Three members of the board at Apex Investment, formerly known as Ras Al Khaimah Cement, have resigned just days after the company reported $16 million in losses.

In a disclosure on the Abu Dhabi Securities Exchange (ADX), the company said its Vice Chairman, Elham Abdul Ghafoor Mohammed Al Qasim, has resigned for personal reasons, effective January 30.

Board members Mansour Ibrahim Ahmed Al Mansouri and Issa Najib Mir Abdullah Khoury also left their posts on the same day, the bourse filing confirmed.

The company reported net losses amounting to 58.43 million UAE dirhams ($16 million) for the full year 2023, compared to net profits of AED187.19 million in 2022.

Revenues for the whole year also dropped to AED723.48 million from AED820.29 million.

The company listed on the ADX in 2022 as part of a merger of International Holding Company’s Apex Holding and RAK Cement.

In January 2022, the IHC unit agreed to a deal in which RAK Cement would acquire the entire shares of IHC and Chimera Investments in Apex.

(Writing by Cleofe Maceda; editing by Bindu Rai)