RCC Trading DMCC has added Zanzibar, Comoros and Madagascar to its footprint in East Africa, while Raysut Maldives Cement Pvt Ltd has added the new market of Maldives to the group’s geographical coverage. These new markets supplement the existing markets of Oman, Yemen and East Africa covered by the parent company; northern Oman and by Sohar Cement Factory; and the UAE and Oman by Pioneer Cement.
The announcement comes as the Raysut Cement Group, as a whole, reported a 1.45 per cent uptick in cement sold during the first quarter of this year, which rose to 1.113 million tonnes, up from 1.096 million tonnes for the corresponding quarter of 2020. The Group also sold 0.184 million tonnes of clinker in Q1 2021, against 0.266 million tonnes in the last year. A further 0.150 million tonnes of clinker was consumed by newly acquired subsidiary Sohar Cement Factory LLC. Additional sales from the latter contributed to the Group’s stable sales of cement in Q1, it noted.
“This is a significant achievement considering major businesses in the region are only operating at 20 per cent to 30 per cent,” said Ahmed bin Yousuf bin Alawi al Ibrahim, Chairman of the Board of Directors, in the Group’s report for the quarter.
During the period, the Group earned revenues of RO 26.896 million against RO 25.612 million in the Q1 last year, an increase of 5.01 per cent. Profit before Tax stood at RO 0.106 million as against a loss of RO 4.237 million in Q1 2020. The Group’s operating profit for the period totalled RO 0.832 million in the current year against a loss of RO 2.596 million in the first quarter of last year. Profit after Tax for the Group was RO 0.102 million against a loss of RO 4.009 million during Q1 2020.
Meanwhile, Raysut Maldives Cement Pvt Ltd (formerly Lafarge Maldives Cement Pvt Ltd), a newly acquired subsidiary company in Maldives where Raysut Cement has a 75 per cent shareholding, achieved cement sales of 0.015 million MT for Q1 2021.
Plans for a new Cement Grinding Unit in Duqm with a production capacity of 750,000 tonnes of cement per annum are also on track, according to the company. The estimated project cost is about $30 million.
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