Omani steel producer, Al Jazeera Steel Products Co. SAOG, reported a 28 pct YoY drop in its net profit in the first half of 2023, according to its unaudited financial statement.
In H1 2023, the company’s net profit decreased to OMR 2.02 mln (USD 5.23 mln) as opposed to OMR 2.82 mln, in the same period last year.
The sales revenue also experienced a drop of 13 pct compared to the previous year, reaching OMR 71.5 mln (USD 185 mln) in H1 2023, down from OMR 82.4 mln in H1 2022.
Al Jazeera’s expenses also decreased by 13 pct YoY to OMR 69.47 mln (USD 180 mln).
Al Jazeera Steel Products Co. is one of the leading Steel Tube & Structural product manufacturers in the Middle East. The plant produces tubular products, merchant sections and rebars. The plant consists of 4 tube making lines with a total capacity of 300,000 tons per annum. The merchant bar mill have a capacity of 300,000 tons per annum. Apart from catering to its core domestic market, company exports its product to 25 countries including USA, Canada, Australia, Germany & other European Union countries.
1 USD / 0.38 OMR
