The net profit of UAE cement manufacturer Umm al-Qaiwain Cement Industries Company surged to 6.4 mln Kuwaiti dinars ($21.7m) for the first nine months of 2004 from 1.9 mln dinars ($6.4m) in the year-ago period, it was reported on November 4, 2004. The company’s net profit for the first nine months of 2004 included a profit of 3.3 mln dinars ($11.2m) resulting from the application of the International Accounting Standards (IAS) 39 and 40, which state how proceeds from securities and property are dealt with in financial statements.
Umm al-Qaiwain Cement Industries was established in 1982 and was listed on the official market of the Kuwait Stock Exchange (KSE) in 1989. The company posted a net profit of 4.17 mln dinars ($14.2m) for 2003, up from 1.38 mln dinars ($4.7m) in 2002.
