The Ras Al Khaimah-based Gulf Cement Company earned revenues of U$67.4m last year, a 31 per cent increase over the previous year, according to its preliminary results. Higher sales contributed to its all-round growth. The return on average shareholders’ equity recorded 17 per cent ending 2003, compared to three per cent in 2002, said a Gulf News report.
The improvement in results is due mainly to increase in sales (11 per cent) and average selling price (18 per cent) which significantly contributed to a jump of 246 per cent in gross margin to reach Dh44.77 million in 2003, the Emirates Securities & Commodities Authority (Esca) said recently.
