MUSCAT, NOV 2
Raysut Cement Company SAOG, one of Oman's leading cement producers, plans to raise RO 20 million through a rights issue as part of a broader financial restructuring strategy aimed at restoring its eroded share capital, settling legacy liabilities and supporting its operational turnaround.
The company's Board of Directors approved the proposed rights issue at its meeting on September 28, 2026, following shareholder approval for increasing its authorised share capital to RO 40 million.
According to the company's unaudited financial results for the nine months ended September 30, 2026, the recapitalisation initiative is intended to strengthen its balance sheet, inject fresh liquidity and finance strategic investments in plant and equipment upgrades.
The proposed capital injection comes amid continuing financial pressures despite a marked improvement in operating performance. As of September 30, accumulated losses stood at RO 63.36 million for the Group and RO 67.42 million for the parent company, whose share capital has been fully eroded.
Meanwhile, Raysut Cement reported a 20 per cent increase in consolidated revenue to RO 76.08 million during the first nine months of 2026, compared with RO 63.24 million a year earlier.
Operating profit reached RO 4.82 million, reversing a loss of RO 224,000 in the corresponding 2025 period. Earnings before interest, taxes, depreciation and amortisation (EBITDA) surged 162 per cent to RO 11.97 million.
The Group also reported a net profit of RO 3.10 million, compared with a loss of RO 3.93 million previously, reflecting improvements in plant utilisation, cost management and operational efficiencies across its facilities in Oman, the UAE and Maldives.
Raysut Cement said it remains cautiously optimistic about sustaining its recovery, supported by regional cement demand and infrastructure development.
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