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FINANCIAL NEWS
Omani Raysut Cement net profit down 27% to USD12.67m
28 Apr 2011
(MENAFN) Raysut Cement Company (RCC) chairman, Mohammad bin Alawi Ali Muqaibal, stated that the company’s net profit for the first quarter of 2011 declined 27 percent to USD12.67 million from USD17.64 million year on year, reported Times of Oman.
Muqaibal also said that the major reason behind the company’s decrease in profits was high competition from the UAE. He pointed out that RCC acquired Pioneer Cement firm of the UAE.
On a related note, Oman’s second-largest cement firm, Oman Cement Company, also reported a 41.7 percent decrease in profits in Q1 to USD10.75 from USD18.44 million a year ago.
It is worth noting that RCC’s Q1 sales revenue fell to USD38.68 million from USD42.23 million, while OOC’s Q1 sales revenue fell to USD33.31 million from USD40.49 million, as the two companies stated.
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