Increased demand from export markets and improvement in cement prices prompted surge
Omani cement producer, Raysut Cement has reported a 54% growth in net profit for the first half of this year, on the back of increased demand in export markets and improvement in cement prices.
Net income surged to $35.6m in the first six months from $23.15m in the same period in 2011.
“Supplies in Oman are still under significant pressure on inflows from UAE, making the domestic scenario highly competitive,” said Sheikh Ahmed bin Alawi al Ibrahim, chairman of Raysut Cement.
“However, the rise in demand from Yemen and East African markets has had a favourable impact on the company,” he said.
Total revenue jumped 17% to $128.75m in the first half, compared with $113m in the corresponding period of last year.
The company boosted production by 25.2% during the period in order to meet the additional demand in both domestic and export markets.