The Board of Directors of Renaissance Services has approved the annual audited results for the year ending 31 December 2009 in the Board Meeting held yesterday on 28th February 2010.

The audited results are consistent with the initial un-audited annual results announced earlier by the company.

Renaissance Services has achieved record results for the ninth consecutive year in 2009. Renaissance has posted revenues of Rial 248 million, up from Rial 234 million in 2008. Net profit after tax is at Rial 28.5 million, up from Rial 26.2 million in the preceding year.

The company has achieved 8.4% increase in Operating Profit and Operating margins have also improved from 15.9% in 2008 to 16.4% in the current year.

Even with the extensive investments program for the higher planned business growth, the Board has recommended a higher cash dividend of 12%, at the rate of 12 baisas per share (Rial 3.4 million) in comparison to 10% (Rial 2.5 million) last year.

The Board is not recommending stock dividend this year, in comparison to 15% last year as the existing capital base of the company is at an optimal level to generate higher cash dividends going forward. The capital base of the Group may be expanded when raising new Tier I capital to support the investment programme of the Group.

The audited financials statement along with the Chairman’s Report, CEO Report and Corporate Governance Report will be submitted to the Muscat Securities Market within the prescribed time.

The audited financials statement and other reports will be presented to the Shareholders for approval in the Annual General Meeting, which is proposed to be held on 28th March 2010 at 3.00 P.M., at the meeting hall of Capital Market Authority (CMA).