Salem bin Bhutti Al Naimi, Chairman, Qatar National Cement Company
Doha: Qatar National Cement Company Chairman Salem bin Butti Al Naimi said the company will diversify the production by adding new types of cement to meet the local demand.
Announcing the Company’s 2019 financial results, Al Naimi said Qatar National Cement Company will also explore the possibility of exporting to external markets.
The company has recorded a net profit of net profit of QR172.16m for 2019, compared to QR347.83m posted in the previous year.
The Earnings per Share (EPS) amounted to QR0.26, down from QR0.53, Qatar National Cement Company noted in a regulatory filing.
The shareholders’ equity as at December 31, 2019 reached QR3.09bn, compared to QR3.2bn at the end of the previous year. The Board of Directors proposed distribution of 30 percent from the share capital as cash distribution (QR0.30 for each share).
The Chairman said the company will continue to support the country to meet the market demand of various products with high quality standard and competitive price, he said.
The company’s production in both categories of cement OPC & SRC reached 2.2 million tons during year 2019, slightly down from2.9 million tons during the previous year. The production of washed sand reached to 4.8 million tons.
Calcium carbonate production during the year 2019 remains at 46,000 tons compared to 47,000 tons during previous year. Sales of all types of cement reached 2.6 million tons. The sales of washed sand reached 5 million tons. Sales of calcium carbonate reached 49,000 tons during the year 2019 against 47,000 tons during the previous year. The total value of sales revenue was recorded at QR703m for the year 2019 compared to QR848m for the previous year.
Mohammed Ali Al Sulaiti, General Manager, Qatar National Cement Company
Highlighting the major achievements of the company during 2019, the company said that it was able to meet the market demand for all types of cement, washed sand and calcium carbonate at a high quality standards, and at a reasonable price for all products, which supports the massive construction boom in Qatar. The year witnessed the final receipt of all parts of the cement line No (5), with the designed production capacity of more than 5,000 TPD cement, and settlement of all pending issues with the contractor Fives FCB France.
The company as able to control the various operational costs, increasing the operations efficiency and accordingly reduce the production cost considerably and diversified the products by introducing new product “white cement” for better utilization and adding to the company’s revenue.
The company also maintained high level of adherence to the provisions of the corporate governance regulations in accordance with the corporate governance code No (5) for the year 2016, issued by Qatar Financial Markets Authorities, by the Board of Directors and Board committees during 2019.
On the company’s 2020 plans, Salem bin Butti Al Naimi said Qatar National Cement Company will utilise the optimum production capacity of washed sand and calcium carbonate to meet the expected local market demand to achieve the targeted goals of the company and enhance measures for protection of environment and ensure the safety of all natural reserves by continuous co-operation with authorities.
“On behalf of the Board of Directors, I take immense pleasure in extending our most profound gratitude to the Amir His Highness Sheikh Tamim bin Hamad Al Thani for his continuous and generous support to the company, and for enabling the company to play a pioneering role in supporting national projects and achieving state targets.
Also, I would like to thank H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani, the Prime Minister and Minister of Interior, for his kind and continuous support. I would also like to thank all ministries, government corporations, establishments and institutions, and national and foreign companies who are co-operating with our company,” the Chairman said.
The company will hold its ordinary and extraordinary general assembly meeting on Sunday.
