Oman Cement reports 3.7% increase in 1Q15 profits

Oman Cement achieved a 3.7% rise in net profit for the three months ending 31 March (1Q15). At RO3.83 million (US$9.95 million), net profit was ahead of analysts’ forecasts and ahead of the RO3.70 million achieved in 1Q14. Revenue rose 10.6% to RO15.94 million.

At the start of the year, the government of Oman doubled gas tariffs for industrial producers, which was expected to affect margins for cement producers. The decision was in response to the impact of low oil prices on the Omani economy. As a result, the cement companies are expected to invest in measures to improve efficiency.

Meanwhile, Saudi Cement has reported a 5.9% increase in 1Q15 net profit.

Edited from various sources by Katherine Guenioui

Sources:

• Trade Arabia
• Times of Oman
• Gulf Business
• Zawya

Read the article online at: https://www.worldcement.com/africa-middle-east/20042015/oman-cement-reports-increase-in-1q15-profits-714/