Financial

National Cement Company in Dubai Turns Profit in 2023 After Previous Year's Losses

The National Cement Company, Dubai's sole listed cement manufacturer, reported a profit in 2023, a significant turnaround from a loss of 28.7 million AED in 2022.

Photo by David Rodrigo / Unsplash

The National Cement Company, operating in the manufacturing and sale of cement and related products in Dubai, has achieved a remarkable financial turnaround by the end of 2023.

The company reported a net profit of 56.3 million AED (15.7 fils per share), contrasting sharply with the losses of 28.7 million AED recorded during the same period in 2022.

This financial recovery is attributed to a 37% increase in revenues, which rose from 137.0 million AED in 2022 to 187.9 million AED in 2023. The consistent share count at 358.8 million across both years highlights the company's operational stability and effective management strategies that have led to this significant improvement in profitability.

The National Cement Company's success story in 2023 underscores the potential for growth and resilience in the cement industry, even amidst challenging market conditions.

Source:
Arqaam

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