Oman’s Raysut Cement PBT gains 33%
Raysut Cement Co, the biggest cement producer in Oman, has posted a 33% growth in first-quarter profit before tax (PBT). In a filing with the Muscat Securities Market on Tuesday, the company said net profit rose to $23mn from 17.7mn in the same period last year. During the first three months of 2013, the company’s […]
The increase in profit is attributable to higher sales volume in cement
Raysut Cement Co, the biggest cement producer in Oman, has posted a 33% growth in first-quarter profit before tax (PBT).
In a filing with the Muscat Securities Market on Tuesday, the company said net profit rose to $23mn from 17.7mn in the same period last year. During the first three months of 2013, the company’s sales revenue increased two per cent to $65mn from the same period last year.
“The increase in profit is attributable to higher sales volume in cement, better price realisation through market optimisation as well as the reduction in costs compared to the previous year. The increase in the market value of investments since the beginning of the year has also had an impact on profit,” said Sheikh Ahmed al Ibrahim, in the chairman’s report.
Raysut Cement group has sold around 1.02mn tonnes of cement during the first quarter this year against 996,560 tonnes in the corresponding period of last year. This was an increase of three per cent. There was no sale of clinker during the three months of the current year against 60,121 tonnes sold in the same period of last year.
