Oman Chromite invests in low-carbon ferrochrome plant in Suhar

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Publicly traded Oman Chromite Company SAOG (Oman Chromite), in a filing to the Capital Market Authority (CMA), has announced the signing of a purchase agreement worth RO 500,000 for a 20 per cent stake in a low–carbon ferrochrome plant under development in Sohar Port and Freezone.

The company said, “Oman Chrome Company SAOG has signed an agreement on Thursday 27/10/2022 for a 20 per cent share of a low-carbon ferrochrome plant for RO 500,000. The plant is currently under construction in Sohar Port and Freezone, which will be an addition to the value-added projects for chrome ore, and it is expected that the company’s profits will be supplemented around 10 per cent of this investment.”

The company, in its unaudited financial statements for the third quarter ended on September 30, 2022, managed to produce 55,550 tonnes of chromite ore, compared to 22,849 tonnes in the same period last year. It achieved a revenue of RO 3.121 million compared to RO 2.161 million in the same period last year. On the other hand, Oman Chromite posts a profit after tax of RO 1.267 million during the third quarter compared to RO 368,547 for the same period last year, an increase of 344 per cent.

Humaid al Maqbali, Chairman of Oman Chromite said, “The company will continue its efforts to improve and to achieve good financial results to take advantage of the expected high raw materials prices during the coming period.”