FINANCIAL NEWS

GCC cement sales decline 13.8% in H1

13 Sep 2010

(MENAFN) A report issued by Global Investment House showed that cement companies across the GCC also saw a 13.8 percent decline in top-line revenue during the first half of the year, Gulf News reported.

The UAE, which has the largest construction market in the GCC, has seen a drop in sales revenues of 33.5 percent this year, the report said, adding that the sector also saw a 12.4 percent decrease in profits.

Kuwait, Qatar and Oman also saw sharp drops in sales revenues by 31.6 percent, 24.5 percent and 27.2 percent respectively.

Saudi Arabia was the only GCC country that saw an increase in sales of 5.5 percent due to strong demand by new companies and stable project activity, the report noted.

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