Displaying items by tag: Raysut Cement
UAE: Raysut Cement has appointed Afzaal Qadri as the Plant Manager of its subsidiary Pioneer Cement Industries. Afzaal will report to Raysut’s chief executive officer (CEO) Joey Ghose. Qadri, aged 49 years, holds over 30 years of experience of the Cement Industry. He started his career in the cement industry in 1987 and has worked in various engineering and operational roles in the US, Saudi Arabia, UAE and Pakistan. Most recently he worked by HeidelbergCement in the US.
Cyclone Mekunu shuts down Raysut Cement
29 May 2018Oman: Cyclone Mekunu has forced Raysut Cement to stop production for eight to 10 days. The cement producer said that the storm caused external damage to its plant at Salalah and flooded production buildings and the stockyard.
Oman: Raysut Cement has inaugurated a new packing unit at its Salalah cement plant. The upgrade doubles the plant’s packing capacity. This will allow the cement producer to export an additional 1Mt/yr of bagged cement to markets in Yemen, Somalia and elsewhere in East Africa. The company spent just under US$4m on the project.
Raysut Cement to consider building plant in Georgia
21 March 2018Georgia: Oman’s Raysut Cement has approved an initial study to consider building a 1Mt/yr cement plant in Georgia. The company’s subsidiary Pioneer Cement Industries Georgia owns a limestone mine with reserves of over 30Mt about 60km from Tiblisi. A final decision on the project is expected to be made by June 2018. Discussions have also commenced with possible partners for both equity participation and engineering, procurement and construction (EPC) contracting.
Oman: Kuldip Chadha has been appointed as the financial officer of Raysut Cement. The Indian national is a qualified chartered accountant with over 40 years’ experience in internal audit, including 26 years at a senior management level.
The cement producer has also appointed Gopal Parikh as its chief operation officer. Gopal, also an Indian national, holds a BE (Mechanical) from Engineering College in India and has more than 30 years’ experience in cement industries at a senior management level.
Raysut Cement’s revenue falls by 22% to US$187m in 2017
15 January 2018Oman: Raysut Cement’s revenue fell by 22% year-on-year to US$187m in 2017 from US$240m in 2016. Its profit after tax fell by 66.6% to US$18m from US$53.8m. In November 2017 the cement producer blamed its falling profit on lower sales due to competition locally and in export markets, disruption to its export market in Yemen resulting from the on-going civil war and increased energy prices.
New CEO for Raysut Cement
29 November 2017Oman: Raysut Cement has appointed Joey Ghose as its new CEO, effective 1 December 2017. Ahmed bin Yousuf bin Alawi Al Ibrahim, the chairman of Raysut Cement’s board, said in a statement to the Muscat bourse that Ghose has extensive experience of managing cement industry companies.
Al Wusta Cement appoints Abdullah Abbas Ahmed as chairman
18 October 2017Oman: Al Wusta Cement Company has appointed Abdullah Abbas Ahmed as its chairman and Ahmed bin Yousuf bin Alwai Al Ibrahim as its vice-chairman. The officials were nominated at a meeting of the representatives of two joint venture partners Raysut Cement Company and Oman Cement Company. The new cement company plans to build a plant at Duqm in 2018.
Duqm economic zone signs usufruct agreement with Al Wusta Cement
06 October 2017Oman: The Special Economic Zone Authority of Duqm (SEZAD) has signed a usufruct agreement with the Al Wusta Cement Company to establish a cement plant in Duqm. As per the terms of the deal the Al Wusta Cement has received a 500,000m2 plot in the zone for a duration of 50 years, according to the Oman News Agency. The new cement producer is a joint venture between Oman Cement and Raysut Cement.
Al Wusta Cement plans to start building the plant in 2018 with production scheduled for 2020. The unit will start with a production capacity of 5000t/day before raising this to 10,000t/day, subject to market demand.
Raysut Cement reports 62% slump in profit for Q1
11 May 2017Oman: Raysut Cement has reported a 62% fall year-on-year in its net profit for the three months to 31 March 2017, due to lower sales volume and increased taxes this year. The group net profit fell to US$8.0m against a group net profit of US$21.0m during the corresponding period of 2016.
The cement producer said that its profit dropped because of significant increase in cost of electricity, lower sales volumes and an increase in the tax rate from 12% to 15%.
The group as a whole sold 0.76Mt of cement during the period from 1.02Mt of cement sold previously, a year-on-year decline of nearly 25%. While sales at the parent company fell by 19%, Raysut Cement's UAE subsidiary Pioneer Cement recorded a 35.4% decline in sales volumes. Revenue earned by Pioneer Cement dropped by 34.3% to US$13.3m compared to US$20.3m.