Public spending to spur growth of Oman’s cement makers

Total earnings of the sector in first quarter stood at $51.8m, a 41.6% q-on-q increase

A research report of Gulf Baader Capital Market (GBCM) has said the increase in Oman’s government spending as well as implementing key projects would drive growth of the country’s cement industry sector in the coming quarters.

“The $4.25bn infrastructure spending by the government in 2012 spells good news for the cement and commodity firms,” the report said.“We anticipate the earnings of this sector majors to remain in higher double digits in the coming quarters,” GBCM said.

The total earnings of the sector firms in the Muscat Securities Market for the first quarter of the current fiscal stood at $51.8m, a 41.6% quarter-on-quarter increase.

According to industry estimates, the total cost of the ongoing projects in Oman is estimated to be around $87bn. In its Eighth Five-year Plan, the government allocation towards project investments is around $35.6bn, compared with the earlier estimates of $31.3m.

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