Fujairah Cement Industries

The Market Operations Surveillance Department of the Abu Dhabi Securities Exchange has received a material information disclosure from Fujairah Cement Industries (PJSC). The disclosure, dated 19th February 2024, announces an extension of the temporary suspension of cement and clinker sales for 60 days from 1st March 2024, due to unforeseen technical delays in major refurbishment activities. The company expects revenue loss during this period, which will impact the financial position and results of the company's business and operations. The financial impact will be evident in Q1 and Q2 of 2024.

The preliminary results for Fujairah Cement Industries PJSC for the year ended 31/12/2023 have been released. The company, established on 20-12-1979, has a paid-up, subscribed, and authorized capital of AED 355,865,320. The Chairman of the Board is Sheikh Mohamed Bin Hamad Saif Al Sharqi, and the General Manager is Saeed Ahmed Ghareib Howaishil Al Sereidi. The external auditor is Crowe Mak Ltd. The company's total assets decreased from AED 1,544,834,312 in 2022 to AED 1,424,964,124 in 2023. Shareholders' equity also decreased from AED 687,375,437 in 2022 to AED 505,542,435 in 2023, as did revenues, which fell from AED 374,577,222 in 2022 to AED 332,210,319 in 2023. The company reported a net operating loss of AED (51,918,388) and a net loss for the period of AED (181,833,004), resulting in a loss per share of (0.511). The total comprehensive loss for the year was AED (181,833,004).

The Fujairah Cement Industries Office in Kuwait will permanently cease its operations from 31/01/2024. All stock management operations will be handled by the Investor Relations Department at their current location in Dibba Al-Fujairah starting from 01/02/2024. For any queries related to the Investor Relations Department, contact Ashraf Elsayed, the Investor Relations Manager.

On 12/01/2024, the General Manager of Abu Dhabi Securities Exchange, Saeed Ahmed Ghareib Alseridi, announced the resignation of Dy General Manager (Ready Mix), Mr. Khaleil Saeed Obaid Al Nuaimi. The resignation has been accepted.