Speaking at the annual general meeting of the company held at Hotel Hilton here today, Sheikh Omar bin Saqr Al Qasimi, Chairman of GCC, said that the company will be rolling out an ambitious expansion plan that would double the company's total capacity from the present 2.5 million tonnes to five million tonnes of cement per annum soon.
He said that the construction of the new production line as part of the capacity expansion is already underway.
"In addition, we will be setting up two new clinker mills which will have a capacity of 1.5 million tonnes per annum", Sheikh Omar added.
He said that the company was planning to enter new markets in Sudan, Kuwait and Saudi Arabia and added that at present around 90 percent of the company's total production was sold in the local market.
The company's revenue increased from AED 484.04 million in 2004 to AED
632.15 million in 2005.
The general assembly meeting also decided to increase the company's capital by 70 per cent, raising it from AED 365,215,977 to AED 620,867,161 through the issue of bonus shares of AED 255,651,184.
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Gulf Cement Company posts AED 502.49m profit
- United Arab Emirates: Wednesday, March 29 - 2006 at 15:39
- PRESS RELEASE
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The Ras Al Khaimah based Gulf Cement Company (GCC) has registered a profit of AED 502.49 million during the year 2005, up from AED 186.74 million in 2004.
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Posted by Anne-Birte Stensgaard, Senior News EditorWednesday, March 29 - 2006 at 15:39 UAE local time (GMT+4)
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