Ras Al Khaimah Cement Investment has narrowed its accumulated losses for 2021 to 105.12 million dirhams ($28.6 million), from 119.8 million dirhams the previous year.
The cement manufacturing company’s profit for the year stood at 2.9 million dirhams, posting a decline of 94 percent from 2020, according to a disclosure to the Abu Dhabi Securities Exchange (ADX) on Monday.
However, the firm saw its total assets jump from 608.8 million dirhams to 724.2 million dirhams during the same period.
Bank borrowings stood at 18.6 million dirhams, from 15 million dirhams a year earlier.
Just this month, the company reached a deal to acquire the entire shares of Abu Dhabi-based International Holding Company (IHC) and Chimera Investments in Apex Holding through the issuance of convertible bonds. The transaction is expected to boost the manufacturer’s profitability.
(Writing by Cleofe Maceda; editing by Seban Scaria )
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