Raysut Cement narrows H1 2025 loss on higher revenue
Raysut Cement Company SAOG, Oman's largest cement producer, reported a consolidated net loss of RO 2.99 million for the first half of 2025, down from RO 1.51 million in the same period last year, as revenues surged and a new leadership team implemented a turnaround strategy.
Group revenue rose 30.8 per cent year-on-year to RO 41.81 million in the six months to June 30, 2025, compared with RO 31.87 million a year earlier, driven by improved sales in domestic and export markets, particularly Yemen, the Maldives, and East Africa.
Total group expenses increased sharply to RO 36.44 million from RO 23.44 million in H1 2024—an annual rise of 55.5 per cent—reflecting higher input costs and logistics challenges.
Loss before tax narrowed to RO 2.90 million, down from RO 1.37 million in the same period last year. After accounting for tax provisions of RO 90,042, the group posted a net loss of RO 2.99 million for the period.
On a standalone basis, the parent company reported revenue of RO 21.58 million, up 25.5 per cent from RO 17.16 million in H1 2024. However, standalone losses widened to RO 3.33 million from RO 2.48 million, primarily due to increased operating costs.
The results follow the release of the company's 2024 Board of Directors Report, which confirmed a full-year consolidated net loss of RO 10.63 million and cumulative group losses of RO 24.06 million across 2023 and 2024. Net cash flow for the group was positive at RO 1.07 million in 2024, and total assets stood at RO 9.49 million at year-end.
A new board, appointed in March 2025, did not oversee 2024 operations but has since launched a five-point restructuring plan aimed at restoring profitability by 2026. The strategy includes addressing legacy debt, streamlining operations, improving efficiency, enforcing corporate governance, and strengthening liquidity management.
Group-wide cement sales reached 2.47 million metric tonnes in 2024, up from 2.14 million tonnes the previous year. Parent company exports rose to 1.29 million tonnes, with domestic sales also increasing to 0.65 million tonnes.
Despite improvements in top-line performance, the company continues to face industry-wide pressures, including regional cement overcapacity, currency risks in key markets, and competition from Asian producers.
The Board stated it remains committed to executing its recovery plan and enhancing shareholder transparency.
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