Falcon Cement Company (FCC), a leading integrated cement producer in Bahrain, said despite challenging market conditions and competition, it had achieved solid growth in its sales and market share.
Announcing the results at its annual general meeting (AGM) held in Bahrain Financial Harbour, FCC stated that its total income for the year rose to $45.6 million, while its net profit hit $8.2 million.
Impressed with the results, the AGM has approved the board of directors’ recommendation to distribute bonus shares of 10 per cent of the paid-up capital to shareholders.
The meeting, which was attended by 70 per cent of the company's shareholders, was chaired by Hisham Alrayes, chairman of the board of directors. It also reviewed and approved the FCC's financial results for the year ended December 31, 2017.
Commenting on the performance, Alrayes 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 profits rise a considerable 54 per cent," he stated.
"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," said Alrayes.
"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," he added.-TradeArabia News Service