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Gulf Cement Co's net losses deepen in 2020

Gulf Cement Co's net losses deepen in 2020
The company's revenues declined to AED 345.878m in 2020
Gulf Cement
GCEM
4.44% 0.40 0.02

Mubasher: The net losses of Gulf Cement Co. increased to AED 273.463 million in 2020, compared to AED 26.799 million in 2019, according to the company's financial results for 2020.

The company has extinguished losses amounting to AED 265.5 million through its capital reduction.

The company's revenues from contracts with customers declined to AED 345.878 million last year from AED 443.557 during the previous year.

The basic losses per share stood at AED 0.67 in 2020, versus AED 0.07 in the earlier year.

Meanwhile, the company has incurred accumulated losses of AED 8 million as at 31 December 2020 due to residual losses for 2020 that have not been extinguished through the capital reduction.

The accumulated losses represent 1.95% of the company's capital.

It is noteworthy to mention that during the first nine months of 2020, the company recorded net losses of AED 268.13 million, up from AED 3.86 million in the year-ago period