Falcon Cement Company (FCC) has concluded its meeting at Bahrain Financial Harbour (BFH), where the AGM 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 and chaired by Hisham Alrayes, chairman, also reviewed and approved the company’s financial results for the year ended 31 December 2017, which saw FCC report a total income of $45.6million and net profit of $8.2 million.

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 revenues increase by 56 per cent to $45.6 million for the year and profits rise a considerable 54 per cent. 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.

“During the year, we saw a number of key achievements where the sales have increased, bag distribution reached four times the quantity of the year before, and cement quality has improved as the company becoming ISO certified. 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