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FINANCIAL NEWS
Oman’s Raysut Cement H1 pre-tax profit down 44%
26 Jul 2011
(MENAFN) Raysut Cement’s Chairman of the Board of Directors, Alawi Ali Muqaibal, said that due to high price competition and instability in the export market, in 2011’s first half, pre-tax profit declined 44 percent reaching USD19.6 million from USD35 million earnings in 2010’s same period, reported Oman Daily Observer.
Muqaibal added that during the period, total sales reached USD77.6 million with a decline of 17 percent from 2010’s USD93 million, moreover, despite competition in the UAE, the company’s subsidiary, Pioneer Cement, earned USD3 million.
He also said that during 2011, Raysea Navigation, Raysut’s subsidiary company, started commercial shipping services and its profits reached USD0.2 million during the first half.
It is worth noting that in the first six months, the groups’ total production reached 1,709,305 metric tons (mt) of clinker and 1,619,245 mt of cement.
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