GCC cement sector grows 14pc
Net profits increased from $1.44 billion in 2010 to $1.477 billion in 2011
Revenues of GCC cement companies increased to $4.6 billion in 2011 from $4.0 billion in the previous year, a 14.2 per cent rise, a report said. Net profits increased from $1.44 billion in 2010 to $1.477 billion in 2011, said a report in Arab News, quoting Global Investment House (Global) research. Saudi Arabia, Oman, UAE and Kuwait reported an increase sales during 2011, while Qatar saw a decline, the report said.
The UAE which witnessed decline in sales revenue since 2008, enjoyed a 5.9 percent increase in sales to reach $940 million. Oman saw a 12.8 percent increase in sales revenue, Kuwait a 5.4 percent increase and Saudi Arabia posted a healthy 22.6 percent increase. Cement prices in the GCC averaged around $64.9 per tonne in 2011, as compared to $68.3 per tonne in 2010, a 4.9 percent decrease, it said.
The construction industry in the Saudi Arabia is estimated to grow from the $36.5 billion contract awards value in 2011 to close to $43.8 billion by 2013, the report said. According to Saudi government officials, the Kingdom will spend an estimated $400 billion on large infrastructure projects over the next five years.
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