“The increase in profit is attributable to higher sales volumes and better price realisation through market optimisation in the face of severe competition faced by the company, both in the domestic and export markets, compared with that in the previous year,” said Sheikh Ahmed al Ibrahim, chairman of Raysut Cement, in his report.
Group revenue rose 12 per cent to RO70.35mn in the first nine months of this year from RO62.7mn in the same period last year.
The total production of cement at Raysut Cement Group increased 21 per cent in the first nine months to 2.82mn tonnes compared to 2.33mn tonnes in the same period last year. “Keeping pace with the growth in the construction segment, prices are slowly moving up in the cement industry and demand is also on the rise in the region. Oman supplies are still under significant pressure due to inflows from UAE, making the domestic scenario highly competitive,” Ibrahim added.