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Posts net profit of OMR 0.78 million with 11 per cent increase over previous year
National Aluminium Products Company SAOG (NAPCO), one of the leading extruders of aluminium profiles in the GCC, has registered a remarkable performance for 2015, achieving robust growth volume in the local market as well as exports. It earned revenues of OMR 24.8 million, compared to OMR 19.4 million in 2014, representing an increase of 28 per cent. In addition, NAPCO has gained a net profit of OMR 0.78 million in comparison to OMR 0.70 million in the previous year, recoding an increase of 11 per cent.
Despite a challenging business environment for the aluminium extrusion industry, NAPCO has managed to increase the capacity utilization of its existing plant, widen its product offerings, improve client services, and increase its focus on market initiatives, penetrating deep into domestic sectors to capture a wider market share. Moreover, the management implemented dynamic strategies throughout the year to enhance cost efficiencies in the future.
Robert Holtkamp, CEO, NAPCO, said: "The rock-bottom prices of crude oil have impacted the construction sector, which in turn has affected the aluminium extrusion industry. Nevertheless, we are optimistic about the government projects in the region, especially in infrastructure development and building construction, boosting our volume orders in Oman and the rest of the GCC in 2016. In the near-term, NAPCO is bullish about the growth opportunities in established and new markets by offering improved services and products. Supported by a strong team, the management will continue to pursue its strategy of creating long-term value for all stakeholders while ensuring sustainability in operations to attain operational excellence."
To complement its growth plans, NAPCO has installed two additional extrusion presses in a phased manner and a vertical powder coating plant which will commence commercial production by end of April 2016. The estimated cost of the expansion is OMR 7 million, including related civil construction of a new factory.
NAPCO has been part of several landmark projects in Oman and the rest of the region. Its current portfolio in Dubai includes Citywalk, an upcoming retail destination on the junction of Al Wasl and Safa Roads; Onyx Tower, a 3-tower commercial project close to Emaar Business Park on Sheikh Zayed Road; and Dubai Design District (d3), an ambitious and innovative purpose-built destination for creatives. In addition, it is working on Abu Dhabi Plaza, a mixed-use development underway in Astana, Kazakhstan. NAPCO's long list of developments comprise the Supreme Court in Muscat, Salalah Airport, the Dubai International Airport Expansion (UAE), the Burj Khalifa (UAE), and the Al Rayyan Complex (UAE), to name a few.
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© Press Release 2016
