Raysut Cement profit rises to $46m

01 September 2014

RAYSUT Cement Group of Oman has seen its first-half  pre-tax profits rise 6.7 per cent to RO17.48 million ($46 million) compared with the same period of 2013, media reports said.

UAE demand and fierce competition among Omani manufacturers were the features of the first half, said Raysut Cement Company’s chairman Sheikh Ahmed bin Alawi Al Ibrahim.

“Given this background, the company has met with the challenges effectively by holding on to its sales and enlarging the profit for the group as a whole by optimising sales in varied markets,” Al Ibrahim added.

Pre-tax earnings by the parent company reached RO15.17 million, as against RO13.89 million in 2013. Profit earned by subsidiaries stood at RO2.85 million, compared with RO2.42 million in 2013.

The group earned a revenue of RO49.50 million  against RO49.52 million in the corresponding period of 2013.

Raysut is also pursuing a number of initiatives to augment its capabilities and overall performance, said Al Ibrahim.

Projects underway include the installation of a distribution terminal in Duqm, additional silo capacity at the Salalah plant and installing an offshore wheel loader system in the north to facilitate bulk cement handling.

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