Oman Cement Co. has reported a 34.9% increase in net profits to $17.9m (OMR 6.9m) for the first quarter of 2013.
Improved sales volumes saw the cement producer s net profit increase from $13.2m (OMR 5.1m) during the same period in 2012.
The company achieved sales of 628,553 metric tonnes (MT) of cement during the first quarter of 2013 which is 12.5% higher compared to 558,495MT in the same period of 2012, a filing with the Muscat Securities Market (MSM) revealed.
This saw the value of sales for the three-month period rise by 12% to $40.7m (OMR 15.65m) from $36.3m (OMR 13.96m) in the same period last year.
Dr Abdullah Abbas Ahmed, company chairman, said in the directors’ report: "We have continued to successfully improve our sales and profit with a balanced approach of marketing efforts, a competitive price structure and discount scheme backed by the quality of our products, and adopting effective expenditure-control measures.”
“As demonstrated by increased sales volume during the first quarter, the company is confident of the demand for cement in the country. With the company s well-structured pricing policy, we hope that in spite of stiff competition with other cement manufacturers, particularly from neighbouring countries, the company will continue to do well in retaining its market share,” he added.
