Al Jazeera Steel rebar plant to open in Sept

24/03/2014 08:04 AST

Global Buyout Fund (GBF) announced yesterday that its 51 per cent owned Al Jazeera Steel Products Company, which is a listed company on Muscat Securities Market, will distribute 20 per cent in cash dividends for the year 2013, the largest dividend payment in the history of the company. Although Al Jazeera's revenues dropped slightly to RO 88.3 million in 2013 as compared to RO 98.3 million in 2012, the company continues to achieve record profits in the highly challenging steel market. Al Jazeera was able to achieve outstanding profits for the fourth consecutive year with the highest profits in the history of the Company being made in 2013 with RO 4.6 million in net profits (RO 0.036/share), compared to RO 3.4 million (RO 0.027/share) in 2012; an outstanding 33 per cent increase.

This performance is mainly attributed to the efficient management of purchases and inventory in light of volatile steel prices and the dumping of Chinese and Turkish products. The company achieved a CAGR of 22 per cent in revenues for the period 2009-2013 and a CAGR of 34 per cent in net profits for the period 2010-2013. Sulaiman al Rubaie, Chairman of Al-Jazeera Steel Products Company representing Global Buyout Fund, said: "We are proud to have another successful year for Al Jazeera and its stakeholders. Al Jazeera has achieved, for the fourth consecutive year, tremendous growth and performance backed by a relatively stable demand and a strong order book.

These outstanding results could not have been achieved without the efficient purchasing and inventory management, cautiousness of the management team and their exceptional performance in these challenging market environments." "The GBF team has played a major role in realising the company's turnaround strategy and growing the business through its tight supervision in the implementation phase", he added.

Oman Daily Observer