The GCC’s improved construction market has been displayed through a series of positive financial results announced by cement firms in different territories.
One of the region’s biggest cement companies by market capitalisation, Saudi Cement Co, revealed that it had grown net profits by 32% in 2012 to $293.3m (SR: 1.1bn).
The company attributed the growth to “increased local cement and clinker sales as a result of rise in local demand”.
In Oman, meanwhile, Oman Cement revealed a net profit of $45.5m (OR: 17.5m) and proposed a cash dividend to shareholders of 35%.
In the UAE, Sharjah Cement reported a 76% increase in net operating profit to $12m (AED: 44m). The company’s net profit was lower ($6.6m), but this was hit by a writedown in an investment categorised as ‘available for sale’.
The firm also argued that both local and international markets remained volatile in 2012 due largely to the ongoing debt crisis in Europe.
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