoY to AED345.9m from AED443.6m in 2019.

Gulf Cement Co approves capital reduction

30 November 2020, Published under Cement News

The ordinary general meeting of UAE-based Gulf Cement Co has approved a 50 per cent capital reduction to AED410.55m (US$111.79m) from AED821.1m, as a result of the company’s accumulated losses as of 30 September 2020. The company will therefore cancel 410.55m shares, equivalent to the amount of losses, according to the company's disclosure to the Abu Dhabi Securities Exchange (ADX) on Sunday.

Gulf Cement Co sees net loss widen in the 9M20

05 November 2020, Published under Cement News

UAE-based Gulf Cement Co has recorded a net loss of AED268.13m (US$73.01m) for the first nine months of 2020, widening from an AED3.86m loss in the year-ago period. The company's revenues fell 24 per cent YoY to AED259.48m in the 9M20, compared with AED341.01m in the corresponding period of last year. Meanwhile, the company has incurred accumulated losses of AED413.22m, representing over 50 per cent of the issued share capital, according to a financial statement. "Due to the slowdown i...

Gulf Cement receives approval to withdraw from Boursa Kuwait

14 September 2020, Published under Cement News

UAE-based Gulf Cement Co, once dually listed on Boursa Kuwait and the Abu Dhabi Securities Exchange (ADX), has obtained approval from Kuwait’s Capital Markets Authority to withdraw from the former. The last day for the trading of the company's shares on Boursa Kuwait will be on Monday, 14 December 2020, according to the company's disclosure to the ADX.

Gulf Cement to delist from Boursa Kuwait

07 April 2020, Published under Cement News

At its ordinary general meeting, Gulf Cement Co has approved the board’s proposal to delist from Boursa Kuwait. In addition, the company will not to distribute dividends for 2019 due to the current circumstances, changes in international economics, and continuous competition in local and foreign markets, according to Mubasher. The company also reported that Kuwait’s cement sector has incurred major damages due to continuous oversupply and weakening demand, alongside the increasing pric...

Gulf Cement Co posts net loss in 2Q19

02 August 2019, Published under Cement News

UAE-based Gulf Cement Co has posted an AED598,270 (US$162,905) net loss in the 2Q19, compared to an AED8.4m profit in the year-ago period. Sales costs increased to AED107m from AED101m. In the first half of 2019, profit saw a considerable decline of 84 per cent YoY to AED856,500. The company attributed the fall to a two per cent decrease in revenue and a 25 per cent rise in general, administrative and selling expenses to AED12m. 

UAE cement company finds use for camel dung

22 July 2019, Published under Cement News

Gulf Cement is preventing thousands of tonnes of camel waste from going to landfill. The cement company is cutting its emissions while using camel dung to supplement its fuel usage. Under the government-run scheme, farmers of Ras-al-Khamaih deposit camel waste at designated collection stations to be blended with coal to make a fuel for Gulf Cement. "People started to laugh, believe me," said Mohamed Ahmed Ali Ebrahim, manager of Gulf Cement Co.  "We heard from our grandfathers that they us...

Gulf Cement Co sees fall in profit in 2018

20 February 2019, Published under Cement News

UAE-based Gulf Cement Co reported revenues of AED475.707m (US$129.5m) in 2018, according to the company’s preliminary results. This represents an 18.4 per cent drop from AED583.203m the previous year. The company’s net operating profit of AED24.360m in 2017 declined to a loss of AED49.072m in 2018 while net profit fell from AED40.613m to a loss of AED32.99m over the same period.

Kuwait: Gulf Cement Co to produce oil well cement

20 February 2017, Published under Cement News

Gulf Cement Co was granted a permit for the production of oil well cement from the American Petroleum Institute. Gulf Cement reported a 27.1 per cent fall in profits to KWD4.141m (US$13.56m) in FY16 from KWD5.683m in the previous fiscal year.

Gulf Cement Co returns to profit, UAE

12 February 2016, Published under Cement News

Gulf Cement Co reported net profits of AED24.54m (US$6.7m) in the fourth quarter of 2015, against losses of AED13.3m (US$3.62m) in the same quarter of 2014, according to a bourse filing on Thursday. Profits reached AED71.44m (US$19.45m) in the fiscal year 2015, a decline of 18 per cent from AED60.57m (US$16.49m) in FY14. The board recommended seven per cent cash dividends or AED 0.7 per share pay-out for the FY15, totalling AED57.49m.