Times of Oman reported that Raysut Cement Company has reduced its cement selling prices, mainly due to severe competition from neighboring UAE based companies. The price reduction will vary according to the quantity of cement purchased by a customer.
RCC's announcement follows a similar move this month by its domestic competitor, Oman Cement and in response to intensifying competition from UAE based producers.
A research note from EFG Hermes said in a statement that in the domestic market, the company lost some of its market share as cement sales plummeted by 43% YoY and 4.1% on QoQ basis. The market share loss occurred despite the company selling cement at a discount in the H1.
