Omani steel producer Al Jazeera Steel Products Co. SAOG reported a substantial 62pct YoY increase in net profit for the first nine months of 2024, according to its unaudited financial statement.
The company’s net profit soared to OMR 3.9 mln (USD 10.1 mln) during January-September 2024, up from OMR 2.4 mln in the same period last year.
Revenue for the period rose 2pct YoY to OMR 108.3 mln (USD 280 mln), compared to OMR 106.4 mln last year. Meanwhile, Al Jazeera’s expenses remained steady, totaling OMR 104.4 mln (USD 270 mln) for the January-September 2024 period.
Al Jazeera Steel Products Co. SAOG is a leading manufacturer of tube and structural steel in the Middle East. The company’s facility produces tubular products, merchant sections, and rebars, with four tube-making lines having a total capacity of 300,000 tons per annum. Additionally, the merchant bar mill has a capacity of 300,000 tons per annum. In addition to serving its domestic market, the company exports its products to 25 countries worldwide, including the USA, Canada, Australia, Germany, and other European Union countries.
1 USD / 0.38 OMR
