Cement Gypsum Products Co announces financial gains in second quarter of 2008

Cement Gypsum Products Co. (SAOG) a listed Omani company in Muscat Securities Market, is the pioneer in the prefabricated and precast building elements. The company set-up was in 1998 to cater to the growing construction boom in the region, it produces precast boundary walls, hollow core slabs, columns and footings, and other pre-fabricated, pre-stressed products.

It is the patent holder for ThermoDeckTM - an engineering breakthrough for a cost effective air-conditioning system.

CGP Co has shown profits for the first time in five years. This achievement is a result of the growth strategy adopted by CGP management during 2008 which helped the company to get more contracts in precast and hollow core products.

Currently the company is running projects of a total value of around OR5m distributed between: Hollow Core Division valued at OR2.2m and Precast Division with OR2.8m. The second quarter financial statements of the company will present the detailed financial indications for the improvement mentioned above.

The need for precast Boundary Walls (BW) and prefabricated, prestressed Hollow Core Slabs (HCS) had risen exponentially in the recent years and CGP Co is moving ahead to cope with the ever growing construction demand. CGP Co has proven itself to be a market leader in the construction industry with landmark projects in Muscat, Sohar, Rowdha, Abu Dhabi, Dubai and other key locations due to the strategic placement of its factory in Al Buraimi.

The proximity of UAE and Sultanate of Oman is a key market. Due to the expected influx of client's orders and awarding of submitted tenders, a serious consideration is being given for expanding the company resources. More engineers and skilled workers are being recruited together with Oman Nationals to fill vacancies created by the growth.