Rak White Cement unveils $27m production line
New line will double capacity - firm also reports improved 2012 sales
A pair of cement manufacturers from the United Arab Emirates have reported significantly improved results for 2012 on the back of a strengthening marketplace.
Ras Al Khaimah Co for White Cement & Construction Materials reported a 7% increase in sales to $116.4m (AED: 427.4m).
The company's net profits dropped by 44% ro $10.3m, meanwhile, and its current liabilities increased by 32% to $52m.
A director's report accompanying the accounts attributed this to spending on projects such as the construction of its new construction line and the upgrading of a third kiln used for white cement.
The new production line, which has just been inaugurated by chairman Sheikh Ahmed bin Humaid Al Qasimi , will boost RAK White Cement's production capacity by 100%.
The total production capacity of clinker will now rise to around 580,00 tonnes a year.
Meanwhile, Sharjah Cement & Industrial Development said that annual sales climbed by 5% to $167.4m (AED: 615m).
This helped a significant turnaround in its profitability - the company moved from making a net loss of $12.5m (AED: 46m) in 2011 towards a profit of $6.5m (AED: 24m).