Oman:Oman Cement reports 3.7% increase in 1Q15 profits

Bymc2008

Updated Tue, 21 Apr 2015 17:23:45 GMT

Oman Cement achieved a 3.7% rise in net profit for the three months ending 31 March (1Q15). At RO3.83 million (US$9.95 million), net profit was ahead of analysts’ forecasts and ahead of the RO3.70 million achieved in 1Q14. Revenue rose 10.6% to RO15.94 million.

At the start of the year, the government of Oman doubled gas tariffs for industrial producers, which was expected to affect margins for cement producers. The decision was in response to the impact of low oil prices on the Omani economy. As a result, the cement companies are expected to invest in measures to improve efficiency.

Meanwhile, Saudi Cement has reported a 5.9% increase in 1Q15 net profit.