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FINANCIAL NEWS
GCC posts 21.2% jump in cement firms’ profits
01 Jun 2012
(MENAFN) Global Investment House stated that profits of the Gulf cement industry jumped 21.2 percent during the first quarter to USD435.6 million, compared with USD359.54 million during the corresponding period a year earlier, reported Gulf News.
The firm added that during the 3-months period, revenues of cement companies in the Gulf region reached around USD1.26 billion, recording an increase of 24.3 percent from 2011’s same period.
It said that gross margins surged 233.6 basis points to 43.7 percent, from 41.4 percent, driven by higher selling prices and a decline in fuel prices.
It is worth noting that revenue of Saudi cement firms went up 34.7 percent during the first quarter, whereas sales revenues of UAE firms rose by 7.7 percent to USD258.1 million.
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