Gulf Cement Co sees revenue advance 33% YoY

Gulf Cement Co has posted revenue of AED462.7m (US$125.99m) for 2023, up 33 per cent from the AED348.1m reported in the previous year. For 2023 the company saw a loss of AED21.84m versus a loss of AED30.46m in 2022.

According to the company, the losses are the result of challenges including an increase in supply compared to demand, and falling cement and clinker prices in the local and export markets following dumping and intense competition. The global financial crisis has also had a major negative impact on the UAE cement industry due to the increase in energy and transport costs.