Oman's Raysut Cement Group has reported an OMR14.06m (US$36.57m) net loss for the full-year 2020 period, against an OMR2.26m profit in the previous year.
The results were attributed to a decline in sales volume in the local market as a result of projects and lower sales realisation per tonne of cement and clinker sold in export markets due to stiff competition from the UAE, Saudi Arabia and Iran.
However, the company’s total revenue increased 7.5 per cent YoY to OMR90.38m from OMR84.05m.
"The prevailing COVID-19 pandemic has created an unprecedented situation throughout the globe. All mankind, businesses both at domestic and international levels, are passing through a critical phase, our company is no exception to it, hence has suffered significantly. Raysut Cement’s revenues were maintained for the year, however profitability took a severe hit," said the company.
