Oman-based steelmaker Al Jazeera Steel Products Company (Al Jazeera) has announced its financial results for 2017, stating that it registered a net profit of OMR 4.71 million ($12.25 million) for the given year, rising by two percent compared to the previous year. In 2017, the sales revenues of the company increased by 41 percent year on year to OMR 96.62 million ($251.28 million). The company registered an operating profit of OMR 6.17 million ($16.06 million) in the given period, up 10 percent year on year.
In 2017, the company’s pipe production amounted to 399,323 mt, increasing by 20 percent, while its pipe sales totaled 399,732 mt, up 18 percent, both compared to 2016.
The company stated that it continues to work to increase its geographical reach by establishing warehouses and representative offices in key regional markets. In line with this strategy, Al Jazeera Steel also took the decision to open a warehouse in Dubai, which is expected to start operations in mid-2018, further increasing the access of the company to one of the region’s most vibrant markets. Measures have also been taken to diversify the product portfolio in both the company's mills, and these measures are expected to bear fruit in the current year.