• Oman

    • OCC’s revenues in Q1 exceed pre-pandemic levels

    By on April 18, 2022
    image : OCC
    image : OCC

    Muscat: Oman Cement Company (OCC) posted  OMR 16.9 million in revenues in the first quarter, the initial unaudited financial results show.

    The company’s revenues increased by 44.17% compared to the same period of last year and exceeded the pre-COVID revenues in the first three months of 2020 of RO13.6mn.

    According to OCC’s disclosed initial results via Muscat Stock Exchange (MSX), the full revenue recovery didn’t result in a similar result for the net profit due to the increase in expenses.

    OCC’s expenses fell by 13.3% between 2020 and 2021 to RO10.9mn but increased by 46.2% between 2021 and 2022 to RO16mn.

    While the revenues declined in 2021 by 15.8% to RO11.8mn and jumped by 44.2% in 2022 to RO13.6mn

    As a result, the company’s net profit by the end of March 2022 stood at RO900,472 compared to RO753,137 in 2021 same period and to RO1.1million pre-COVID in 2020.

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