Qatar National Cement Company said net profits for the first half of 2011 fell 16.5% to QAR 521m and by 13.6% in the second quarter against the same periods last year as sales declined in the gas-rich state.
The country’s only listed cement supplier’s results compared to a QAR 256.79m net profit last year. Revenues since the start of the year up to 30 June declined 11% to QAR 521m from QAR 586.6m last year, according to its financial statement for the period, published this week.
The company holds a near monopoly in the domestic construction market as its production of ordinary Portland cement and other types is part subsidised by the government, analysts say.
The company has been a key beneficiary from the surge in Qatar’s construction market, particularly in the infrastructure sector. NBK Capital says the company was able to capitalise from the absence of cement imports last year.
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