Cement News tagged under: UAE

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RAK White Cement to pay dividends worth AED25m

23 March 2018, Published under Cement News

UAE-based RAK White Cement has approved the Board’s recommendation to distribute five per cent of capital as cash dividends for the FY17. The company will pay five fils per share to the entitled shareholders, amounting to a total of AED25m (US$6.81m). RAK’s preliminary financial results for the FY17 show a 27.6 per cent YoY fall in profits to AED30.42m, compared to AED42m of FY16. The company’s capital currently stands at AED500.16m, according to Mubasher.

NCC announces 39% drop in profit for 2017

16 March 2018, Published under Cement News

Dubai-based National Cement Company (NCC) has announced a 38.7 per cent YoY decrease in profit during the full-year 2017 period, to AED53.58m (US$14.59m) from AED89.02m.  According to a company statement, the board has recommended the distribution of AED53.8m in cash dividends for 2017, with a per-share dividend of AED0.15, as a result. The projected dividends account for 15 per cent of its capital.   

Cemtech Middle East & Africa gets underway in UAE

19 February 2018, Published under Cement News

  Cemtech Middle East & Africa 2018   Cemtech Middle East & Africa 2018 conference and exhibition has opened at the JW Marriott Marquis in Dubai, UAE, with delegates from over 30 nations gathering for this annual meeting of cement professionals. Opening the meeting, Thomas Armstrong, managing editor of International Cement Review, observed how global overcapacity - which reached 2bnta in 2016 - is driving producers to become more competitive by smart investment in cost reduc...

Ras Al-Khaimah Cement records net profit increase

14 February 2018, Published under Cement News

Ras Al-Khaimah Cement has recorded a substantial increase in net profit for the full-year period of 2017, reaching AED21.3m (US$5.79m) from AED5.8m a year ago. However, the company also announced a fall in revenue to AED199.2m from AED229.5m of 2016, reports Reuters.

Sharjah Cement FY17 net profit up 2%

05 February 2018, Published under Cement News

Sharjah Cement saw net profit edge up 1.6 per cent to AED65m (US$17.7m) in 2017 from AED64m a year ago, according to Reuters. Revenues of the UAE cement producer rose 6.2 per cent from AED612m in 2016 to AED650m last year.

Shree breaks into its first international market

19 January 2018, Published under Cement News

This week, Shree Cement made a bold move to buy a 93 per cent stake in Union Cement Co PSC (UCC) for an enterprise value of US$305.24m. It is a major transaction for the Indian company and sets it on a course for expansion overseas, which will give the cement producer additional revenue streams and room to grow outside its Indian heartland. Initial analyist comments on the acquisition have been mixed. The Economic Times notes the deal will give Shree Cement a financial lift: "Besides seve...

Shree Cement to acquire 93% stake in Union Cement

12 January 2018, Published under Cement News

Shree Cement Ltd announced on Thursday that it had agreed to acquire a 92.83 per cent stake in Union Cement Co PSC, for an enterprise value of US$305.24m, according to the Hindustan Times. The deal will increase Shree Cement’s capacity to 33.3Mta from 29.3Mta, and is expected to be concluded within nine months.  Shree Cement has the option to take full control of the company’s shares, said Subhash Jajoo, CFO, Shree Cement. Union Cement is based in the UAE and has a total capacity of 4...

Fujairah Cement reports 3% fall in revenue

13 November 2017, Published under Cement News

Fujairah Cement Industries has reported a three per cent decline in revenue in 3Q17, according to Mubasher. The company posted a revenue of AED136.68m (US$37.21m) down from AED140.35m of the year-ago period. Fujairah Cement's general and administrative expenses rose 71 per cent YoY. The UAE-based cement producer's net profit has fallen 50 per cent YoY to AED6.19m from AED12.39m of 3Q16. Fujairah Cement posted a 41 per cent YoY decline in total net profit to AED27.07m for the first nine ...

Fujairah Cement Industries reports 2Q decline

14 August 2017, Published under Cement News

UAE-based Fujairah Cement Industries Co posted a decline in its profits during the second quarter of 2017, according to a bourse statement. Net profits reached AED8.3m (US$2.26m) in 2Q17, compared to AED16.50m (US$4.5m) in 2Q16. The profit decline is mainly attributed to a decrease in its revenues by 16 per cent to AED138.03m in 2Q17 from AED164.20m in 2Q16. In 1H17 profits retreated 37.20 per cent to AED20.88m from AED33.25m in 1H16.

RAK Cement Co 1Q profit down 70%

16 May 2017, Published under Cement News

Ras Al Khaimah Cement Co reported a decline in profits by 69.8 per cent YoY during the first quarter of 2017, according to a bourse filing. Profits reached AED1.38m (US$38,110) in 1Q17, compared to AED4.57m (US$1.25m) in 1Q16. Revenues declined by 22.7 per cent YoY to AED51.64m in 1Q17, while sales, general and administrative expenses grew 7.7 per cent YoY to reach AED5.49m. Financing costs increased 33.4 per cent to AED 196,250 in 1Q17, compared to AED147,170 in 1Q16.