Qatar National Cement Co. has reported an increased profit in 2016, according to a company statement.
The Umm Bab-based company reported a net profit of QAR 475.1 million (US$130.5 million) in the twelve months to 31 December 2016, compared to QAR463.6 million (US$127.3 million) a year before.
The increased profit comes despite a fall in sales from QAR1.17 billion (US$312.6 million) in 2015 to QAR1.14 billion (US$312.4 million) last year.
Cement demand in Qatar is expected to grow through 2017 on the back of demand from World Cup-related projects. The country will host the sporting jamboree in 2022. According to IA Cement, demand will grow at 2 – 3% this year.
Read the article online at: https://www.worldcement.com/africa-middle-east/31012017/qatar-national-cement-co-reports-increased-profit/