RENAISSANCE 9M NET PROFIT FLAT AT RO17MN

12/11/2014 10:07 AST

Renaissance Services reported a net profit of RO17.1mn for the nine-month period ended September 30 which came in flat over the same period last year, when the company’s net earnings stood at RO17.2mn.

Total revenue came in marginally higher at RO182.2mn, compared with RO181.4mn a year earlier, according to a company filing with the Muscat Securities Market on Wednesday.

Progress on all fronts this year shows that our ‘One Group – Two Companies’ strategy is working, chairman Samir J Fancy said in his statement, adding, “We are confident this strategy shall deliver exceptional shareholder value.”

Renaissance Services group is focused on two core businesses: Topaz - an offshore support vessel shipping company - and Contract Services Group (CSG) - an integrated facilities management company.

Group operating profit rose 22 per cent to RO43.8mn from RO35.9mn. Fancy said strong operating profit growth illustrates improving operating performance and the positive impact of investments made in 2013.

He added, “Further investments of RO88mn have been made in the nine-months of this year. Of which, RO76mn is for new vessels and vessel capability upgrades in Topaz, which shall have a positive impact in 2015 and RO12mn is for permanent accommodation for contractors development at Duqm and expansion at contract services at Qarn Alam, which will have a positive impact from mid-2016.”


Muscat Daily

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