Muscat: Oman Aluminium Processing Industries (OAPIL), a joint venture between Oman Cables Company and Takamul Investment Company, is re-evaluating its plans to expand the company's present capacity.
OAPIL earlier said that it was planning to double its capacity to over 100,000 tonnes per annum (tpa), from 48,000tpa now as per its master plan.
OAPIL gets its feedstock — liquid aluminium — from Sohar Aluminium to produce rods and overhead conductors. The company has invested OMR15 million for the present plant.
The plan was to add one more production line with the existing plant, which produces aluminium and alloy rods and overhead conductors for the power industry.
The sales and profitability of Oman Aluminium Processing Industries for the six-month period was in line with the plan and has contributed positively to the group results, Oman Cables said in its first half result.
Oman Cables Industry said its sales revenue for the first half of 2014 stood at OMR128 million compared to OMR128.8 million in the same period of last year. The sales level was maintained despite the fall in copper prices in the corresponding period, by selling more volume compared to the same period in 2013. The demand for the products remains in line with the long term planned growth of infrastructure of Oman and the Middle East and North African (Mena) region.
The net profit after tax for the six-month period was OMR8.3 million compared to OMR7.3 million during the same period in 2013, an increase of 14 per cent. The earnings before interest, tax, depreciation and amortisation (Ebitda) for the period was OMR11.1 million compared to OMR9.9 million during the same period in 2013, an increase of 11.8 per cent.
The sales of the group for six month period ended June 2014 was OMR150.3 million, compared to OMR152.1 million for the same period last year. The group net profit after tax, before non-controlling interest, for the period is OMR9.7 million compared to OMR8.4 million during the same period in 2013 an increase of 15.4 per cent.
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