Muscat: Thread Mills, a Rusayl-based thread production company which exports to 16 countries worldwide, will spend US$300,000 to cater to the Oman market for the first time, as it looks to tap into the lucrative domestic tailoring industry.
Set up in 1997 on the Rusayl Industrial Estate, the '100 per cent export-oriented company' currently exports to India, Pakistan, Kenya, Jordan and 12 other countries, with its thread approved by companies such as GAP and Abercrombie and Fitch.
However, the company is now looking to provide thread to the domestic market under its Boat brand, with the equipment already under order and the products expected to be launched in the market within three months.
Nihal Kodagoda, general manager of Muscat Thread Mills, told Muscat Daily that specialised equipment is needed to produce smaller domestic thread cone sizes besides the much bigger industrial thread cones the company currently exports.
"The product will be launched in the market in three months time. It will be launched under our Boat brand, which is our industrial brand that competes around the world.
This is for the domestic tailoring market. There is a big market for both ladies' and gents' garments, especially during the festival seasons."
Shahzad Khan, the company's marketing manager, said that the current production capacity of the company is 1mn cones per month.
He added, "2011 was a historic year for the company, because we touched the US$10mn mark in terms of volume and profitability."
According to the company's unaudited financial results released to the Muscat Securities Market (MSM), net profit climbed 32 per cent from RO198,431 in 2010 to RO261,391 in 2011. Muscat Thread was also the best performer on MSM on Monday, rising 9.94 per cent to 177bz.
© Muscat Daily 2012
