Al Anwar Ceramic Tiles Company is expecting a significant rise in income this year as its new plant in Nizwa started commercial production in the second quarter to meet growing demand in Oman and other GCC markets.
Last week, the company, in a filing with Muscat Securities Market (MSM), reported a ten per cent growth in net profit to RO3.27mn in the six-month period ended June 30, as compared to RO2.98mn in the corresponding period of the previous year.
The Nizwa-based company completed its expansion project in the second quarter of this year to increase tile production capacity by an additional 3mn m2.
Total income increased by 11 per cent to RO11.08mn in the six-month period from RO9.94mn in the year-ago period.
Speaking to Muscat Daily, A Suresh, finance controller at Al Anwar Ceramic Tiles, said that commercial production at its new plant started in the middle of the second quarter and the full impact on income will be seen from the third quarter onwards.
He said, "Total production capacity is around 13.5mn m2 after the expansion. There has been some contribution from the new plant in the second quarter. However, the full share of the new production line will accrue from the third quarter onwards."
Suresh added that the demand is robust in Oman and other GCC markets and output from the new production line will be absorbed without any difficulty.
© Muscat Daily 2012
