Oman Cement Company’s net income rose OMR 7.1m (US $18.4m) for the first three months of 2010 against the end of 2009, although this resulted in a 2.8% reduction in net profits.
Gross margins gained 19.2% to 45.1% at the end of this year’s first quarter as compared to 25.8% for the same time period in 2009.
A fall in procurement price of imported clinkerwas cited as the cause of the YoY gains, with the decline in sales volumes accountable for the QoQ slip.
The company is currently upgrading a packaging plant is in progress, expected to be completed by the end of the second quarter. Its second expansion project of 4000tpd is expected to come online this summer 2010.