Gulf Cement Co sees net loss widen in the 9M20

UAE-based Gulf Cement Co has recorded a net loss of AED268.13m (US$73.01m) for the first nine months of 2020, widening from an AED3.86m loss in the year-ago period. The company's revenues fell 24 per cent YoY to AED259.48m in the 9M20, compared with AED341.01m in the corresponding period of last year.

Meanwhile, the company has incurred accumulated losses of AED413.22m, representing over 50 per cent of the issued share capital, according to a financial statement.

"Due to the slowdown in the overall economic situation, the performance of the company has been impacted during the period ended 30 September 2020 and the consequences of the COVID-19 outspread in this period has materially and adversely affected the demand and selling prices for the company’s primary products and therefore, its operating results have been negatively impacted. The construction activities in the export market were slowed due to stringent lockdown measures, including fewer working days and suspension of residential construction activities," said the company in its report.