Abu Dhabi Securities Exchange-listed (ADX) Fujairah Building Industries Group saw a slight increase in net profits during the first three months of 2019, despite reporting a 11% decline in revenues compared to Q1 2018.
Net profit for Q1 2019 at the firm stood at $3.6m (AED13.4m), a 6% increase on Q1 2018’s corresponding $3.4m (AED13m) profit figure.
Total revenues during the opening quarter of this year stood at $16.4m (AED60.2m), an 11% decline on Q1 2018 values, when the Al Hayl-headquartered group brought in $18.2m (AED67m) in cash.
Established in 1978 as a block factory, the group produces building materials such as rock wool insulation, concrete blocks, pavers, terrazzo tiles, marble products, and ceramic tiles, through four business units.
Its Q1 2019 results comes less than two months after HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, approved a $272.2m (AED1bn) budget to fund the construction of infrastructure projects in Fujairah.
HH Sheikh Mohammed approved the spending plan, indicative of the UAE’s ongoing urban development efforts, on 5 March during a visit to the emirate.
