Oman Cement Co, Oman’s largest maker of the building material by market value, posted its third consecutive decline in profit in the fourth quarter and said it plans to split its shares.
Oman’s government allowed companies to start importing cement in 2006 because of a shortage as construction boomed. Oman Cement made a record profit of OMR6.04m in the fourth quarter of that year.
Net income in the year to December 31 declined 12.5 per cent to OMR18.017m, compared with OMR20.584m in 2006, the company said in a statement on the Omani bourse website on Tuesday.
In contrast, Oman Cement rival Raysut Cement posted its biggest profit ever in the fourth quarter doubling over the year-earlier period on higher sales, including for the Sohar port development project.