Raysut Cement reports loss during 9M22

Raysut Cement Co (RCC), announced its initial financial results (group consolidated) for nine months, which ended on 30 September 2022. It reported a loss after taxation of OMR16.30m (US$42.3m) compared to a loss of OMR2.21m in the same nine months period last year.  

The CEO of the Omani company, Khalid Ramis Mohammed Al Rawas, attributed the major reasons for losses to the cost of early termination of long-term charter vessel contracts, the impact of the subsidiary’s revenue loss in UAE and Oman and a significant increase in prices of coal and raw materials.

Raysut Cement ’s sales also decreased by 29.9 per cent to OMR50.72m from OMR72.3m in the same period last year. The total expenses decreased by 10.2 per cent to OMR67.32m from OMR4.93m during the same period.

A previous company media note said that a US$30m, 1Mt Duqm grinding unit in Oman came on-stream in the 4Q21. It helps the company cater to Oman and other regional markets with increased supplies, where construction activity is poised to pick up in post-pandemic resurgence, said RCC Group CEO, Joey Ghose.

The Duqm plant has raised RCC's group output to 7.4Mta and the company’s total output is likely to grow to 10Mt by 2022.