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.
| Date | Publication | Description | Open |
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| Date | Publication | Description | Open |
|---|---|---|---|
| Aug 15 | Muscat Daily | Renaissance Services posts Revenue of RO 108mn in H1 |  |
| Aug 15 | Times of Oman | First phase of 'Renaissance Village' set to open this year | |
| Jul 13 | Oman Tribune | Renaissance to begin bond repurchase | |
| Jul 13 | Oman Daily Observer | Renaissance to repurchase third tranche of MCBs | |
| Apr 03 | Times Of Oman | Renaissance Convenes Annual general meeting | |
| Apr 03 | Oman Tribune | Renaissance Holds AGM | |
| Apr 03 | Muscat Daily | Renaissance Holds AGM | |
| Feb 15 | Oman Tribune | Renaissance reports loss | |
| Feb 15 | Muscat Daily | Renaissance posts RO30mn net loss on one-off provision |  |
| Feb 11 | Oman Daily Observer | Duqm Port to have special berth for govt agencies | |
| Feb 11 | Times Of Oman | Duqm authority signs OMR 55m Deal | |
| Feb 11 | Muscat Daily | Sezad signs pact to develop govt berth at Port of Duqm | |
| Feb 01 | Oman Tribune | Duqm port inks deal for government berth | |
| Date | Publication | Description | Open |
|---|---|---|---|
| Dec 16 | Muscat Daily | Fifteen students graduate in hospitality management | |
| Dec 15 | Times Of Oman | Renaissance Supports Omani Students | |
| Dec 14 | Oman Daily Observer | Renaissance graduates celebrate success | |
| Oct 05 | Muscat Daily | Renaissance divests marine engineering unit for $18.5 | |
| Oct 05 | Oman Daily Observer | Renaissance divests its Marine Engg subsidiary for $18.5m | |
| Oct 05 | Times of Oman | Renaissance to sell marine engineering subsidiary | |
| Oct 05 | Oman Tribune | Renaissance sells Topaz arm | |
| Sep 28 | Muscat Daily | Renaissance unit acquires subsea vessels for $115mn | |
| Sep 28 | Oman Daily Observer | Topaz Energy acquires Two more subsea vessels | |
| Sep 28 | Oman Tribune | Topaz buys 2 vessels from Noeway's Vard | |
| Sep 28 | Times of Oman | Renaissance subsidiary Topaz to buy two modern subsea vessels from Vard | |
| Sep 15 | Times of Oman? | Reclassification of Renaissance mandatory convertible bounds | |
| Aug 26 | Times of Oman? | Renaissance starts bond repurchase | |
| Aug 12 | Muscat Daily | Renaissance report R01.9mn loss | |
| Aug 12 | Oman Tribune | Renaissance net profit slips in H1 | |
| Aug 12 | Oman Tribune | Renaissance H1 net slips on oil price fall | |
| Aug 10 | Times of Oman? | Renaissance to repurchase second tranche of convertible bonds | |
| Aug 09 | Muscat Daily | NBO was joint lead manager for Renaissance Group's $125mn dual-currency bond issuance | |
| Aug 09 | Times of Oman? | NBO acts as joint lead manager in Renaissance's bond issuance | |
| Jul 20 | Times of Oman | Renaissance prices its $125 million bond issue | |
| Jul 16 | Muscat Daily | Renaissance prices $125mn,7.9% perpetual bond issuance | |
| Jul 09 | Muscat Daily | CI reaffirms ratings of Renaissance MCBs | |
| Jul 08 | Oman Tribune | Renaissance gets nod for bond issue,buyback | |
| Jul 07 | Muscat Daily | Renaissance shareholders approve buyback of MCBs | |
| Jul 07 | Times of Oman? | Renaissance shareholders okay bond buyback scheme | |
| Jul 05 | Muscat Daily | Appoints advisers for bond issue | |
| Jul 05 | Times of Oman | Appoints advisers for bond issue | |
| Jul 02 | Oman Tribune | Renaissance hires banks for bond issue | |
| Jul 01 | Oman Daily Observer | Renaissance Services resumes trading at MSM | |
| Jun 30 | Times of Oman | Renaissance shares resume trading on MSM | |
| Jun 30 | Oman Tribune | Renaissance resumes trading | |
| Jun 30 | Muscat Daily | Renaissance Services shares recommence trading on MSM | |
| Jun 30 | Times of Oman | Committed to Transparency | |
| Jun 29 | Times of Oman | Renaissance future growth | |
| Jun 29 | Times of Oman | Renaissance confident of meeting long-term growth | |
| Jun 29 | Times of Oman | Muscat boures suspends Renaissance share trading | |
| Jun 29 | Oman Tribune | CMA suspends trading in renaissance shares | |
| Jun 29 | Oman Daily Observer | Renaissance services suspended from trading | |
| Jun 29 | Muscat Daily | Renaissance shares remain suspended | |
