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Omanoil confident of future outlook with record financials announced at annual general meeting

: Sunday, April 13 - 2014 @ 15:27

Oman Oil Marketing Company (omanoil) has broken its financial performance record year-on-year with 2013 proving no different. Sales reached approximately RO 296.2 million while pre-tax profit increased by 13% to RO 11.5 million. During the Annual General Meeting, the Board of Directors announced a net profit of RO 10.2 million with earnings per share at 158 baisas, after providing for corporate tax. The proposed final cash dividend of approximately 70 baisas per share amounting to RO 4.5 million for the financial year ended 31st December 2013 was approved by the shareholders.

“This was a significant year for us as it reflects our success over the last decade and paves our way forward,” said Sheikh Salim bin Abdullah Al Rawas, Chairman of Oman Oil Marketing Company. “With renewed enthusiasm, we will continue to grow and evolve with the hopes of achieving yet another record fiscal year that is underpinned by excellence and an unwavering commitment to better serving this nation.”

omanoil’s retail business unit, the backbone of the company’s success, has achieved double digit growth in sales volume and a two-fold increase in the number of filling stations to 152 since 2003. Implementing an aggressive expansion plan to increase market share and presence, omanoil opened eight forecourts in 2013 in strategic locations to reach the country’s growing population and enrich the daily lives of communities with quality products and services. The company’s ahlain convenience stores, now 88-strong, also expanded its retail footprint by opening five stores in 2013 and there are plans to broaden services through additional partnerships with prominent fast-food chains. “We are a customer-centric organization and we care beyond fueling to ensure the best possible experience for our customers,” said Al Rawas. “Not only do we refuel, but we have reinvented the concept of total convenience to offer patrons a one-stop shopping experience.”

The volume growth of omanoil’s commercial business unit has been maintained by stable government spending and opportunities to capitalize on new development projects in identified economic zones. omanoil’s greatest achievement in commercial fuels is gaining a foothold in the Port of Duqm, an important industrial area. Having signed a land lease and bunkering license agreement with Port of Duqm Company, omanoil will develop a bunkering terminal at the port and provide refueling services for ships. “We are proud to be part of this landmark project that will enhance Oman’s competitiveness and realize a sustainable and future-ready nation,” said Al Rawas.

The performance of omanoil’s lubricants business was one of the best in recent years. Already well accepted in GCC and African countries, omanoil’s own brand of lubricants was launched in Oman in 2013 to enhance its comprehensive product offering and diversify the petroleum industry. The company plans to grow in volume and market share annually by strengthening its presence through partnerships with suppliers that share one in the same vision of providing quality, local products of international standards.

A home-grown establishment, omanoil invests in developing the national talent pool with educational schemes, coaching and leadership programs to ensure the continuation of skilled resources. Al Rawas explained, “Great companies are built by great people. Today, we have an Omanization rate of 84% and our investment in talented Omanis has worked immensely to our benefit. We instil our philosophy of excellence among employees to result in performance of the highest international standards, coupled with the added value of their intimate understanding of local market sensibilities.” omanoil also participates in joint training programs with Oman Oil Company SAOC’s ‘Takatuf’ to create and identify future leaders among the ranks of the company’s senior management team.

Striving for efficiency and operational excellence while also fostering a safe environment for employees, omanoil implements rigorous HSSE policies that are based on its years of experience in the industry. This dedication has resulted in 21 years without Lost Time Injury at the Mina Al Fahal terminal, a milestone which clearly illustrates omanoil’s world-class operational standards.

Al Rawas concluded, “We look towards a promising future with a commitment to reinforce and contribute to Oman’s economic and social advancement. Moving forward, we will keep innovating, enriching and advancing all sectors of the industry while aligning our ambitions with the country’s developments to drive progress for both Oman and omanoil.”

For more information, please contact:
Shaza Taher
TRACCS Public Relations
Telephone: +968 24 649-099
Fax: +968 24 649-088

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Sunday, April 13- 2014 @ 15:27 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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