Oman's Raysut posts 28% decline in 2011's profit 

(MENAFN) Oman's Raysut Cement said that annual profit fell 28 percent from 2010's USD53.62 million, to USD38.59 million, reported The National.

The company attributed the drop to fierce competition, mainly from UAE firms that offer competitive pricing.

It also said that in the period, cost of sales rose to USD160.3 million, compared with USD108 million in the previous year.

On the other hand, the Salalah-based firm added that in the year, it acquired Pioneer Cement Industries in Ras Al Khaimah for USD172 million, adding that the acquisition was made to add 1.7 million tons to Raysut's existing capacity.

It is worth noting that cement in Oman is around USD64.76 per ton, however, UAE prices are as low as USD51.80, and when adding transport cost, the price of UAE cement is an average of USD56.98- USD59.57 per ton.