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MarketScreener Homepage  >  Equities  >  DOHA SECURITIES MARKET  >  Qatar National Cement Co.    QNCD   QA0007227687

QATAR NATIONAL CEMENT CO.

(QNCD)
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End-of-day quote. End-of-day quote DOHA SECURITIES MARKET - 02/17
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Qatar National Cement : QNCC embarks on strategy to diversify product portfolio

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02/11/2019 | 05:25pm EST

The QNCC board outlines its 2019 expansion strategy before shareholders at the annual general assembly yesterday.

Santhosh V. Perumal

Qatar National Cement Company (QNCC) has embarked on a multi-pronged strategy that not only aims to diversify the product portfolio through adding new products to meet the growing local demand, but also explore export markets. This year’s roadmap of the company includes continued support to the infrastructure of the country to meet the market demand of various products with high quality standard and competitive price. In his address to the shareholders at the annual general assembly yesterday, QNCC chairman and managing director Salem bin Butti al-Naimi highlighted its efforts to “diversify the production by adding new types of cement to meet the demand of local market and utilise the opportunity of exporting to external markets.” Having operationalised the fifth plant, with a production capacity of 5,500 tonnes per day, the company has been able to fully meet the local demand and is now exploring options to export to markets in Oman, Iraq and Yemen. The ordinary general assembly saw shareholders’ approval for 50% cash dividend and the according of nod for the board’s suggestion of 1:10 stock split. The company is also seeking to optimise the production capacity of washed sand and calcium carbonate to meet the expected local market demand to achieve its targeted goals. For the first time in Qatar, the company started production of white cement, targeting utilisation of production capacity and diversification of products. The company’s production in both categories of cement OPC & SRC reached 2.9mn tonnes during 2018 compared to 3.5mn tonnes a year ago. The production of washed sand increased to 7.8mn tonnes during 2018 against 9.1mn tonnes the previous year. Calcium carbonate production increased to 47,000 tonnes during 2018 compared to 40,000 tonnes a year ago. The total sales revenue was recorded at QR848mn during 2018 against QR1.03bn for the previous year. In 2018, QNCC has been able to control the production cost, by contracting with service providers to provide the company regular labour and technical staff, increasing the operations efficiency and accordingly reduce the production cost considerably. “The hard negotiations with Kahramaa was crowned with success to reduce the minimum quantity from 85% to 65% of the contracted quantity with back dated effect from the year 2009,” al-Naimi said.

(c) Gulf Times Newspaper 2019 Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Managers
NameTitle
Salim bin Butti Al-Naimi Chairman & Managing Director
Abdul Salam Head-Finance
Satyanarayan Banjapally Head-Information Technology
Sulaiman Khalid Al-Mana Deputy Chairman
Abdulaziz bin Jassim Al-Thani Director
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