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FINANCIAL NEWS
Oman’s Al Jazeera Steel reports USD7m profit in H1
31 Jul 2012
(MENAFN) Omani steelmaker Al Jazeera Steel Products Company posted a 33 percent increase in half yearly profits, Saudi Gazette reported.
The company said it made USD7.25 million net profit during the first half of 2012, up from USD5.44 million a year earlier.
The company also reported a 16 percent increase in quarterly revenue during the first six months of the year to USD139.8 million from USD120.9 million a year ago. Output grew by 13 percent to 154,818 metric tons (MT) from 136,652MT ayear earlier.
Al Jazeera unveiled plans to set up a joint venture in Saudi Arabia. Bejoy John, financial controller at Al Jazeera Steel, said the JV agreement will help the company introduce its products in the Middle East’s largest economy.
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