The GCC s cement companies witnessed a double-digit rise in both turnover and profit during the first quarter of 2013 as demand continued to rise.
An analysis of the results of the GCC s listed cement companies by Kuwait s Gulf Investment House found that combined net profits grew to $585.3m during the first three months of the year - a 16.9% increase on the $500.9m achieved last year. Total sales increased by 13.8% during the quarter to $1.4bn.
Prices fell slightly to $66.10 per ton, compared with $66.70 in the same period last year. This was due to a drop in prices in Saudi Arabia, although the increased volume of product sold in that country meant that Saudi cement firms saw an average profit increase of 8.2%.
The report said that the highest levels of sales increase were in Qatar, however, where revenues grew by 10%.
"Oman stood second and reported a growth of 6%, while Saudi Arabia reported an increase of 3.2%," GIH s report said.
