National Cement Company PSC

NCC.AE

Construction Materials · Basic Materials

Price

4.80 AED

+0.20 (+4.35%)

Market Cap

1.72B AED

Exchange

Dubai Financial Market

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Good

Stability

Good

Valuation

Good

Dividends

Exceptional

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Share count falling — buybacks

−2.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 358.8M (2021) → 351.3M (2025)

Winston Score History

The full picture

National Cement Company PSC makes cement and related construction materials. Cement is the key ingredient in concrete, used to build roads, bridges, buildings, and homes. The company sells primarily to construction contractors and developers in the United Arab Emirates, where the construction industry has been one of the most active in the world.

The company earns money by selling cement by the ton to buyers across the UAE market. It operates locally, focused on the Abu Dhabi and broader UAE region, and benefits from being one of the established domestic producers in a market where construction demand is tied closely to government infrastructure spending and real estate development. With a gross margin around 22% but a low return on invested capital of just 1.6%, the company faces pressure from competition and high production costs. The main risk is a slowdown in UAE construction activity, while continued government-backed infrastructure projects remain the key potential growth driver.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+42.3% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+213.3% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

0 AED/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

71.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

2.7B AED cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

National Cement Company PSC grew revenue 42% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

28.1%

Modest — 28.1% gross margin

Profit after running costs

Operating Margin

16.9%

Healthy — 16.9% operating margin

Return on the money invested

ROCE

1.9%

Weak — 1.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+51.8%

Fast-growing sales (+51.8% YoY)

Profit growth

EPS YoY

-14.9%

Earnings shrinking (-14.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

53%

Weak — only 53% of profit becomes cash

Spare cash per sale

FCF Margin

22.9%

Converts sales into free cash efficiently (22.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

32.86x

Comfortably covers interest (32.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

11.5x

Attractive valuation — P/E 11.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

5.58%

Healthy income — 5.58% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+16.7%

Dividend growing fast (16.7% YoY)

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