Oman Cement profits jump 35% in nine months

Oman Cement profits jump 35% in nine months
Published: 26 October 2010

Oman Cement Company said that it has achieved a 34.9 per cent growth in net profit at US$59.3m for the first nine months of 2010, up from US$43.9m a year earlier, ONA reported.

According to officials, the government has fully reimbursed the company for the losses incurred in 2008 and 2009 on import of clinker and cement, which was undertaken by the company under the directions of the government.

However, sales revenue fell 23 per cent to US$105.5m from US$137m during the period under review, mainly due to cut throat competition from cement producers from neighboring UAE. Oman Cement’s total sales of cement came down to 1.33Mt from 1.68Mt during the period.