Abu Dhabi – Mubasher: The financial results of Gulf Cement Co., a dual-listed company on the Abu Dhabi Securities Exchange (ADX) and Boursa Kuwait, incurred net losses worth around AED 598,270 during the second quarter of 2019 against AED 8.4 million profits in Q2-18, the company disclosed to the ADX on Thursday.
Gulf Cement has turned into losses in Q2-19 as revenues slightly declined to AED 108.83 million, and sales costs increased to AED 107.04 million when compared to AED 101.5 million in Q2-18.
Furthermore, during Q2-19, selling and administrative expenses rose to AED 6.12 million from AED 4.59 million in Q2-18, according to the company’s financial results.
In the first half of 2019, Gulf Cement’s profits plunged to around AED 856,500 from AED 5.5 million in H1-18.
Gulf Cement has ascribed the profit retreat in H1-19 to the 2% decline in revenues, in addition to the general, administrative, and selling expenses that reached AED 12 million in H1-19, 25% higher from AED 9.6 million in H1-18.
Also, the decline in the six-month profits is due to the net investment income which shrank to AED 1.2 million from AED 2.4 million in H1-18.
Noteworthy, in 2018, Gulf Cement’s revenues slid to AED 475.7 million from around AED 583.20 million in 2017. Meanwhile, shareholder’s equity rights registered AED 1.042 billion in 2018, compared to AED 1.14 billion in 2017.