Renaissance Services SAOG has announced its unaudited third quarter (Q3) results to the Muscat Security Market, reporting a revenue of Rial 176.1 million (US$ 457.4million), an increase against 2008 revenue of Rial 170.4million (US$ 442.6 million).
Operating profit has also increased to Rial 27.8 million (US$ 72.2million) against 2008 operating profit of Rial 26.6 million (US$ 69.2 million). The net profit in the current year has slightly increased to Rial 17.64 million (US$ 45.9 million) from net profit before capital gain of RO 17.59 (US$ 45.7 million) in the same period last year.
The results present a recession-resilient performance in light of market conditions this year. Renaissance Chairman, Mr. Samir Fancy, said in the statement to the shareholders, “No market and no company is recession-proof; but some markets and some companies are recession-resilient.
Renaissance falls into the latter category and has delivered a resilient performance, which is seen in the financial results at the end of the third quarter.”
The Marine and Contract Services businesses remain on target to exceed 2008 performance to offset the downturn in the Engineering business. The company’s Marine business has shown a growth of 12.4% and Contract Services business has also grown by 13.1% compared to the previous year. Worldwide Marine sector has seen correction during the current downturn and some markets like North Sea and Gulf of Mexico have seen sharp down turns. Against this background, the company’s Marine business has delivered outstanding performance. The recent strategic breakthrough into the Turkmenistan opens a third important Caspian Sea market for the fleet.
The company’s Engineering business has absorbed the heavy one time development costs as the company establishes its Boat building facilities. But this initial impact of the development phase is over and the Boat building business currently has an order book of US$ 70 under execution and outstanding proposals of an additional US $ 150m. The upturn for the other Engineering businesses is expected to be somewhat slower over the coming months, while the prognosis for the group as a whole is positive, which is reflected confidently in the Chairman’s quarterly statement.
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Date | Publication | Description | Open |
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