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