We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Sun 28 Oct 2007 03:07 PM

Font Size

- Aa +

Raysut profit up on surging cement demand

Oman's largest cement firm makes Q3 profit of $18.50mn, an increase of 26.9% year-on-year.

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.

Arabian Business: why we're going behind a paywall

For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.