09/11/2026 04:53 AST
The net profits of construction companies listed on the Muscat Stock Exchange (MSX) rose by 39 percent to OMR51.8 million in the first nine months of 2026 compared to OMR37.1 million in the same period last year.
This growth coincided with increased government spending on infrastructure projects, rising demand for building and construction materials amid the launch of numerous real estate development projects, as well as companies' efforts to control spending, improve operational efficiency, and open new markets for their products.
Financial results announced by companies on the Muscat Stock Exchange website indicated a positive performance for the sector, with Raysut Cement and Building Materials Industry turning from losses to profits, and 9 out of 10 companies in the sector recording profits, while National Aluminium Products managed to reduce its losses.
Oman Cables Industry recorded the highest profits at OMR17 million, followed by Voltamp Energy with profits of OMR10.4 million, Oman Cement posted profits of OMR9.8 million, Al Jazeera Steel Products posted profits of OMR6 million, Galfar Engineering and Contracting posted profits of OMR3.8 million, Raysut Cement posted profits of OMR3.1 million, Al Anwar Ceramic Tiles posted profits of OMR943,000, and Al Maha Ceramics posted profits of OMR529,000, while Building Materials Industry recorded posted profits of OMR500.
The positive results recorded by the construction sector in the first nine months of this year reflect the rise in investment activity in the Sultanate of Oman, urban growth, and the increasing number of commercial and industrial projects.
In their reports to shareholders, the companies confirmed that they are working on implementing several plans to maintain their competitiveness in the local, regional and international markets. Oman Cables Industry Company said that it is working to strengthen its position by offering a comprehensive portfolio of cables, sustainable energy solutions, technologies and value-added services, while working to enhance the group's ability to meet the needs of its customers, seize opportunities in neighboring markets and consolidate its competitive leadership across its main markets.
Ayman bin Hamad Al Busaidi, Chairman of the Board of Directors of Voltamp Energy, attributed the company's good performance to following a disciplined approach to cost management, enhancing operational efficiency, continuing to develop markets, and diversifying business opportunities.
In his report to shareholders, he noted that the company was able to deal flexibly with operational changes and challenges despite the challenges associated with supply chains and logistics.
The cement sector recorded strong growth in net profits, which amounted to OMR13 million. Companies confirmed that they are implementing a number of initiatives that would diversify revenues.
Engineer Ali bin Abdullah Al-Zadjali, Chairman of the Board of Directors of Raysut Cement Company, said that the third quarter of this year was a significant milestone in the recovery process, with profits being achieved for the fourth consecutive quarter and revenues in the first nine months of this year increasing by 20 percent, exceeding OMR76 million compared to OMR63.2 million in the same period last year.
He noted that the company is working on implementing a transformation programmr that includes a number of pillars that will achieve sustainable growth through strict corporate governance, a flexible organizational structure, disciplined management of financial flows, and addressing historical obligations.
Raysut Cement will offer 200 million shares from November 12 to 22 to exercise its pre-emptive rights as part of its plan to recover capital and finance strategic investments in upgrading the plant and equipment and partially settling historical obligations.
Shu Gang, Chairman of the Board of Directors of Oman Cement Company, said that the company continues to invest in initiatives aimed at enhancing efficiency, improving the utilisation of production capacity and achieving sustainability through investment in a number of projects.
The most notable project is to produce aggregates by utilising the surplus production capacity in crushing operations, expecting that this project will contribute to diversifying revenue sources. The company is also studying a proposal to establish a new cement plant in Duqm with a clinker production capacity of 5,000 tons per day.
The net profits of the ceramics industry sector in the first nine months of this year recorded a growth of 87 percent, rising to about OMR1.5 million compared to OMR787,000 in the same period last year.
Hussain bin Ali Habib Sajwani, Chairman of the Board of Directors of Al Anwar Ceramic Tiles Company, said that the company is well positioned to strengthen its position in the local market by offering a range of luxury products under a new brand, while working to reduce the impact of geopolitical conditions on the company's exports to some GCC and regional markets.
Masoud bin Humaid Al Harthi, Chairman of the Board of Directors of Al Maha Ceramics Company, said that the company has succeeded in expanding its customer base in the Sultanate of Oman and the United Arab Emirates while working to reduce operational challenges, stressing that the porcelain products offered by the company enjoy strong acceptance and a flow of orders, expecting the operation of the second production line during the next quarter.
Muscat Daily
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