Oman’s Raysut Cement reported a 22.9 per cent rise in third-quarter profit on Sunday, amid increased foreign competition and lower cement output.
The company made a profit of OMR6.88m (US$16.44m), according to Reuters calculations. It earned profit of OMR5.6m in the prior-year period.
Raysut said competition from outside Oman put pressure on sales volume in the third quarter. Lower margins from the sale of imported cement and lower cement production also hit profits.
"The cement industry in Oman, even with higher demand during the year, is impacted by the competition from manufacturers in the UAE. The competition is likely to continue for some time," Mohammed Muqaibal, Raysut’s chairman, said in a statement.
In the first nine months of the year, Raysut had net profit of OMR24.18m, compared to OMR26.13m in the prior-year period, it said in a statement on the Muscat bourse website on Sunday. It did not offer a breakdown of quarterly data.