Union Cement Company said it made a net loss of AED 22.3 million last year, with sales declining just over a fifth against 2009, as values and volumes of orders evaporated returns.
The Abu Dhabi-listed maker of cement and clinker said the loss compares to an AED 65.1 million net profit the previous year. Revenues fell 20.7% to AED 554.7 million from AED 699.8 million, with gross profits falling to AED 31.9 million from AED 132.2 million.
UAE cement companies have seen profits erode over the last 12 months as a drought in projects – mainly in Dubai - has seen steep falls in the volume and value of orders. Some suppliers have been selling into the Oman market to remain in the black, according to analysts and executives at Raysut Cement Company, an Oman producer.
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