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RELATED COMPANIES: Cement price drop hits Gulf producers' profits | RAK Ceramics seeks African foothold at Ghana show | Qatar National Cement sees nine-month profits soar
Two emirati cement firms have seen opposite fortunes for their third quarter net profits.
Ras Al Khaimah Company for White Cement & Construction Materials saw net gains fall 7% to AED59.9 million, despite an equal percentage rise in net operating profits to AED51.5 million.
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%.
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Sharjah Cement & Industrial Development saw sales fall 25% to 130.9 million against the AED175.3 million 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 AED735.6 million down to AED443.48 million.
However, its net profit reached AED6.7 million, reversing a net loss of AED4.4 million in the same period last year.
It saw an increase of AED33.1 million in the fair value – marked at current prices - of available-for- sale investments. Total available for sale investments fell to AED341 million against AED347 million at the end of 2009 and AED368.9 million at September 2009. Total asset s remained steady since the end of last year, AED 1.869 billion, though this down 3% from AED1.94 billion in September.
The two companies closed up 1.2% and 1%, respectively, at the end of last week.
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