Mubasher TV
Contact Us Advertising   العربية

Umm Al Qaiwain Cement profit drops 67%

Umm Al Qaiwain Cement profit drops 67%
Photo Credit: Arabianeye-Reuters
QIC
QCEM
0.00% 1.15 0.00

 

Abu Dhabi – Mubasher: Umm Al Qaiwain Cement Industries has reported an annual profit plunge by 67.25% to AED 5.82 million ($1.58 million), compared to AED 24.51 million ($6.67 million) in 2013, according to its filing to the Abu Dhabi Securities Exchange (ADX).

Sales grew to AED 13.3 million against AED 12.3 million in 2013, an 8.13% rise. Cost of sales rose by 3.6% to AED 15.2 million against AED 14.6 million the year before.

Profits from stock investments surged 18% to AED 32 million against AED 27 million in 2013.

Declining profits were attributed to losses resulting from the revaluation of financial assets at fair value, with losses reaching AED 11.2 against AED 10.7 in 2013.

Umm Al Qaiwain Cement’s capital amounts to AED 363 million divided on 363 million shares at par value AED 1 per share.