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H1'19 profits tumble at Muscat-listed firms Raysut, Oman Cement

YoY H1 profits decline at Raysut Cement and Oman Cement, considered among the sultanate's largest cement companies

Cement company profits declined in H1.
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Cement company profits declined in H1.

Profits at Raysut Cement and Oman Cement, two of the sultanate’s biggest listed cement firms, tumbled in the first half of 2019, their latest bourse-filed unaudited financial results have shown.

According to a filing on Muscat Securities Market, profit after tax for the six-month period ending 30 June at Salalah-based Raysut stood at $1.3m (OMR511,871) – a 27% dip on H1 2018’s $1.8m (OMR 701,732) figure.

Revenue during the same period fared a little better, declining only 5% on H1 2018's to hit $108.3M (OMR41.7m) this year.

Figures from Muscat-based Oman Cement Company told a similar story to Raysut.

Net profit after tax at the Muscat-based firm stood at $6m (OMR2.3m), representing a 52% fall on 2018’s corresponding figure of $12.5m (OMR4.8m).

Between January and June 2019, year-on-year total revenue at Oman Cement remained flat at $68.3m (OMR26.3m).

Both firms' first half numbers are subject to approval from each of their respective audit comittees and boards of directors.

The figures, however, come nearly seven months after Oman Cement announced that it would set up an integrated cement plant in Duqm after its board of directors agreed to the construction project.

Earlier this year also saw Raysut reveal plans to establish a cement grinding unit worth $40m (OMR15.4m) in Berbera, Somaliland, in partnership with MSG Group. 

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Construction Week - Issue 754
Nov 23, 2019