The 51-per cent government-owned Oman Cement Company (OCC) yesterday announced a record net profit of RO18.224m for the year ended December 31, 2005.
The cement plant with a clinker capacity of 600,000Mta was commissioned in 1983 and subsequently due to increased demand for cement in the region, the plant capacity was enhanced to 1.2Mta in 1998, which enabled OCC to produce 1.26Mt of cement.
It produced 1.65Mt of cement in 2004, by importing additional clinker. OCC was 100 per cent owned by the government. In 1993, the government reduced its stake to 63 per cent by divesting 37 per cent to the public. In 2003, the government further divested 12 per cent of its holding to public, bringing its stake to 51 per cent.