Omani cement producers Raysut Cement and Oman Cement have reported their 3Q14 results, which are said to be below analysts’ forecasts. Raysut Cement achieved net profit of OMR5.3 million in the three months to 30 September, marking an increase of almost 18% year on year. This was approximately OMR0.5 million below analysts’ expectations, according to reports.
Oman Cement reported net profit after tax of OMR2.3 million for the quarter, down from OMR3.8 million in 3Q14, a drop of almost 40%. In the nine months to the end of September, the company recorded a net profit of OMR11.4 million, down from OMR12.4 million in the first nine months of 2013.
Oman Cement has recently completed an upgrade project on kiln line 1 to increase capacity. The project was undertaken with CNBM of China.
Edited from various sources by Katherine Guenioui
Read the article online at: https://www.worldcement.com/africa-middle-east/14102014/profits-up-and-down-for-raysut-cement-and-oman-cement-656/