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29 May 2023

Oman's Raysut tops forecasts with record Q4 profit

By Agencies

Oman's Raysut Cement made a record quarterly profit in the fourth quarter, topping analysts' forecasts as sales jumped 70 per cent and it made bigger gains from investments.


Oman's biggest cement firm by market value more than doubled profit to OMR10.43 million (Dh99.5m) in the three months ending December 31 from OMR4.98 million a year earlier, Reuters calculated based on full-year data the company released.


The quarterly profit, the biggest on record according to Reuters data going back to 2003, beat all four forecasts in a net profit survey last month, which ranged from OMR5.8 million and OMR9.8 million.


Sales surged to OMR19.67 million in three-month period, from OMR11.54 million a year earlier, Reuters calculated based on full-year turnover of OMR63.01 million.


Companies in Oman have announced construction projects in oil, gas and industries worth more than $30 billion, according to London-based Middle East Economic Digest.


Oman's $35.7 billion economy expanded 7.2 per cent in real terms in 2006, led by growth in services and industry.


Raysut also made OMR1.99 million from gains on investment, in the quarter, compared with OMR160,540 a year earlier, according to Reuters calculations.


Full-year gains on investments were OMR3.51 million against a loss of OMR170.46 million, Raysut said, without giving details.


Raysut posted profit of OMR30.12 million in 2007, compared with OMR20.66 million in 2006, while costs rose more than 30 per cent in 2007 to OMR35.06 million, it said.


The company made OMR4.98 million in the fourth quarter of 2006 and OMR19.69 million in the first nine months of 2007, according to financial statements posted on the stock market regulator's Web site. (Reuters)