Displaying items by tag: Raysut

Oman: According to Reuters, Raysut Cement posted a 33% drop in its second-quarter net profit. It made US$12.8m in the second quarter of 2015 compared with US$19.1m in the same period of 2014. Raysut Cement reported a first-half post-tax profit of US$28.5m compared to US$40.5m in the same period of 2014.

Oman: Raysut Cement's operating profit fell by 26.7% in the first quarter of 2015 on a 100% increase in the price of natural gas supplied by the government and rising transportation costs. Group operating profit fell to US$15.6m from US$21.4m in the same period of 2014.

'This is mainly due to the increase in natural gas price by the government to US$3/MMBtu from US$1.5/MMBtu effective from 1 January 2015 and increases in other costs," said Raysut Cement said in its directors' report.

The report said that the quarter that ended on 31 March 2015 was very challenging compared with any of the previous quarters in the recent past. "Gas is a significant component of cost and the price was doubled. Transportation costs are on the rise due to restrictions on tonnage and the cascading effects of all have significant bearing on the cost of the product." In addition, the company said that the disturbances in Yemen, one of Raysut Cement's main export markets, have had a bearing on sales volumes.

During the quarter, group revenue fell by 1.6% to US$63.5m from US$64.5m in the same period of 2014. "Given the situation, the company has done extremely well in the first quarter to reach a level of revenue which is close to that of the previous year. By positioning the products in appropriate markets the average price realisation improved, neutralising the effect of cost increase to an extent. On the other hand, severe competition from UAE suppliers is continuing."

Raysut Cement sold 976,019t of cement and 3958t of clinker during the first quarter of 2015 compared to 100,6024t of cement and 7384t of clinker in the corresponding period of 2014. This represents a decrease by 2.98% in cement and 46.4% increase in clinker.

Oman: The Ministry of Oil and Gas (MOG) plans to increase the price of natural gas for Raysut Cement Oman Cement from 1 January 2015. Raysut Cement said that the decision would impact its production by 3% in 2015. The company plans to mitigate the financial impact by implementing cost-reduction enhancement initiatives and restructuring prices. Oman Cement said that it plans to minimise the impact by improved productivity cost-controls and restructured pricing.

Oman: Raysut Cement Company (RCC) intends to build a distribution terminal in Duqm and additional silo capacity at its Salalah cement plant. The company is also building an offshore unloader and blow pump system in the north of the country to facilitate bulk cement handling.

"The work is in a progressive stage and the company will reap benefits from these starting from the new facilities from the early part of 2015," said Ahmed bin Alawi bin Abdulla Al Ibrahim, chairman of Raysut Cement.

Oman: Raysut Cement Company has announced an increase in its profit by 8% to US$60.2m during the January - September period of 2014, compared with US$55.7m during the same period of 2013. Revenue was US$183m for the period, compared to US$182m for the same period of 2013.

"While there are positive signs of growth in Oman market, the same is not being translated into cement demand due to severe competition from UAE suppliers. The competition is also being experienced in the Yemen and east African markets," said Raysut Cement.

2.83Mt of cement was sold during the first nine months of 2014, compared with 2.79Mt during the corresponding period of 2013. Some 2.46t of clinker and 2.81Mt of cement was produced during the period, compared with 2.47Mt of clinker and 2.79Mt of cement produced during first nine months of 2013.

Oman: Raysut Cement reported a 17.8% increase in quarterly net profit after tax in the third quarter of 2014, according to Reuters. It made US$13.8m in July – September 2014 compared with US$11.7m in the corresponding period of 2013.

Somaliland: Oman's Raysut Cement Co has signed a joint venture agreement with Barwaaquo Cement Co to build a terminal at Berbera port in Somaliland for the packaging and distribution of cement. Salim bin Alawi bin Mohammed Baabood, Raysut Cement's CEO, signed the agreement with Ismail Saeed Hussain, chairman of Barwaaquo Cement.

"Pursuant to this agreement a terminal shall be constructed for the packaging and distribution of bagged and bulk cement using the latest technology at Berbera Port with a storage capacity of 12,000t," said Baabood. He added that the total investment cost of the project is about US$7.5m.

Oman: Raysut Cement Group has seen pre-tax profits for the first half of 2014 rise by 6.7% to US$46m compared with the same period of 2013, according to local media. Demand from the UAE and fierce competition among Omani manufacturers were the main features of the first half, according to Raysut Cement Company's chairman Sheikh Ahmed bin Alawi Al Ibrahim. "Given this background, the company has met with the challenges effectively by holding on to its sales and enlarging the profit for the group as a whole by optimising sales in varied markets," Al Ibrahim added.

Oman: Raysut Cement has warned that the large volume of cement from the UAE to Oman is creating 'undue competition' in the local market. It has reacted to this by maintaining sales locally, increasing its profit and increasing its own exports in Yemen and Africa. The company made the announcement as part of its half-year results for 2014.

The group reported revenues of US$129m for the first half of 2014, no change in comparison to the same period in 2013. Profit before tax rose by 6.7% year-on-year to US$45m.

The group sold 1.3Mt of cement and 17,400t of clinker in the first half a 2014, a decrease of 3% year-on-year compared to total sales of cement and clinker. In the first half of 2013 the group sold 1.32Mt of cement and 27,900t of clinker. The group attributed the decline to 'severe' competition from UAE suppliers in the north of Oman. It compensated for this with increased sales in the south of the country and larger export volumes.

The Oman-based cement producer also announced new projects it is working on, including setting up a distribution terminal in Duqm, additional silo capacity at the Salalah plant and an off-shore wheel loader system to facilitate bulk cement handling.

Oman: Raysut Cement has appointed Salem Alawi Mohammed Baabood as chief executive, the company announced in a bourse statement. The cement producer is the largest company by market value in Oman with a cement production capacity of 3Mt/yr at its Salalah plant.