Raysut Cement Co, Oman's largest cement firm by market value, made a third-quarter profit of 7.12 million rials ($18.50 million), an increase of 26.9 percent from the year-earlier period.

Net income in the nine months to Sept. 30 was 19.69 million rials, compared with 15.68 million rials in the year-earlier period, the company said in a statement on the Oman bourse Web site.

Reuters calculated the third-quarter based on first-half earnings of 12.57 million rials and third-quarter profit last year of 5.61 million rials.

Analysts' forecasts in a Reuters survey last month ranged from 5.9 million rials to 8.19 million rials.

Raysut produces about 3 million tonnes per year of cement, according to the company's Web site.

Demand for cement is surging in Oman, where the government is trying to tap a regional economic boom triggered by a quadrupling of oil prices during the last six years to develop infrastructure, industry and tourism.

Companies in Oman have announced construction projects in oil, gas and industries worth more than $30 billion, according to London-based Middle East Economic Digest. - Reuters