Gulf Cement has incurred losses if AED2.9m (US$789,653) in the 1Q18, according to a bourse statement. In the equivalent period of 2017, the company reported a AED8.1m profit.

The company has attributed the loss to a lower profit margin of 4.5 per cent when compared to 10.3 per cent in 1Q17. Gulf Cement also noted losses from investments at a value of AED7.3m in 1Q18. In the 1Q17 investments generated revenues totalling AED5.5m.