Oman-based steelmaker Al Jazeera Steel Products Company (Al Jazeera) has announced its financial results for the first nine months of the current year, registering a net profit of OMR 3.06 million ($7.96 million) for the given period, compared to a net profit of OMR 1.55 million recorded in the same period of 2015. In the January-September period this year, sales revenues of the company decreased by 10 percent year on year to OMR 50.91 million ($132.2 million). The company registered an operating profit of OMR 4.04 million ($10.5 million) in the given period, up 91.3 percent year on year.
In the first nine months of the current year, Al Jazeera produced 250,669 mt of finished steel, rising by 16 percent, while the company’s finished steel sales increased by 13 percent to 257,277 mt, both year on year.
Al Jazeera stated that during the given period it was successful in expanding export markets for the products of its tube mill division, reducing its dependence on the North American market, and management will continue to maintain this push to diversify the markets and product segments in which the company operates.