Displaying items by tag: Raysut Cement

Oman: Raysut Cement has appointed Khalid Ramis as the General Manager of its Salalah plant and Raashid Ali as its Group Chief Financial Officer.

Khalid Ramis holds over 30 years of experience in the bank, finance and cement industries. He has worked for Raysut Cement since 2019. Before this he held positions with Bank Muscat and BankDhofar.

Raashid Ali holds over 30 years of financial experience in the automative, facilities management, real estate and retail sectors. He has held senior roles at DAMAC, Jumeirah International and Renaissance. He is a chartered accountant.

Oman: Raysut Cement reported a consolidated net loss of US$7.5m for the first half of 2025, up from US$3.9m year-on-year, despite a 31% rise in group revenue to US$108m in the six months to 30 June 2025. The increase was reportedly driven by improved sales in domestic and export markets, including Yemen, the Maldives and East Africa.

A new board, appointed in March 2025, has launched a five-point restructuring plan to restore profitability by 2026, addressing debt, streamlining operations and improving efficiency. The company continues to face regional overcapacity, currency risks and competition from Asian producers.

Oman: Raysut Cement is reactivating a partnership with China's Sinoma Overseas Development to launch Oman's first waste heat recovery (WHR) power plant at its Salalah site, according to the Oman Daily Observer. The groundwork for the 9MW facility was originally laid in 2018. Once operational, the facility is expected to reduce the plant’s reliance on national grid power by up to 30% and reduce CO₂ emissions by more than 50,000t/yr. Engineering design and site preparations are expected to be revisited before the end of 2025.

Oman: Raysut Cement has appointed Jamal Shamis Saud Al Hooti as its chair. Khalid Masoud Ansari has been appointed as the vice chair and Liyutha Mohamed Sulaiman Al Ismaili has been appointed as the secretary of the board.

Oman: Raysut Cement has signed a memorandum of cooperation with Oman Environmental Services Holding Company (Be'ah) and Germany-based MVW Lechtenberg and Partner to explore the feasibility of producing refuse-derived fuel. The project aims to promote alternative fuel use in heavy industries, reduce waste and support Oman's environmental sustainability goals.

CEO of Raysut Cement, Hilal bin Saif al Dhamri, said "This project underscores the partnership between Be'ah and Raysut Cement in advancing the circular economy and supporting Oman's efforts to achieve carbon neutrality."

Oman: Raysut Cement says that production overcapacity in neighbouring countries has led to excess supply in the local market. This in turn has placed “pressure” on cement prices. The company added that exports to the Maldives, Yemen and east Africa had also slowed due to regional political instability, negative currency exchange effects and higher competition. The cement producer’s revenue fell slightly year-on-year from US$128m in the first nine months of 2023 to US$127m in the same period in 2024. However, its net loss grew from US$8.71m to US$14.6m.

Oman: Raysut Cement Company has launched a programme to recycle industrial byproducts for use as alternative fuel in cement production and electricity generation, to align with Oman's goal of net zero emissions by 2050.

Hilal bin Saif Al-Dhamri, Acting CEO of Raysut Cement, said "We use secondary industrial materials resulting from production processes across various industries. These are recycled in cement manufacturing and are categorised into two types: one that can be reused as an alternative fuel in plants, the other is used as a partial replacement to the main raw materials leveraged for cement production.” He added "We implemented a project to reuse exhaust heat and convert it to electrical energy at the Raysut Cement plant in Salalah. This innovative approach permits the plant to generate approximately 30% of its electrical energy, by reducing around 50,000t/yr of CO₂. As a result, the Salalah Raysut Cement plant stands out as environmentally friendly, distinguished by its capability to provide clean energy for cement production."

Al-Dhamri also noted that the company was able to enhance the efficiency of its Salalah plant through this programme, by reducing the clinker content while improving the performance of cement in concrete. This has reportedly contributed to a CO₂ emissions reduction of around 18% compared to ordinary cement.

Oman: The Financial Services Authority has reconstituted the board of directors of Raysut Cement. It has appointed Shabib Mohammed Al Darmaki as its chair with Naser Jumaa Al Zadjali, Badr Awad Al Shanfari, Ali Rashid Ali Al Shuhi and Abdulhameed Ahmed Al Balushi as members. The new board is intended to follow the role of the previous board by completing the “reorganisation and restructuring of the company and fine-tune its governance to ensure stability of its financial and operational positions to correct its path to ensure sustainable performance and protect the interest of all the shareholders and enhance the stability of the market.”

In December 2022 the Capital Market Authority (CMA) replaced the board of directors of Raysut Cement and appointed a temporary one following a financial audit. This followed the CMA publicly questioning the validity of the company’s third quarter results in 2022 when it detected ‘material misrepresentation.’

Oman: Tarek Talaat has moved from Egypt-based Misr Cement Group to Raysut Cement, where he takes over the role of CEO. He was previously managing director and CEO of Misr Cement Group. Before that, he held leadership positions across Europe, Egypt and the Middle East at Holcim, Arabian Cement Company and Ras Al Khaimah White Cement. Raysut Cement called Talaat the ‘standout’ choice for the CEO position, due to his vision, strategic mindset and proven turn-around experience. Tarek holds a bachelor’s degree in civil engineering from Cairo University and studied financial management at INSEAD University in France. He has a Master of Business Administration (MBA) degree from the Swiss Business School, Zurich, in Switzerland.

Raysut Cement said “With Mr Tarek at the helm, we are confident that Raysut Cement will continue to thrive and reach new heights. His leadership will be instrumental in guiding the company through the ever-evolving landscape of the cement industry.”

Reuters has reported that Talaat’s resignation as managing director of Misr Cement Group will take effect on 12 October 2023.

Oman: Raysut Cement reported a net loss of US$4.52m during the first half of 2023. This corresponds to a drop of 67% year-on-year from US$13.8m in the previous first half. The Oman Daily Observer newspaper has reported that the producer attributed the loss reduction to its implementation of operational efficiency and cost reduction measures, as well as growth in sales volumes, during the latest half.