RAKCC H1 earnings more than double

20/07/2009 00:00 AST

Ras Al Khaimah Cement Company made a net profit of AED 51.1 million for the six months ending on 30 June 2009, compared with AED 22.5 million earned for the six months ending 30 June 2008.Lower costs, compared with the 2008 year, arising primarily from the better availability of natural gas have impacted profit for the period. The coal mill was commissioned successfully during the quarter given RAKCC the ability to burn multiple fuels. Sales revenue was down for the period reflecting the lower cement prices and declining sales volumes which are likely to impact profits for the remained of the year.

Total Assets increased by 3.9% compared with 30 June 2008. Shareholders' Equity increased by AED 52.5 million from AED 746.0 million to AED 798.5 million. Sales revenue decreased by 14.2% from AED 190.5 million to AED 163.4 million.Net profit rose by 127.1% from AED 22.5 million to AED 51.1 million. Earnings per share rose 127.1% from AED 0.046 per share to AED 0.106 per share.

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