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 2.68 million ($6.96 million) for the given period, decreasing by 21 percent year on year. In the January-September period this year, sales revenues of the company increased by 36 percent year on year to OMR 69.43 million ($180.32 million). The company registered an operating profit of OMR 3.65 million ($9.49 million) in the given period, down 17 percent year on year.
In the first nine months of the current year, Al Jazeera produced 300,590 mt of finished steel, rising by 20 percent, while the company’s finished steel sales increased by 14 percent to 294,222 mt, both year on year.
Al Jazeera stated that, while the market conditions in the Gulf Co-operation Council (GCC) region were challenging in the given period, the company managed to increase its total sales volume by 14 percent year on year, further increasing capacity utilization of its plants even though margins were squeezed due to overall sentiment in the market.