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10-11-14

Oman's Raysut profit hits USD60.21m in 9M

(MENAFN) Raysut Cement Company (RCC), Oman's biggest cement producer, announced it has registered an increase in its profit by 8 percent to USD60.21 million during the January-September period of this year, compared with USD55.71 million registered during the same period last year, Times of Oman reported.

During the first nine months of this year, the company's parent company, based in Oman, registered a profit of USD52.42 million, while profit earned by its subsidiaries Pioneer reached USD8.85 million, Raybulk at USD1.73 million and Raysea Navigation hit USD776.7 thousands.

The Raysut Cement group said it has earned revenue of USD 183.19 million for the period, against USD181.71 million for the same period last year, while it registered USD130.56 million in sales revenue

"While there are positive signs of growth in Oman market, the same is not being translated into cement demand due to sever competitions from the UAE suppliers. The competitions are also experienced in the Yemen and east African markets," Raysut Cement Company Chairman said.

The group said that as a whole sold 2.830.158 tons of cement during the first nine months of this year compared with 2.792.256 tons of cement sold during the corresponding period of previous year, while it has produced 2.461.305 tons of clinker and 2813005 tons of cement compared with 2.473.426 tons of clinker and 2.786.836 tons of cement produced during first nine months of last year.

Meanwhile, Raysut also said it is building a distribution terminal in Duqm, increasing its silo capacity in the Salalah plant, as well as building an offshore un-loader and blow pump system in the north to facilitate bulk cement handling, in addition to exploring the possibility of spreading its market beyond Oman's market.

"The work is in progressive stage for some of these projects and the company would reap benefits from these starting from the early part of next year," Chairman of the company said.

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