Shell Oman posts $36m net profit
MUSCAT, March 23, 2016
Shell Oman Marketing Company has recorded a net profit of RO14.18 million ($36.7 million) for last year, as compared to RO12.28 million registered in the previous year.
The earnings per share (EPS) were 15.5 per cent higher than 2014, said a statement.
The recently held Annual Ordinary General Meeting (AGM) approved all the items on the agenda including the recommendation of the board of directors to distribute a cash dividend at the rate of 106 Bz per share, up 15 per cent from 92 Bz last year.
The strong financial results were due to a healthy growth in the retail fuels business as the multi-year investment programme continued coupled with robust performance from the lubricants business.
The company also pushed down operating costs across all lines of business.
In addition, the commercial fleet segment with its upgraded IT landscape also contributed considerably towards growth.
The aviation business won the fuel concession contract for the New Salalah Airport for 10 years securing its sole operatorship at the airport.
Mohammed Mahmood Al Balushi, managing director, said that the company is continuing its significant investment programme in new and improved retail sites in order to capture further robust growth in the years ahead.
The fuel marketing business normally follows the economic trend of the country, and given the reform of fuel subsidies and the fall in the crude oil prices, it is challenging to forecast the level of retail market growth in 2016.
Meanwhile, major infrastructure projects which began in earlier years should continue to completion in 2016. - TradeArabia News Service
