Abu Dhabi – Mubasher: Sharjah Cement and Industrial Development Company (SCIDC) posted a 5% year-on-year decline in net profit during the first quarter of 2018, recording AED 12.2 million.

Sales grew 4% to AED 172.7 million in Q1-18 versus AED 165.3 million in the year-ago period, according to a company statement.

Cost of finance dropped 26% to AED 1.7 million in the first three months of 2018, compared to AED 2.3 million in the comparative period of 2017,

The Abu Dhabi-listed company’s ordinary general meeting (OGM) approved the board’s proposal to distribute 8% of its capital in cash dividend for 2017.