Raysut Cement reports $55m net profits for 2016
Total revenue of the company fell by 2.2% to $240.5m (OMR92.59m) in 2016, from $246m (OMR94.68m) in 2015
One of the largest cement manufacturers in Oman, Raysut Cement has reported a 1.02% growth in net profits of $54.8m (OMR21.17m) for 2016, against $54.4m (OMR20.95m) reached in 2015.
The company has noted the growth in profits despite a marginal fall in revenues, as well as the slowdown in the construction sector, Times of Oman reported.
Total revenue of the company fell by 2.2% to $240.5m (OMR92.59m) in 2016, from $246m (OMR94.68m) in 2015.
The cost of sales of the company edged up by 3.3% to $158.8m (OMR61.13m) in 2016, from $153.7m (OMR59.18m) in 2015.
The company’s basic earnings per share stood marginally higher at 106 baisas by end-December 2016, against 105 baisas in the same period in 2015.
These results are preliminary and have not been reviewed by the audit committee and external auditors, and have also not been approved by the board of directors, the report said.