(MENAFN) Oman's Al Jazeera Steel reported it has registered a net profit of USD12.2 million during the January-September period of this year, which is 3.1 percent higher than the entire net profit of 2013 and 29.2 percent higher compared to the same period last year, Oman Observer reported.
During the first nine months of this year, the company said it has posted a growth in its revenues by 8.2 per cent, reaching USD190 million in 2014, compared to USD175.4 million registered during the same period in 2013, while the company's asset base reached USD207.8 million compared to USD179.7 million during the same period last year, which is a growth by 15.6 percent.
"We are proud to have another successful quarter for Al Jazeera Steel and its stakeholders.The company has achieved, for the third consecutive quarter this year, an outstanding performance breaking new annual records with tremendous growth potential backed by a relatively stable demand and a strong order book. These exceptional results could not have been achieved without the expert team of Al Jazeera Steel," Chairman of Al Jazeera Steel Products Company said.
Al Jazeera Steel also said that they are considering more growth opportunities with special focus on the Saudi market, as well as having plans for the expansion of their North American markets, with the company aiming to grow the business at a faster pace as well as to diversify their revenue sources, strengthening the overall performance and minimizing operational risks given the currently challenging steel markets.
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