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FINANCIAL NEWS
Qatar Cement reports USD117m profit in 2012
05 Mar 2013
(MENAFN) Qatar Cement reported a 7 percent drop in annual earnings for 2012, on lower sales, the Construction Week magazine reported.
The company said it made USD116.8 million net profit last year, don from USD125.3 million achieved in the previous year.
The company also reported a 2.5 percent decline in annual sales to USD264.9 million, while capital spending on projects soared by 70 percent to USD10.7 million.
The company said that the capital expenditures included ongoing work on its new USD6 million calcium carbonate plant, which was finished during 2012 and is currently still in test mode.
The company also spent USD3.4 million to replace ducts within the raw mill at the company’s fourth cement plant, in addition to other expenses related to new office building and an upgrade to its ERP software.
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