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Oman Cement Company sees profit increase in 2012

World Cement,

Oman Cement Company has released its unaudited financial results for 2012. Total revenue for the year came in at OMR59.3 million, an increase from 2011’s audited revenue of OMR50.7 million. Profit before tax also grew y/y, reaching OMR19.7 million up from OMR14.5 million the previous year. Net profit after tax grew from OMR.12.8 million in 2011 to OMR17.5 million in 2012. Total expenditure for the year also increased, rising from OMR36.2 million to almost OMR40 million.

Construction activity in Oman is expected to increase by around 6% over the next 3 – 4 years, with a CAGR of 5% predicted for domestic cement demand in 2012 – 2016. The country’s infrastructure budget has increased for 2013, which should have a positive impact on the cement industry. Approximately OMR600 million is targeted for investment in infrastructure projects, such as roads and ports.

Edited from various sources by Louise Fordham.

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