08 November 2016
By Business Reporter
MUSCAT – Raysut Cement
, the Sultanate’s largest cement producer, says it is making headway in the establishment of a new cement plant in Berbera, Somaliland.
The new facility is one of several investments being made by the parent company in growing its business in Oman and the wider region.
Soil investigation studies linked to Barwaaqo Cement Company’s plant in Somaliland have been completed, Ahmed bin Yousuf bin Alawi al Ibrahim, Chairman of the Board of Directors, said in a report of the group’s financial performance for the nine months ended September 30, 2016. “The Engineering-Procurement-Construction (EPC) contractor shall be selected shortly. The project is expected to be complete within 12 months from the date of selecting the EPC contractor,” he stated. Also under implementation is a new cement terminal at Duqm Port, with the first bulk cement vessel having already discharged its cargo of cement into silos at the port. The commissioning of the silos and packing plant has been completed as well.“The cement terminal is ready for commercial operation,” the Chairman said, noting that a new packing plant is expected to be operational by the year-end.
Raysut Cement Company, along with Oman Cement Company
, have jointed registered a new compay to be named Al Wasta Cement Company LLC.“The new company proposes to set up a new cement plant in the near future subject to detailed feasibility studies,” the Chairman said.
The parent company has also successfully commissioned a Gas Supply Station at its Salalah complex in September, helping boost cement production by an additional 130,000 – 140,000 tons per annum.
Meanwhile, Raysut Cement Group earned revenues of RO 70.56 million for the nine months ended September 30, 2016, against RO 69.38 million in the same period of last year, an increase by 1.7per cent.
Profit Before Tax stood at RO 18.42 million this year, against RO 17.67 million in the same period of last year, an increase of 4.2 per cent.
The Group operating profit stood at RO 18.05 million this year, as against RO 19.58 million in the same period of last year, a decrease of 7.8 per cent.
© Oman Daily Observer 2016