05/04/2016 07:26 AST
National Aluminium Products Company (Napco), a leading extruder of aluminium profiles in the GCC, has registered revenues of RO24.8 million ($64.1 million) last year, as compared to RO19.4 million, representing an increase of 28 per cent.
It has posted a net profit of RO78,000, as compared to RO70,000, a 11 per cent increase, said a statement.
Despite a challenging business environment for the aluminium extrusion industry, Napco has managed to increase the capacity utilisation of its existing plant, widen its product offerings, improve client services, and increase its focus on market initiatives, penetrating deep into domestic sectors to capture a wider market share.
Moreover, the management implemented dynamic strategies throughout the year to enhance cost efficiencies in the future.
Robert Holtkamp, chief executive officer, said: "The rock-bottom prices of crude oil have impacted the construction sector, which in turn has affected the aluminium extrusion industry. Nevertheless, we are optimistic about the government projects in the region, especially in infrastructure development and building construction, boosting our volume orders in Oman and the rest of the GCC in 2016.
"In the near-term, Napco is bullish about the growth opportunities in established and new markets by offering improved services and products. Supported by a strong team, the management will continue to pursue its strategy of creating long-term value for all stakeholders while ensuring sustainability in operations to attain operational excellence."
To complement its growth plans, Napco has installed two additional extrusion presses in a phased manner and a vertical powder coating plant which will commence commercial production by end of April.
The estimated cost of the expansion is RO7 million, including related civil construction of a new factory.
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