Fujairah Cement Industries

The Abu Dhabi Securities Exchange's Market Operations Surveillance Department has disclosed the results of a Board of Directors meeting for Fujairah Cement Industries (PJSC). The meeting took place on May 20, 2024, with a 91% quorum of the 10 board members present. The board discussed the company's current situation with EY (Ernst & Young), the company's financial advisor, and also addressed normal operational matters. These discussions had no impact on the company's share price.

The Market Operations Surveillance Department of the Abu Dhabi Securities Exchange has disclosed a board meeting for Fujairah Cement Industries (PJSC) on 20/05/2024. The meeting will start at 11:00 AM and will include a general discussion about the company's current situation with EY (Ernst & Young) financial advisor, which won't impact the company's share price. Normal operational matters will also be discussed. The General Manager, Saeed Ahmed Ghareib Alser eidi, has been copied in the disclosure.

The text refers to the independent auditor's review report and condensed consolidated interim financial statements of Fujairah Cement Industries PJSC and its subsidiary. The report covers the financial performance for the three-month period ending on March 31, 2024. The information provided is unaudited.

Fujairah Cement Industries PJSC reported a loss of AED 38,341,852 for the three months ending 31/03/2024. This significant loss was primarily due to the suspension of the company's clinker and cement sales during Q1-2024, resulting in a 99.67% decline in revenue compared to Q1-2023. Other financial details include a gross loss of AED 94,850, selling & distribution expenses of AED 577,099, general & admin costs of AED 2,154,691, production idle cost of AED 24,075,115, and finance costs of AED 10,705,866. The company's total assets stood at AED 1,299,128,191, with equity & reserves at AED 383,500,657. The cash and bank balance at the end of the period were AED 6,639,286. Key performance indicators showed a gross loss ratio of -34.05%, a net loss ratio of -13,763%, a cash loss ratio of -8,019%, and a loss per share of -0.108 UAE Dirhams.

Fujairah Cement Industries PJSC reported accumulated losses of AED. 168,862,575 for Q1-2024, marking a continuation of losses since 2020. The company's accumulated losses to capital ratio stands at 47.45%. Causes for these losses include increased costs of coal/energy, lowered selling prices of clinker, revenue decline, heightened logistics and finance costs, provisions for obsolete/slow-moving inventory, inventory write-downs of finished & semi-finished products, and impairment on PPE of the subsidiary. The company's operations were suspended from 01.01.2024 due to major refurbishment activities and extended due to financial liquidity constraints. The board has engaged EY Consulting LLC to assist in restructuring and assessing options for resumption of operations.

The General Manager of the Abu Dhabi Securities Exchange, Saeed Ahmed Ghareib Alseridi, has announced that the Board of Directors has reviewed and approved the interim financial statements for the period ending 31/03/2024. The approval was given by the Chairman of the Board of Directors on 14/05/2024 at 04:00 pm.

The Abu Dhabi Securities Exchange has postponed the review and approval of interim financial statements for the period ending 31/03/2024. Originally scheduled for Monday, 13/05/2024, the Board of Directors will now approve the statements on Tuesday, 14/05/2024 at 4:00 pm. This information was communicated by the General Manager, Saeed Ahmed Ghareib Alseridi.

The General Manager of Abu Dhabi Securities Exchange, Saeed Ahmed Ghareib Alseridi, has announced that the Board of Directors will review and approve the interim financial statements for the period ending 31/03/2024. The approval will be granted by pre-authorization of the Chairman of the Board of Directors on 13/05/2024 at 04:00 pm.