MUSCAT, NOV 3
After two consecutive loss-making quarters, the Muscat Stock Market (MSM) listed Raysut Cement Company (RCC) has returned to the profit trail with a net group profit of RO 512,121 in the third-quarter ending on September 30 2020.
According to a financial disclosure posted on MSM, RCC is seen to be poised to weather the challenges posed by the pandemic COVID-19 market uncertainties, which had taken a toll on the company’s financials since the beginning of the year.
According to RCC’s MSM posting, RCC posted a net group profit of RO 512,121 in the third-quarter ending on September 30, 2020.
This is the first quarter in this year RCC is reporting a profit after consecutive losses after tax in the first half of the year. This compares with a Q2 loss of RO 6,867,529. The losses have been attributed to the impact from the pandemic’s widespread negative impact the world over and specifically on verticals like construction, infrastructure, and so on – major demand drivers for RCC.
In Q3, RCC generated group revenue of RO 20.415 million against RO 20.401 million in the comparable period last year, and 6.25 per cent up compared to reported in the Q2 2020 with RO 19.212 million.
A significant share of the revenue growth was contributed by Sohar Cement Factory LLC, which RCC acquired in May 2019, while the parent company RCC and its UAE subsidiary, Pioneer Cement also reported salient come back to robustness.
RCC recently acquired 75 per cent shares of Lafarge Holcim Maldives Ltd, a cement terminal located at Thilafushi Islands, Maldives.
MUSCAT, NOV 3