The consolidated net profit of UCC amounts to AED 52.924 million

11/11/2012 12:01 AST

Consolidated sales revenues of the Union Cement Company, during the first 9 months of fiscal year 2012 remained as AED 452.112 Million (M), versus AED 454.958 M for the same period of 2011.The reason for the slight decrease in sales due to the decrease in quantities and to circumstances surrounding the local market.

While the consolidated net profit realized in the first nine months of year 2012 amounted to AED 52.924 M, at the rate of 11.71% to sales compared with a loss for the same period of year 2011 amounting AED ( 17.814) M. at the rate of (3.92%) The reason for the significant increase in profits was as a result of the improvement in the selling prices of cement and clinker this year.

Net profit attributable to Owner's of the company during the first nine months of the year 2012 AED 44.767 M, versus a loss of AED (26.757) M, for the same period of year 2011 showing a growth ratio of afore said net profit of 267.31%.

Gross profit realized during the first nine months of this year totaled AED 82.780 M, versus AED 18.223 M, for the same period of 2011. At 18.31% of total sales, compared to 4% of total sales for the same period of last year.

Cost of sales ratio amounted to 81.69% of total sales, compared to 95.99% during the same period of year 2011. The reduction in cost of sales was a result of efforts of executive and technical management in cost reduction (spare parts and maintenance) and the procurement cost and optimization of production capacity available.

Combined net income during the third quarter of the year 2012 amounted to AED 26.426M, versus loss AED (9.029), during the third quarter of 2011. While the net income attributable to owners equities amounting to 24.088 M., versus to loss of (11.854) M., for the same period of yr 2011.

The budgeted net profit for the first 9 months of this year is AED 25.164 M, attributable to owners of the company, versus the actual net profit of the same, as AED 44.767 M, which shows an increase of 77.9%. Earnings per share as on 30/09/2012 were remained AED 0.07 compared with AED (0.04) for the same period of year 2011.

On 30/09/2012 The total value of non- current assets was AED 897.978 M, which includes the fixed assets and projects under implementation compared to AED 854.309 M, as at 31/12/2011.

Such increase is due to amounts paid on the account of Waste Heat Recovery project power plant.

Current assets amounted to AED 429.276 M, versus AED 359.934 M; the increase resulted from the significant improvement in cash position, due to collections from receivables, and cash sales.

Total Shareholder's equity attributable to company owner's AED 1,253.997 M, versus AED 1,207.715 M, at 31/12/2011.

The increase in shareholders equities is due to profits realized during the period, and to positive changes in the fair value of investments in shares amounting to AED 1.515 compared to AED (3.029)M, for the same period of last year.

There were no significant events have material impact on the financial position of the company.

Press Release