Cemena Holding Company, a Bahrain-based building material company which was set up in 2008 by Gulf Finance House, outlined plans to expand its business to the region during its annual general meeting.
The meeting focused on Cemena's profitability, returns and plans to diversify its business to become one of the leading building materials companies in the region.
The company also highlighted its new business strategy and hailed efforts of the management in achieving gross revenues of $46.4 million last year.
Shareholders were also updated on the planned expansion of Falcon Cement Company's (FCC) production capacity, bringing it up to 3,500 tonnes in the near future.
FCC is Bahrain's first integrated cement plant, established by Cemena in 2007.
The expansion of FCC will help the company meet Bahrain's growing demand for cement with the increasing number of infrastructure projects.
In addition, the shareholders were updated on the progress made on the expansion phase of Bahrain Aluminium Extrusion Company (Balexco), in which Cemena has a controlling stake. The project is expected to be completed and operations commenced this year.
"With the return of the growing demand for cement and building materials locally and in the region, Cemena successfully closed 2011 in profit," Cemena chairman Hisham Alrayes said.
"With the expansion plans in place for FCC, the completion of the expansion phase of Balexco and Libya stabilising for us to progress on our Libya Cement Plant, we are confident that we now have a strong platform for growth and expect to witness another strong cash flow performance this year."
(Source: Gulf Daily News)