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• Total income recorded of US$45.6 million
• Continued growth and strengthening of market share
Manama - Falcon Cement Company (“FCC”) concluded its meeting at Bahrain Financial Harbor (BFH), where the AGM approved the Board of Directors’ recommendation to distribute bonus shares of 10% of the paid-up capital to shareholders. The meeting, which was attended by 70% of the Company's shareholders and chaired by Mr. Hisham Alrayes, Chairman of the Board of Directors, also reviewed and approved the Company’s financial results for the year ended 31 December 2017, which saw FCC report a total income of US$45.6 million and net profit of US$ 8.2 million.
Commenting, Mr. Hisham Alrayes, Chairman of FCC said, “We are pleased to see the approval of Falcon Cement’s financial results for 2017. Strong performance over the past year and the healthy dividend distribution now announced underscores the ongoing strength of the company’s strategy and ability to execute. Despite challenging market conditions and competition, we’re delighted to have achieved solid growth in our sales and market share. As a result, we saw revenues increase by 56% to US$45.6 million for the year and profits rise a considerable 54%. These are strong indicators of the continued strides we are making in the development of our business and of FCC’s position as a major provider of high quality cement to the market. During the year, we saw a number of key achievements where the sales has increased, bag distribution reached 4 times the quantity of the year before, and cement quality has improved as the company becoming ISO certified. We believe that 2018 will remain a reasonably good year for cement and the construction industry and look forward to further growing our role as a market leader”
Concluding Mr. Alrayes said, “I would also like to take this opportunity to thank the shareholders, members of the Board and the company’s management and employees for their dedication and contributions to FCC’s and look forward to reporting to you on the continued success of the company in the year ahead.”
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About Falcon Cement Company:
Falcon Cement Company provides cement to large, complex and demanding projects for public and private customers primarily in the Kingdom of Bahrain. FCC has undertaken numerous landmark infrastructures, industrial and commercial projects in the Kingdom of Bahrain. FCC also registered Closed Joint Stock Company on December 19, 2005 with the basic objective to manufacture cement.
Email: info@falcon-cement.com
Phone: 77144443
Fax: 77144445
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