Gulf Cement 1H profit down 29%, UAE

Gulf Cement Company reported a 29.34 per cent drop in first-half profit drop to AED30.89m (US$48.4m), compared to AED43.7m (US$12m) in the same period of 2014.

On a more positive note, second quarter profit increase from AED15.75m versus AED9.3m in 2Q14 according to Abu Dhabi Securities Exchange.

The company previously reported profits of AED15.14m in 1Q15, compared to AED53m in 1Q14, registering a sharp decline of 71.4 per cent YoY.

Gulf Cement Co's plant in Ras Al Khaimah started with an integrated 1Mta clinker line but the works has been expanded over time to the current clinker and cement capacities of 3.7Mta and 2.78Mta, respectively.