Raysut Cement shareholders approve proposal to sell Oman Portuguese Ce

27/07/2017 08:07 AST

Raysut Cement said its shareholders have approved a proposal to sell Oman Portuguese Cement Products Co. to Opal Development Co.

The decision was taken at an extraordinary general meeting of the company held on July 25, Raysut Cement said in a disclosure statement posted on the Muscat Securities Market (MSM) website.

Meanwhile, earlier this month, Raysut Cement had announced that its net profit for the first six months of 2017 fell 64.19 per cent to OMR4.62 million from OMR12.91 million for the same period of last year.

The company's turnover also declined by 25.08 per cent to OMR37.41 million from OMR49.93 million, while cost of sales fell 14.58 per cent to OMR27.32 million, Raysut Cement said in a disclosure statement posted on MSM website.

Raysut Cement's earnings per share by end-June 2017 were at 23 baisas, slipping from 65 baisas for the same period of last year.

Times of Oman

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