Raysut Cement, the largest producer in Oman, has cccfor the year ended December 31, 2012, according to the company s initial results posted on the Muscat Securities Market.
Net profit rose to from $38.8m (OMR 14.95m) in 2011 to $63.7m (OMR 24.53m) for last year.
The cement producer s total revenue rose 10.7% to $241m (OMR 92.8m) in 2012 compared to $217.6m (OMR 83.8m) in the previous year.
The company’s cost of sales rose slightly by 1.8% to $163.4m (OMR 62.9m) from $160.5m (OMR 61.8m).
Speaking to Muscat Daily, Mohammed Ahmed al Dheeb, group CEO of Raysut Cement, said that better price realisation helped the company’s profits.
“The company has seen a considerable rise in profits for 2012 on the back of price realisation, cost reduction and optimisation of delivery. The financial costs were controlled and we saw an improvement in efficiency with higher output.
“We will be entering a tough market in 2013 and will try to maintain growth for the full year. We expect to see some pressure on margins owing to the dumping from UAE in the following year,” al Dheeb added.