Napco posts net profits of $1.2m

National Aluminium Products Company (Napco), a leading extruders of aluminum profiles in the GCC, has posted strong performance for the first three quarters of the year, with net profits worth more than RO486,000 ($1.2 million).

Its revenues totalled to RO13.5 million, reflecting a continuing quarter-on-quarter (QoQ) growth over the last nine months, said a statement.

According to the company’s senior executives, Napco’s continued growth and excellent market performance can be attributed to the continuously growing number of residential and commercial property developments in the region, which in turn has driven an increased demand for aluminium based building materials.

The firm’s board also acknowledged the strong support and encouragement given by Qaboos Bin Said Al Said, Sultan of Oman—whose vision to develop Oman has inspired Napco employees in contributing effectively towards the progress of the company, it said.

Robert Holtkamp, general manager, Napco, said: “As the year comes to a close, Napco is proud to report excellent performance for the first three quarters and the increasing demand for our products gives us the confidence to look forward to higher revenues and profits at the end of 2014.

“Increasing volumes in sales and profitability are our set near term goals, which we hope to accomplish through aggressive marketing initiatives. In addition, the expansion plan that we have designed and implemented is well on track—backed by a strategic partnership agreement with a machinery supplier and tied up with initial funding arrangements.”