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Oman Cement reports 37% growth in net income
- Oman: Wednesday, January 23 - 2013 at 05:22
Oman Cement Co has posted a 36.7% increase in its net profit for full-year 2012 to OR17.5m, compared with OR12.8m in the previous year, Muscat Daily has reported. "The growth in net profit is mostly volume driven with some recovery in local cement prices," said Sameer Kattiparambil, AVP - research at EFG-Hermes. "Owing to the fact that no major extra cement is being imported, prices have stabilised in the market over the last quarters," said Kattiparambil. Total revenue climbed 17% to OR59.3m last year from OR50.7m in 2011, the cement maker said.
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