Oman Cement reports net profit of OMR4.447mn in 2021

Business Wednesday 16/March/2022 17:49 PM
By: Times News Service
Oman Cement reports net profit of OMR4.447mn in 2021

Muscat: Oman Cement Company achieved a net profit after tax of OMR4.447 million, during the year 2021, as the company, during that period, managed to produce two million and 393,000 tonnes of cement.

It managed to achieve real growth in its commercial activities despite the economic conditions imposed by the outbreak of COVID-19 pandemic, which cast its bad effects on the global economy.

Eng. Salem bin Abdullah Al-Hajri, the CEO, said that Oman Cement Company is doing its possible efforts to maintain the growth continuity, which is being fulfilled in light of the trust and support it has by the government and the various investors as well as under the wise leadership of His Majesty Sultan Haitham bin Tariq Al Said.

Al Hajri also said that these results have been achieved thanks to following several policies to increase the demand for products to develop the absorptive capacity, despite the strong competition that witnessed by the market, not only from local cement companies, but also from the imported cement, but the Omani cement product maintains confidence by the consumers due to the high quality of that cement and, it is conforming to the applicable specifications, and it is observing to the building requirements in the Sultanate.

Al-Hajri indicated that Oman Cement Company applies the Omani, Gulf, European, British and American specifications, in addition to applying oil well cement specifications for the oil and gas sector regarding oil well cement production.

As part of its efforts, it focuses on ensuring the quality of the raw materials used during manufacturing to achieve high efficiency in using of energy and resources which are part of the cement industry, as also to achieve the highest level of quality and efficiency for the final product. The company is also moving forward with its efforts to enhance cement self-sufficiency in the Sultanate, and reduce imports, which will be reflected in supporting the national economy.

The CEO also confirmed that the company continued to implement the approved dynamic pricing policy approach to manage to meet market requirements, which will be fulfilled by providing products that meet the highest quality standards to maintain its market share. The company has also made great efforts to offer a variety of cement with innovative properties.

Oman Cement Company has also fulfilled remarkable progress in its efforts to increase growth within the industrial sector, as it was recently announced that the company had adopted a project to exploit the unwanted materials coming from other industries and to introduce them as substitute materials in the cement industry.

The company also intends to improve its production capacity and establish a new production line in the factory which is existing in Muscat, with a production capacity of up to 10,000 tonnes of clinker, in addition to modernisation of Production Line No. 3 to achieve a production capacity of up to 5,000 tonnes of clinker.

Regarding the different challenges that the company faced during the past year, Eng. Salem Bin Abdullah Al-Hajri clarified that the company faced great challenges due to the Covid-19 pandemic, as in line with the decisions of the Supreme Committee, the company formed a committee to discuss developments and impacts of Covid-19 and its effects on the company’s performance, where the team has reduced the number of the current employees in the factory and urging them to adhere to the guidelines regarding physical distancing and personal hygiene, as well as the recommendation of most employees who are not required to be present in the site to work remotely and work to sterilise the company’s different facilities.