Raysut profit up on surging cement demand

Raysut Cement, Oman's largest cement firm by market value, made a third-quarter profit of 7.12 million rials ($18.50 million), an increase of 26.9% from the year-earlier period.

Net income in the nine months to September 30 was 19.69 million rials, compared with 15.68 million rials in the year-earlier period, the company said in a statement on the Oman bourse website.

Reuters calculated the third-quarter based on first-half earnings of 12.57 million rials and third-quarter profit last year of 5.61 million rials.

Analysts' forecasts in a Reuters survey last month ranged from 5.9 million rials to 8.19 million rials.

The stock is down 1.72% at 0747 GMT.

Raysut produces about 3 million tonnes per year of cement, according to the company's website.

Demand for cement is surging in Oman, where the government is trying to tap a regional economic boom triggered by a quadrupling of oil prices during the last six years to develop infrastructure, industry and tourism.

Companies in Oman have announced construction projects in oil, gas and industries worth more than $30 billion, according to London-based magazine Middle East Economic Digest.

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