Cement firm pays out
Al Ittihad Cement of the UAE proposes to maintain its cash payout to shareholders at 20 per cent of the capital, totalling Dh210 million ($57.18 million), despite a 15.7 per cent lower net profit of Dh76.2 million reported in 1999.
Ceramics firm dividend
Ras Al Khaimah Ceramics of the UAE proposes to issue a cash dividend of 10 per cent on its total capital of Dh204 million ($55.55 million) for 1999. This follows a 10.2 per cent spurt in net profits to Dh104.9 million.
Sugar firm liquidated
Oman's National Sugar Refinery Company is to be liquidated. It will pay back shareholders RO7 million ($18 million), which is 40 per cent of the company's equity capital, said chairman Ali Redha Darwish.
The shareholders would be paid back 938 baisas per share, equivalent to 94 per cent of their initial investment, he said, adding that most of the losses had been absorbed by the project's promoters.
The firm registered net losses of RO511,076 in the first half of 1999.
Oman Refreshment's net up
Oman Refreshment Company's net profits rose 71 per cent to RO1.38 million ($3.6 million) in 1999 from RO807,000 in the previous year.
Total assets rose to RO8.5 million from RO8.4 million a year earlier. The company said it will distribute a cash dividend for 1999 worth a total of RO1 million.
EIB in the black
The Emirates Industrial Bank (EIB) in the UAE has reported a net profit of Dh7.19 million ($1.95 million) for the first quarter of 2000, compared to Dh4.47 million for the same period last year.
Up for sale
Bids have been invited for the purchase of the assets of Al Batna Corporate Dairy, under liquidation, by Saba & Company, public accountants and auditors and Abbas Al Baloshi Legal Consultants. The assets of the Omani firm comprise building, plant, machinery and equipment, tools, spares parts and domestic furniture.
Dividend approved
Sharjah Cement Company has approved distribution of Dh24 million ($6.5 million) in dividends, and said it plans to expand its plant to increase output to 1.3 million tonnes per year (tpy) of clinker from the current 300,000 tpy.
The company had recently secured a $72 million loan from a consortium of regional banks to partly finance the expansion.
