Oman’s Raysut Cement Company (RCC) has reported a 12.6% y/y increase in net profit to OMR21.52 million in the first nine months of 2013. However, revenue decreased slightly to OMR70.18 million in 2013 compared to OMR70.35 million in the first nine months of 2012. Local news attributes the growth in profit to a number of new construction projects in the area in the coming years. These include the construction of airports, port cities, railways and infrastructure for tourism. The construction industry is expected to grow by up to 5.5% over the coming year.
Raysut Cement produced 2.47 million t of clinker in the first nine months of 2013, compared to 2.63 million t in the same period in 2012. Production of cement has also decreased from 2.79 million t of cement in the first nine months of 2013 to 2.83 million t in 2012.
In terms of outlook, the company predicts that economic growth in areas such as Yeman and East Africa will stimulate cement demand for Raysut Cement. However, competition from cement suppliers in the UAE is expected to continue.
Edited from various sources by Rosalie Starling
Read the article online at: https://www.worldcement.com/africa-middle-east/12112013/raysut_cement_reports_a_jump_in_net_profit_404/