AL ANWAR CERAMIC 9M NET PROFIT UP 8%

MUSCAT: Al Anwar Ceramic Tiles Co reported an 8.1 per cent year-on-year growth in net profit for the nine-month period ended September 30, 2014. The company’s net profit grew to RO6.75mn from RO6.24mn last year, according to a filing with the Muscat Securities Market on Sunday.

Total income grew by six per cent to RO22.45mn from RO21.2mn during the corresponding period of last year.

Speaking to Muscat Daily, chief financial officer A Suresh said the company was able to boost revenues during the third quarter with its fifth production line going operational.

He said, “So far this year has been good in terms of sales. The demand outlook for ceramic products in the GCC is stable and we do not see any challenge in the foreseeable future. Our biggest export market is Saudi Arabia where public spending, specially on affordable housing schemes, is driving the market.”

He said that the Oman market accounts for 40-45 per cent of company sales. “We have a good market share in Oman with demand being driven by a growing population.”

Al Anwar plans to set up a sixth production line with the capacity to produce an additional 4mn sq m of tiles per year. Earlier this year, the company board approved a plan for expansion, which is subject to the allotment of additional gas. The company is also looking at alternative energy options until regular natural gas allotment from the government is obtained.

SOURCE: MUSCAT DAILY