|03 April, 2019

Kuwait Portland Cement inks $372mln deal with Kuwait Supply

Agreement signed for the supply of 500,000 tonnes of rebar

Image used for illustrative purpose. Construction workers are seen on the site of a newly constructed bridge that is nearing completion at the Jahra roundabout in Kuwait City September 1, 2011.

Image used for illustrative purpose. Construction workers are seen on the site of a newly constructed bridge that is nearing completion at the Jahra roundabout in Kuwait City September 1, 2011.

REUTERS/STR New

Kuwait Portland Cement has signed a KWD 113 million ($372 million) agreement with Kuwait Supply company for the supply of 500,000 tonnes of rebar.

The agreement’s term was not determined and it will be effective until the delivery of the specified amount to Kuwaiti citizens, Kuwait Portland Cement said in a bourse statement released on Wednesday.

The Kuwait-listed company added that the agreement would have a positive impact on it.

The cement producer recorded a net profit of KWD 2.49 million ($8.2 million) during the fourth quarter of 2018 compared to KWD 997,000 ($3.2 million) in the same period in 2017, a year-on-year surge of 150%.

Source: Mubasher

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