(MENAFN- Muscat Daily) Oman Cables Industry (OCI) said its year-on-year net profit soared 71.1 per cent in the nine-month period ended September 30, 2013.
Net profit rose to RO11.8mn from RO6.9mn during the same period in 2012. OCI sales revenue gained 19 per cent to RO195.2mn.
''The increase in sales in spite of lower copper prices, compared to the same period in 2012, is mainly on account of the increase in volumes sold. The demand for Oman Cables products remains in line with the long term infrastructure growth plan of Oman and the Middle East and North Africa (MENA) region,'' the company said in its filing to the Muscat Securities Market (MSM) on Wednesday.
''The construction of the advanced testing laboratory in Rusayl, to facilitate enhanced testing capabilities in line with international standards, will be completed and operational before the end of 2013,'' the company added.
The performance of its subsidiary, Oman Aluminium Processing Industries (OAPIL), a joint venture between OCI and Takamul Investment, also contributed positively to the group's performance during the 9M of 2013, according to the company disclosure.
''The financial results of OAPIL for the nine-month period were very encouraging, which is a result of the improvement in overall operations and favourable market conditions. OAPIL has contributed positively to the group's performance this quarter,'' OCI said.
The OCI group net profit for the nine-month period came in at RO12.5mn, an increase of 71.9 per cent over the same period in 2012
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