Oman-based steelmaker Al Jazeera Steel Products Company (Al Jazeera) has announced its financial results for the first quarter of the current year, registering a net profit of OMR 1.30 million ($3.38 million) for the given period, compared to a net profit of OMR 818,760 million recorded in the same period of 2016. In the January-March period this year, sales revenues of the company increased by 56.6 percent year on year to OMR 23.09 million ($59.97 million). The company registered an operating profit of OMR 1.68 million ($4.38 million) in the given period, up 59 percent year on year.
In the first three months of the current year, Al Jazeera produced 103,083 mt of finished steel, rising by 23 percent, while the company’s finished steel sales increased by 39 percent to 98,726 mt, both year on year.
Al Jazeera stated that it will continue to look into diversifying its export market presence to other markets apart from its traditional markets and said that it has also taken steps to initiate export of its merchant bar products and will continue to work in this direction.