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Gulf Cement incurs AED 33m loss in 2018

Gulf Cement incurs AED 33m loss in 2018
Revenues declined to AED 475.7 million in the full-year 2018
Gulf Cement
GCEM
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Abu Dhabi – MubasherGulf Cement Company reported turning to loss during the full-year 2018.

Net losses amounted to AED 32.99 million in 2018, against a profit of AED 40.61 million in 2017, according to the company’s recent statement to the Abu Dhabi Securities Exchange (ADX).

Revenues declined to AED 475.7 million last year, against AED 853.20 million in the prior year.

The company’s assets plunged to AED 1.25 billion by the end of 2018, compared to AED 1.30 billion in 2017.

For the first nine months of 2018, Gulf Cement’s net profits slid 95% year-on-year to AED 1.6 million.