Business


Raysut Cement Company to set up distribution terminal in Duqm



Muscat: Raysut Cement (Company (RCC) has taken a few projects in hand such as setting up of a distribution terminal in Duqm, additional silo capacity in the Salalah plant and off shore wheel loader system in the north to facilitate bulk cement handling.

The work is in progressive stage for some of these projects and the company would reap benefits from these in the early part of next year.

Raysut is also exploring ways to spread its marketing potential beyond the Oman market, the company said in its first half of the year results. Profit before tax for the group during the first half of 2014 stood at OMR17.48 million against OMR16.38 million earned in the corresponding period of previous year, an increase of about 6.7 per cent.

Profit before tax earned by the parent company in Oman for the period ended June 30, 2014, stood at OMR15.17 million. Profit earned by subsidiaries like Pioneer stood at OMR2.85 million and Raybulk at OMR0.46 million. Raysea Navigation has incurred a loss of OMR0.03 million during the same period.  Profit before tax includes dividend received from its joint venture Mukulla Raysut Trading Company in Yemen and also from other investments, totaling OMR1.1 million.

Revenue
During the first half, the group has earned a revenue of OMR49.50 million (net of inter company transactions of OMR2.21 million) against OMR49.52 million (net of inter-company transaction of OMR2.34 million) in the corresponding period of the previous year.

The group has retained the volume of cement and clinker sale at similar level as that of the previous year, in spite of the increased competition in several markets. The parent company, out of its Salalah Operations, has achieved a sales revenue of OMR35.61 million during the period ending June 2014, against OMR36.33 million achieved during the corresponding period of the previous year.

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