National  Aluminium Products Company (Napco), announced simultaneously the net profit for last year and the first quarter of the current year.

It reported a net profit of RO701,000 ($1.82 million) for the whole of 2014 and RO165,000 for Q1 2015 compared with RO159,000 for the same period last year.

Revenues were RO19.39 million for 2014. The figures were revealed during the company’s recent board meeting held at the Napco headquarters near Muscat city.

The company attributed its performance in 2014 to increased sales volume, better plant capacity utilisation, increased market share, deeper penetration into domestic markets, a wider product offering, improved services, and more thrust on marketing activities.

Holtkamp: optimistic

It added that the Q1 2015 figures were a result of streamlined production along with active marketing and branding initiatives. Despite low oil prices, the future outlook for the GCC remains optimistic and bodes well for Napco’s growth prospects, it commented.

Robert Holtkamp, CEO, Napco, said the financial figures for 2014 and Q1 2015 were “excellent” considering the volatility in oil prices.

“Napco’s use of new technologies to enhance its capacity has resulted in increased production, while our new marketing strategies have translated production into sales. Going forward, we will continue to seek attractive opportunities in traditional markets while exploring fresher territories and maintaining our focus on operational excellence. Our performance has given us confidence to continue with our expansion programme, which is progressing as scheduled.”  

  
Napco has been part of several landmark projects in Oman and the rest of the region.