Oman Cables Industry Company has reported a 54.3 per cent growth in its group net profit for the three months period ended March 31, 2021.
The group net profit for the first quarter of 2021 rose to RO2.4mn compared to RO1.6mn recorded in the corresponding period of last year, Oman Cables said in its financial report submitted to the Muscat Stock Exchange.
According to Oman Cables, total sales of the group for the first three months of 2021 increased by 3 per cent to RO53.5mn compared to RO51.9mn for the same period of 2020.
‘The group is continuing to execute several pans aimed at protecting the health and safety of the employees by engaging into extensive testing and sanitisationprogrammes under medical support during the current circumstances of COVID-19,’ Oman Cables said.
It said the sales of the parent company for the first quarter of 2021 was at RO42.9mn compared with RO40.5mn in the same period of last year, an increase of 5.9 per cent. The parent company’s first quarter net profit increased by 15.2 per cent to RO1.6mn compared to RO1.4mn in the same period a year ago.
‘The recovery of business environment is visible in the first quarter with the support of increasing oil prices. The company continues to work on cost reduction plans and will take all the necessary measures to improve the results,’ Oman Cables said.
Oman Cables further said that its Sohar-based subsidiary Oman Aluminum Processing Industries (OAPIL) was able to improve the sales volume during the first quarter with a healthy mix.
‘Increasing conductor sales, which is a value-added product, helped to improve profitability. OAPIL continues to focus on the overhead cost reduction. As a consequence, results for the first three months of 2021 are better compared to the same period of 2020,’ the company added.