Oman Cable’s H1 2017 sales up by 1.1% YoY; OAPIL registers volume increase

One of the world’s top 100 wire and cable producers based in the Middle East, Oman Cable Industry recently announced the financial highlights of the six months period ended June 30, 2017. The Group’s net profit declined 39 per cent year-on-year, and so were the results for its subsidiary Oman Aluminium Processing Industries LLC (OAPIL).

In spite of the significant increase in aluminium wire and cable sales volume, the company’s net profit dipped for the period under review in comparison with the corresponding period previous year.

Oman Cable Industry’s net profit for the first half of the current financial year fell to RO5.7 million compared to RO9.4 million of H1 2016.

The Group’s total sales for the period increased by 1.1 per cent year-on-year to RO125.3 million from RO123.9 million during H1 2016.

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In a filing with the Muscat Securities Market, the copper and aluminium cable manufacturer said that the parent company’s net profit dropped to RO5.9 million in the first six months of 2017 compared to RO9.8 million in the corresponding period previous year.

‘The results for this period were impacted due to competitive pressure on prices and volumes coupled with increase in costs’, the statement said.