Oman Cement Company has released its initial, unaudited financial results for 2014. These indicate a decline in net profit before tax and net profit after tax of 11% y/y and 12.8% y/y, respectively. Total revenues are also being reported as lower than in 2013, dropping by almost 3.5% y/y. The results have not yet been approved by the Audit Committee or Board of Directors.
In December 2014, the Omani government announced that it would hike natural gas prices from 1 January 2014. The price increases are likely to affect cement manufacturers’ production costs in the country.
According to a new report by Timetric’s Construction Intelligence Centre, investment in road and rail is helping to drive economies in Africa and the Middle East.
Raysut Cement and Oman Cement have warned their operational costs will increase next year following the Ministry of Oil and Gas’ decision to raise gas prices.