Cemena unveils expansion plans to shareholders

A Bahrain-based building material company has outlined plans to expand its business to the region.

Cemena Holding Company, which was set up in 2008 by Gulf Finance House, announced this during it 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.

Shareholders were updated on Cemena's activities and financial performance for 2011 and the milestones reached during the year.

The company also highlighted its new business strategy and hailed efforts of the management in achieving gross revenues of $46.4 million last year.

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.

"Cemena is well-positioned to support future growth objectives, both organically and through additional acquisitions and expansions."

Cemena chief executive Salah Sharif said 2011 was a difficult but consistent year for the company.

"The expanded capacities at FCC and the Balexco project's completion will enable us to better meet the rising demand for building materials in Bahrain, while further diversifying our business activities into the building materials segment of the market," said Mr Sharif.