Dubai – Mubasher: National Cement Co. (NCC) on Sunday reported a decline in profits to AED 53.577 million ($14.59 million) in the full year 2017 from AED 89.02 million ($24.24 million) in the year before.
Revenues also fell to AED 204.84 million between January and December from AED 253.48 million in the same period of 2016.
NCC recorded a sharp drop in gross profit to AED 14.85 million in 2017 from AED 40.53 million in the prior year, the company said in a filing to the Dubai Financial Market (DFM).
The cement firm further noted that its share in net profit from an associate was nil in 2017 versus AED 552,000 in the year before.
Net current assets reached AED 145.35 million in 2017, a decline from AED 203.47 million recorded a year earlier, the statement showed.
NCC last posted a net profit of AED 1.829 million in the third quarter of 2017, registering an 81.4% drop from AED 9.85 million in Q3-16.
