Oman’s Raysut Cement reported a 49 per cent increase in first-half net profit to 5.02 million rials (US$12.9m), as it cranked up output to feed a construction boom in the region. The company said on Wednesday the result meant it could "significantly" exceed its profit forecasts for the full year, although it did not say what those forecasts were.
Six-month turnover soared 37 per cent from the same period a year earlier to 13.7 million rials while operating profit climbed 35 per cent to 6.3 million rials. Cement deliveries were up 20 per cent to 0.59Mt
RCC, the second-biggest of two cement producers in the Gulf Arab state after Oman Cement Co , said a third production line with an installed capacity of 3500tpd would come onstream towards the end of the year. It will sink capital expenditure of US$50m into the new plant, which should allow it to meet growing demand. RCC said it also planned to expand its cement handling terminals in Oman and Yemen, alongside a project to modernise its existing plant in Salalah. The company recently floated a 15-million-rial rights issue, partly to finance its expansion and modernisation.