Omani steel producer Al Jazeera Steel Products Co. SAOG reported a significant 73pct YoY increase in net profit for 2024, according to its unaudited financial statement.
The company’s net profit surged to OMR 7 mln (USD 18.3 mln) last year, up from OMR 4 mln in 2023. Revenue for the year rose by 3pct YoY to OMR 146.6 mln (USD 379.8 mln), compared to OMR 138.3 mln in the previous year. Meanwhile, Al Jazeera’s expenses increased slightly by 1pct YoY, reaching OMR 139.5 mln (USD 361.5 mln) in 2024.
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
