Cement News tagged under: Raysut Cement Co

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Raysut Cement sees 9% decline in revenue for 9M19

15 October 2019, Published under Cement News

Oman’s Raysut Cement Co has announced an 8.5 per cent fall in total revenue to OMR62.13m (US$161.58m) in the nine months ended 30 September 2019, compared with OMR67.89m in the year-ago period. Profit before tax declined 65 per cent YoY to OMR1.01m in the 9M19, while profit after tax decreased 49.2 per cent to OMR1.01m from OMR1.99m.

Raysut Cement set to begin construction of new plant in Georgia

08 October 2019, Published under Cement News

UAE-based Pioneer Cement (Raysut Cement Co) is currently finalising arrangements for its greenfield 1.2Mta project to be located near Tbilisi, Georgia. Pioneer Cement owns concessions to limestone mines in Georgia that will provide the key raw materials for the project. The new unit is an opportunity to diversify from the Middle East into a market with large infrastructure growth and a shortage of clinker and high-quality cement, said the company in a statement. "We have embarked on an...

Raysut Cement signs Duqm plant deals

30 September 2019, Published under Cement News

Omani cement producer Raysut Cement Co, has signed a land lease and Port of Terminal services agreements with Port of Duqm Co for the construction of its US$30m grinding unit. Commenting on the programme, Raysut Cement’s chief executive officer, Joey Ghose, said: "The Duqm unit, which comes after our recent acquisition of Sohar Cements in Oman will help us consolidate and strengthen our presence in Oman and the neighbouring Gulf markets. Our goal is to raise our capacity to 20 million tonn...

Raysut Cement to install 1Mta grinding unit in Oman

04 September 2019, Published under Cement News

The board of Oman’s Raysut Cement Co has approved a plan to install a new grinding unit in Duqm, in the central-eastern part of the country. The 1Mta project is expected to represent an investment of US$30m, with work on the plant scheduled to begin later this month.

Raysut Cement and Bank Nizwa sign OMR19.5m financing agreement

27 August 2019, Published under Cement News

Raysut Cement Co has signed a OMR19.5m (US$50.6m) agreement for Shari’a-compliant financing facilities with Oman-based Islamic lender Bank Nizwa. The facilities consist of long-term financing of OMR12m, working capital of OMR3m to the cement producer’s Salalah plant and OMR4.5m for the construction and expansion of Sohar Cement Factory. Sheikh Abdul Hafidh Salim Al Barami, vice chairman of Raysut, said: "The secured Shari’a-compliant banking facilities will set us for stronger and rapid g...

Raysut Cement Co sees revenue fall 5% in 1H19

15 July 2019, Published under Cement News

Oman’s Raysut Cement Co has announced its unaudited consolidated results for the first six months of 2019. The company has seen a 5.1 per cent YoY decline in revenue to OMR41.7m (US$108.5m), compared with OMR43.94m in the 1H18. Profit before tax fell 58.1 per cent to OMR517,398 from OMR1.23m. Profit after tax decreased 27.1 per cent to OMR511,871 against OMR701,732 in the year-ago period.

Raysut Cement establishes partnership for Somaliland plant

04 July 2019, Published under Cement News

Oman’s Raysut Cement Co has established a partnership with MSG Group to set up a grinding unit in Somaliland, an autonomous region of Somalia. The 1Mta unit is expected to be constructed in Berbera, Somaliland, at an investment of around US$40m. Raysut reportedly has 55 per cent of the share capital of the project, according to Reuters.

Raysut Cement records 27% revenue increase in 2018

14 January 2019, Published under Cement News

Oman’s Raysut Cement Co has announced its unaudited consolidated results for 2018, recording a 26.6 per cent YoY rise in revenue to OMR90.98m (US$236.6m) from OMR71.9m last year. However, the company noted a 28.5 per cent fall in profit after tax to OMR4.16m, compared with OMR5.81m of the year-ago period.

Raysut Cement targets international expansion

10 December 2018, Published under Cement News

This week Oman's Raysut Cement Co announced that it is planning to expand its portfolio by entering the Indian cement markets of Gujarat and Chhattisgarh, as well as targeting a 70 per cent stake in the distressed Kenyan producer ARM Cement, which is up for sale with debts of US$140m. The investments are all part of Raysut Cement's medium-term plan to substantially raise cement capacity from 6Mta to 20Mta by 2022. The acquisitions in India will represent an initial total investment of US$20...

Raysut Cement awards WHR contract to Sinoma

04 December 2018, Published under Cement News

Oman's Raysut Cement has awarded the contract for the installation of a waste heat recovery (WHR) system to Sinoma Overseas Development Co of China. The project is reported to be the first of its kind in Oman. On behalf of Raysut Cement, CEO Joey Ghose signed the agreement with  Meng Qinglin, CEO of Sinoma Overseas Development Co, in the presence of Shaikh Ahmed bin Yousef bin Alawi bin Abdullah Al Ibrahim, chairman Raysut Cement’s Board of Directors. The new system will use waste heat fr...