Fujairah Cement Industries

The text refers to the consolidated financial statements and reports of Fujairah Cement Industries PJSC and its subsidiary for the year ending on 31st December 2023. The company is based in Fujairah, United Arab Emirates.

Fujairah Cement Industries P.J.S.C held a board meeting on 25/03/2024, with a 91% quorum of its 10 board members. The board approved the minutes of the last meeting, reviewed the company's performance for 2023, and approved the financial statements for the year ended 31/12/2023. The board also approved the operation plan and the engagement of a financial advising firm for debt restructuring. Additionally, the board approved a recommendation to amend Article 7 (Ownership Percentage) of the company's Article of Association, pending approval from the competent authorities.

Resolution No. 333 of 2024 addresses the temporary suspension of trading on Fujairah Cement Industries shares due to a coinciding board meeting. According to Article 16 of the Regulations Concerning the Listing of Securities on ADX, trading will be suspended from 09:00 on March 25, 2024, until the meeting results are received by ADX. The resolution mandates all department heads at ADX to execute the suspension in their respective fields and circulate the resolution to the Securities and Commodities Authority, the concerned company, all ADX departments, and all ADX-accredited brokers. The resolution was issued on March 19, 2024.

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).