Sharjah Cement & Industrial Development, a cement maker listed on the Abu Dhabi Securities Exchange, says its net profit in the third quarter rose to Dh6.7 million (US$1.8m) from a loss of Dh4.4m in the same period last year.
The company blamed its performance on reductions in demand and price, but was able to benefit from saving money on raw material costs, leading to higher profits. Shares of Sharjah Cement yesterday added 1 per cent to Dh1, as 7.8 million shares changed hands. Its nine-month profit fell to Dh27.3m from Dh99.4m in the same period last year. Despite sales falling by about 25 per cent, its cost of goods sold fell by 31 per cent, bringing up its gross profit to Dh9.8m in the third quarter, compared with Dh1.3m in the same period last year.
The company was established in 1976 for the promotion of industries in Sharjah and its first venture was the construction of Sharjah Cement Factory, which is the only cement maker in that emirate.