Cement News tagged under: Oman
Raysut Cement to look at 1Mta plant in Georgia22 March 2018, Published under Cement NewsOman’s Raysut Cement Co is planning to carry out an initial study for a 1Mta plant in Georgia, according to Muscat Daily. The company’s subsidiary, Pioneer Cement Industries Georgia Ltd, already owns a mine with over 30Mt of limestone reserves, located 60km from Tbilisi. According to a disclosure filed to the Muscat Securities Market, Raysut Cement has begun discussions with possible partners for both equity participation and engineering, procurement and construction contracting. A decisi... |
Raysut Cement reports negative results for 201727 February 2018, Published under Cement NewsOman-based Raysut Cement Company has reported negative sales revenue and net earnings results due to competition from UAE producers and ongoing socio-economic disturbances in Yemen, according to the Times of Oman. "There has been severe competition across markets, coupled with socio-political disturbances in Yemen. Unabated supply of cement from the UAE due to surplus capacity and price decline has caused a dent in prices and volume of sales in the northern markets of Oman," stated the com... |
Raysut reports 67% profit after tax fall15 January 2018, Published under Cement NewsRaysut Cement Co of Oman has reported a 22.4 per cent drop in initial unaudited consolidated revenues in 2017 to OMR71.895m from OMR92.588 in 2016. The company’s operational profit fell by 65 per cent to OMR7.862m from OMR22.408m in the previous year. Profit before tax also saw a significant decrease at 60 per cent to OMR9.167m from OMR22.896m. Profit after tax decline by 66.6 per cent to OMR6.916m from OMR20.71m. |
Joey Ghose new CEO of Raysut Cement28 November 2017, Published under Cement NewsOman’s Raysut Cement Co has appointed Joey Ghose as new CEO of the company, effective 2017, reports the company in a filing to the Muscat Securities Market. It is expected Mr Ghose will bring his extensive experience in the cement industry to bear as he addresses the challenges faced by the company. Changes to the income tax law in Oman resulted in a 60 per cent fall in 9M17 profit for the producer and local market competition and tough export markets have contributed to lower sales volum... |
Oman Cement seeks Brazilian investors for new plant27 November 2017, Published under Cement NewsOman Cement Co (OCC) visited Brazil to seek partners for a new cement plant in Duqm, an industrial and port free trade zone in Oman. The company’s Chairman, Abdullah Abbas Ahmed, visited the Arab Brazilian Chamber of Commerce on Friday. According to Mr Ahmed, the output capacity of the company’s current plant can be expanded, but the idea of the project in Duqm is to build a plant that would operate at a lower cost, use alternative energy sources and that can produce items of higher added-... |
Raysut shareholders agree to sell Oman Portuguese Cement Products03 August 2017, Published under Cement NewsRaysut Cement shareholders have approved a proposal to sell Oman Portuguese Cement Products Co to Opal Development. The decision was taken at an extraordinary general meeting of the company held on 25 July 2017, Raysut Cement said in a disclosure statement posted on the Muscat Securities Market website. Meanwhile, earlier this month, Raysut Cement had announced that its net profit for the first six months of 2017 fell 64.2 per cent to OMR4.62m (US$12m) from OMR12.91m for the same pe... |
Raysut to hold EGM on Oman Portuguese Cement Products sale14 July 2017, Published under Cement NewsRaysut Cement has invited its shareholders to attend an extraordinary general meeting (EGM) to discuss and approve the sale of Raysut Cement’s entire share in Oman Portuguese Cement to Opal Development Co LLC. The EGM will be held on 25 July, Salalah-based Raysut Cement said in a filing to the Muscat Securities Market on Wednesday. Raysut is reportedly planning to sell its entire stake in Oman Portuguese Cement Products Co to Opal Development Co LLC, according to the Muscat Daily. Ra... |
Raysut receives offer for its share in Oman Portuguese Cement Products16 May 2017, Published under Cement NewsRaysut Cement has received an offer for its share in Oman Portuguese Cement Products from a local company, the producer disclosed in a filing to the Muscat Securities Market on Monday. As part of a diversification strategy, in 2001 Raysut moved into ready-mix concrete and other cement products through its 50 per cent ownership in Oman Portuguese Cement. "We would like to inform our shareholders that Raysut Cement Co SAOG has received an offer from one of the local companies to buy the sh... |
Al Anwar signs greenfield investment plan03 May 2017, Published under Cement NewsOmani private equity firm Al Anwar Holdings has entered into a shareholders' agreement with Hormozgan Cement Co of Iran to establish Hormuz Al Anwar Cement SAOC for the construction of a greenfield grinding plant in the port town of Duqm, Oman. The new facility will has a slated capacity of 0.6-1Mta and is expected to involve an investment of OMR10.5m (US$27.3m), according to a disclosure statement posted on the Muscat Securities Market website and reported by the Times of Oman. “This... |
Oman: Raysut Cement gross profit falls 39% in 1Q1718 April 2017, Published under Cement NewsRaysut Cement posted a 38.7 per cent decline in gross profits in 1Q17 as profits reached OMR6.29m (US$16.3m), down from OMR10.26m in 1Q16, according to the company’s statement to the Muscat Securities Market. Revenues were down 23.2 per cent to OMR19.43m in the first three months of the year, copared to OMR25.3m in 1Q16. Profit before tax reached OMR4.56m in 1Q17, a 48.6 per cent YoY decrease from OMR8.87m. |