Al Jazeera posts 28 pct profit growth in Q1 2020 YoY (may 2020)

 

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Oman - 2020 May 20

Al Jazeera Steel Products Co. reported a 28pct YoY growth in its profit during the first quarter of 2020, according to the unaudited financial statement.

Net profit amounted to OMR 379,103 in Jan-Mar 2020, compared to OMR 296,972 mln in the same period a year ago.

The profit rise is mainly attributed to 13 pct on-year drop in total expenses.

Total sales value decreased by 13pct YoY to OMR 24.219mln (USD 63 mln) as compared to 27.746mln in Q1 2019.

Al Jazeera Steel Products Co. is one of the leading Steel Tube & Structural product manufacturers in the Middle East. The plant produces tubular products, merchant sections and rebars. The plant consists of 4 tube making lines with a total capacity of 300,000 tons per annum. The merchant bar mill have a capacity of 300,000 tons per annum. Apart from catering to its core domestic market, company exports its product to 25 countries including USA, Canada, Australia, Germany & other European Union countries. 
(Source from mesteel)
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This is the way of Middle East Steel Mill. Now no steel mill can make profit in Middle East Market. So steel mills focus on US and EU market even though pandemic issue.

Because Middle East Origin is free from anti-dumping. So if u have the good connection with Middle East Mills, try to sell it to US and EU market that is the high profit market.

#steel #MiddleEast #AlJazeera