RAKCCRas Al Khaimah Cement Company
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RAKCC announced a net profit of $2.2mn (AED7.88mn) for the year 2013, compared to a loss of $2mn (AED7.26mn) for the same period last year.
Ras Al Khaimah's Crown Prince and Deputy Ruler Shaikh Khalid Bin Saqr Al Qassimi is the chairman of the newly formed Ras Al Khaimah Cement Company (RAKCC) which will own the plant.
"In the long term, we believe that the management's strategic decisions to tap niche markets with Powercrete and to refrain from capacity expansion could possibly soften the impact of deteriorating market conditions on RAKCC. As a consequence, we retain our Market Perform rating for RAKCC while we revise the target price to Dh1.35," Al Mal Capital said in a report yesterday.