Oman Cement releases unaudited 2014 results

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Updated Wed, 21 Jan 2015 13:59:36 GMT

Oman Cement Company has released its initial, unaudited financial results for 2014. These indicate a decline in net profit before tax and net profit after tax of 11% y/y and 12.8% y/y, respectively. Total revenues are also being reported as lower than in 2013, dropping by almost 3.5% y/y. The results have not yet been approved by the Audit Committee or Board of Directors.

In December 2014, the Omani government announced that it would hike natural gas prices from 1 January 2014. The price increases are likely to affect cement manufacturers’ production costs in the country.