Profits drop by 7% at Qatar Cement
Company increases spend on capital projects on plants and offices
Qatar Cement has revealed a 7% decline in net profits for 2012 to $116.8m (QR: 425.3m), from $125.3m (QR: 456m) in 2011.
The company also saw its sales decline by 2.5% to $264.9m (QR: 964.3m), according to newly-filed accounts. Notes accompanying the accounts state that the amount the company is spending on capital projects increased by 70% to $10.7m (QR: 39m).
This included ongoing work on its new $6m calcium carbonate plant, which was finished during 2012 and is currently still in test mode.
A $3.4m spend has been undertaken to replace ducts within the raw mill at the company's fourth cement plant, and it has spent money on a new office building and an upgrade to its ERP software.
The company's board has said that it is proposing a dividend of 60% of the company's paid-up capital, equating to around $80.9m (QR: 294.6m).