Local sources have reported that Oman’s largest cement producer, Raysut Cement, has reported a 62% leap in its before-tax profits for 3Q12. The group’s earnings jumped to RO19.11 million from RO11.83 million during the same period last year.
The Group — which also owns UAE-based Pioneer Cement — brought in revenue of RO70.35 million, which compared to revenue of RO62.67 million in 3Q11, represents a 12% increase. Pioneer Cement alone generated profits of RO3.77 million, more than doubling its 3Q11 profits of RO1.49 million.
Group wide, production stood at 2.63 million t of Clinker and 2.83 million t of cement throughout 3Q12. These figures are up 4% and 21%, respectively, on the 2.53 million t of clinker and 2.33 million t of cement produced during the period last year.
As the UAE construction sector has begun its recovery, the effects have been felt across the border. With less UAE cement being sold cheaply in Oman, Raysut has experienced a growth, small though it may be, in its domestic cement sales. At 1.11 million t, these have grown by 3% as compared to the corresponding figures from last year. The company has also experienced something of a boom in its export sales, which have registered a massive 48% increase on 3Q11 totals.
Written by Jack Davidson.