Cement News tagged under: Oman

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GCC first-quarter revenues rise

08 August 2012, Published under Cement News

GCC cement companies witnessed a 24.3 per cent increase in revenues in the first quarter, reaching US$1.26bn (AED4.62bn) as construction picked up in certain parts of the region, according to a recent report. The industry's profits rose to US$435.6m, compared to US$359.54m in the first quarter of last year, a growth of 21.2 per cent. However, according to Global Investment House's report, net margins suffered a fall of 90.4 basis points during the period. Gross margins witnessed a 233.6 b...

Raysut books first half net profit, Oman

07 August 2012, Published under Cement News

Raysut Cement, Oman's largest cement company by market value, said in a bourse filing yesterday it booked a profit of OMR10.5m (US$27.3m) in the first half of 2012, up 38 per cent YoY. The strong performance was a result of a 13 per cent rise in sales, to OMR33.9m.

Raysut’s CEO to step down, Oman

01 August 2012, Published under Cement News

Oman’s leading cement producer Raysut Cement has announced the resignation of its CEO Mohamed Ahmed Al Dheeb. The Board of Directors have requested Mr Al Dheeb remain in his position until 31 March 2013 so that a replacement can be found, the company said in a statement to the Muscat bourse.

Oman Cement first-half profit rises 23%

31 July 2012, Published under Cement News

Oman Cement has reported a 23.01 per cent in net profit for the first half of 2012. Earnings rose to OMR9.02m (US$23.4m) compared to OMR7.3m in 1H11. Cement sales advanced 20.22 per cent to 1.36Mt in the six months to June compared to 0.94Mt in the corresponding period of last year. Turnover was up 13.11 per cent to OMR28.065m. Clinker production increased to 1.05Mt from 0.68Mt during the first half of last year. The company imported 15,099t of clinker to meet a temporary shortfall dur...

Oman expected to raise prices in 2013

28 May 2012, Published under Cement News

Omani cement producers will be able to raise prices by 2013 as dumping from the oversupplied UAE market slows and demand improves domestically and abroad, according to analysts, the Muscat Daily reports. A BankMuscat research report said that the drop in domestic price realisations took a 'halt' in the first quarter this year after six quarters of continuous declines, while the export realisation uptick came as a positive surprise. The report said, “Realisations have largely stabilised at ...

GCC cement sector profits increase – report

25 May 2012, Published under Cement News

GCC cement sector profits increased 21.2 per cent in 1Q12 and net profits increased from US$359.5m in 1Q11 to US$435.6m in 1Q12, according to a report by Global Investment House (GIH). However, net margins witnessed a fall of 90.4 bps. Revenue, on the other hand, increased 24.3 per cent to reach US$1.26bn, the report said. Gross margins witnessed a 233.6bps increase in Q1, 2012 to reach 43.7 percent as compared to 41.4 percent, which was due to increase in selling price along with drop...

Oman cement output rises

03 May 2012, Published under Cement News

Until recently, Omani cement manufacturers were victims of the cheap inflow of cement from UAE, but the Oman Daily Observer has reported that domestic cement producers are ramping up production to meet rising local demand and that in export markets such as Yemen and some East African nations. In 2011, imports met 25% of cement demand in Oman, mainly from UAE where a weak construction sector resulted in excess supply of cement. However, UAE producers recently increased cement prices. Ceme...

Raysut Cement group profits rise, Oman

01 May 2012, Published under Cement News

Oman-based cement producer, Raysut Cement reported net profit before tax rose 37.4 per cent to OMR6.84m for the first three months of 2012, from OMR4.98m (US$13m) in the same period last year. Pretax profit alone increased 26 per cent to OMR5.59m from OMR4.45m during the period under review. Total group revenue stood higher at OMR24.64m for the first quarter from OMR20.24m posted for the same period of 2011. "In spite of the price competition from the UAE suppliers and the volatility in...

Oman Cement to increase capacity

26 April 2012, Published under Cement News

Oman Cement Company (OCC), the Sultanate’s second largest cement producer, is planning to increase its cement grinding capacity. A consultancy agency has been engaged to study the feasibility of further expansion, according to reports in the Times of Oman. The company has also said it posted a 23.9 per cent growth in first quarter profit at OMR5.14m, against OMR4.15m for the same period last year. Sales were up by 13.78 per cent at 558,495t of cement for the first quarter from 490,865t fo...

Raysut Cement seeks new funds, Oman

18 April 2012, Published under Cement News

Raysut Cement has announced that its Board of Directors has approved moves for a fresh term loan of OMR64m (US$166.2m) from three Omani banks. T he board has given its approval at a meeting held on Wednesday and, accordingly, Raysut will seek OMR64m in funding from BankDhorfar, BankMuscat and Oman Arab Bank to refinance the existing loan of a higher installment and interest totaling about OMR19m a year for a tenure of five years. According to Raysut, the new loan will help extend the...