Omani Raysut Cement Co Net Profit Rises to $8.9 Mln H1 2004

Omani Raysut Cement Co Net Profit Rises to $8.9 Mln H1 2004
20 August 2004

Oman’s cement producer Raysut Cement Company posted a net profit of 3.3m rials (US$8.9m) for the first six months of 2004, compared to 2.3m rials (US$6m) in the same period of 2003.

The positive figure resulted from the reduction in operating expenses and the higher sale price of cement, the company’s general manager, Mohammed Ahmed al-Dheeb, said.

Raysut Cement registered a 9.4 per cent YoY increase in revenue to 9.9m rials (US$25.7m). The company increased its clinker production to 416,000t from 398,000t, while its cement output fell to 473,000t from 488,000t. The decrease in cement production was accompanied by a drop in the company’s exports due to problems with the cargo transportation, al-Dheeb added.

The company’s cement sales reached 492,000 tonnes in the first six months of 2004, including exports of some 287,000t, compared to sales of 489,000 tonnes in the year-earlier period, including exports of 219,000t.

The company expects to further improve its results during the second half of 2004 due to the higher demand on the international market.

Published under Cement News