Raysut Cement profits increase, despite dip in construction

Raysut Cement, the largest cement producer in Oman, has reported a 1.02 per cent growth in net profitsof OMR21.17 million for 2016, against OMR20.95 million reached in 2015.

The company has noted the growth in profits despite a marginal fall in revenues, along with slackness in the construction sector. 

Total revenue of the company fell by 2.2 per cent to OMR92.59 million in 2016, from OMR94.68 million in 2015, according to preliminary results posted by the company on the MSM website.

The cost of sales of the company edged up by 3.3 per cent to OMR61.13 million in 2016, from OMR59.18 million 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.

Source:Times Of Oman