Omani cement producer, Raysut Cement Co., has showed an increased profit in 2016, according to recently released financial results, despite a fall in revenues over the period on weakness in the construction centre.
The company’s unaudited financial results show a post-tax profit of OMR21.2 million (US$55.0 million), 1% higher than in 2015.
Revenues were down 2.2%, however, at OMR92.6 million (US$240.5 million), while the cost of sales also edged up 3.3% year on year to OMR61.1 million (US$158.8 million).
The results preliminary, the company said, and had not yet been reviewed by the board of directors or its external auditors. Approved results would be released in due course.
Located in Salalah, capital of the sourthern Omani province of Dhofar and the country’s second largest city Raysut is the biggest cement producer in Oman.
In addition to ordinary Portland cement, the company produces a number of speciality products for the oil industry, including oilwell cement and pozzolona well cement.
Read the article online at: https://www.worldcement.com/africa-middle-east/16012017/raysut-cement-reports-rise-in-profits/