Sharjah Cement shifts to net profits in H1-24

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Abu Dhabi – Sharjah Cement and Industrial Development Company turned profitable at AED 9.63 million in the first half (H1) of 2024, versus net losses of AED 5.85 million in H1-23.

Revenue hiked to AED 337.92 million in the first six months (6M) of 2024 from AED 301.26 million a year earlier, according to the unaudited interim financial results.

The basic and diluted earnings per share (EPS) hit AED 0.016 in H1-24, against a loss per share valued at AED 0.010 in H1-23.

Total assets reached AED 1.89 billion as of 30 June 2024, down from AED 1.93 billion at the end of December 2023.

Income Results for Q2

In the second quarter (Q2) of 2024, the net profits of Sharjah Cement rose to AED 1.18 million from AED 1.58 million in Q2-23, while the revenues widened to AED 170.31 million from AED 143.28 million.

Meanwhile, the basic and diluted EPS plummeted to AED 0.002 in Q2-24 from AED 0.003 a year earlier.

In the three-month period that ended on 31 March 2024, the company swung to profits of AED 8.44 million, compared to net losses worth AED 7.44 million in Q1-23.