| Jun 25 | Times of Oman | Renaissance subsidiary awarded BP Khazzan camp facilities contract | |
| Jun 25 | Muscat Daily | Renaissance subsidiary bags BP Khazzan camp contract | |
| Jun 17 | Times Of Oman | Renaissance to hold key meeting | |
| Jun 17 | Oman Tribune | Renaissance investors to meet on Jul 6 | |
| Jun 16 | Oman Tribune | Renaissance bond prices surge 15% | |
| Jun 16 | Oman Daily Observer | Renaissance Board okays repurchase of MCBBs | |
| Jun 15 | Times Of Oman | Renaissance board approves repurchase of convertible bonds | |
| Jun 15 | Oman Tribune | Renaissance get approval for bond buyback | |
| Jun 15 | Muscat Daily | Renaissance plans to issue perpetual notes to fund convertible bond buyback | |
| May 25 | Oman Tribune | Renaissance plans new JV | |
| May 24 | Muscat Daily | Renaissance subsidiary setting up JV for provision of waste management services | |
| Apr 29 | Oman Tribune | Renaissance honoured for cutting 45% carbon footprint | |
| Apr 29 | Oman Tribune | Topaz to secure $550m loan to fund projects | |
| Apr 29 | Muscat Daily | Renaissance-arm Topaz close to obtaining $550mn loan: Report | |
| Apr 28 | Times of Oman | Sultanate's biggest solar project by Renaissance commissioned | |
| Apr 28 | Oman Tribune | Solar power project opened at Renaissance facility in Fahud | |
| Apr 28 | Oman Tribune | Pilot solar power project opened | |
| Apr 28 | Oman Daily Observer | Innovative solar energy project opened in Fahud | |
| Apr 28 | Muscat Daily | Renaissance solar project opened | |
| Apr 02 | Times of Oman | Renaissance To Pay 10% Dividend | |
| Apr 02 | Oman Daily Observer | Renaissance shareholders approved 10 per cent dividend | |
| Mar 25 | Oman Daily Observer | Renaissance Services invests heavily into ICV | |
| Mar 05 | Times of Oman | Duqm staff residences to be ready by mid-2016 | |
| Mar 05 | Oman Tribune | Duqm staff housing project on schedule | |
| Mar 05 | Oman Daily Observer | Duqm PAC Project to be completed by mid-2016 | |
| Mar 05 | Oman Daily Observer | Duqm PAC Project to be completed by mid-2016 | |
| Feb 16 | Oman Daily Observer | 35pc growth in Renaissance Services 2014 net | |
| Date | Publication | Description | Open |
|---|---|---|---|
| Nov 14 | Muscat Daily | MSM decline does not reflect strong market fundamentals | |
| Nov 01 | Business Today | We all have a role to play in Oman's future | |
| Aug 21 | Times of Oman | StanChart fund to invest $75m in Renaissance unit | |
| Aug 21 | Oman Tribune | Topaz Energy gets $75m investment from StanChart PE | |
| Aug 21 | Oman Daily Observer | Topaz secures $75m investment from Standard Chartered PE | |
| Aug 21 | Muscat Daily | Renaissance subsidiary Topaz secures $75mn StanChart PE investment | |
| Aug 12 | Oman Tribune | Renainssance registers H1 profit of 10.9m rials | |
| Aug 12 | Times of Oman | Renaissance plans to offload less than 10% stake in Topaz | |
| Aug 12 | Muscat Daily | Renaissance Services posts RO 10.9mn in H1 net profit Download | |
| Jul 01 | OER | The quite Performer | |
| Jun 22 | Muscat Daily | Oman boasts 38 firms among Forbes top 500 in Arab World | |
| Jun 09 | Times of Oman | Topaz and Viking ink life-raft servicing pact | |
| Jun 09 | Oman Tribune | Topaz signs pact with Viking | |
| Jun 09 | Oman Daily Observer | Topaz and Viking sign global life-raft servicing pact | |
| Jun 03 | Times of Oman | Renaissance backs Duqm with OMR100m investment | |
| Jun 03 | Oman Tribune | Renaissance plans 110 m-rial accommodation facility in Duqm SEZ | |
| Jun 03 | Oman Daily Observer | Renaissance committed to RO 100mn Duqm project | |
| Jun 03 | Muscat Daily | Renaissance committed to RO 100mn Duqm accommodation project: Chairman | |
| May 24 | Times Of Oman | Renaissance forms joint venture | |
| May 15 | Times of Oman | Renaissance initiates work on Duqm project | |
| May 15 | Oman Tribune | Renaissance posts 5.4m-rial profit in Q1 | |
| May 15 | Muscat Daily | Renaissance Services Q1 net profit rises 11% | |
| May 14 | Times of Oman | Chairman's Report Q1 2015 | |
| Apr 30 | Oman Daily Observer | Renaissance divests UMS | |
| Apr 30 | Oman Tribune | Muscat Overseas Group buys United Media Services | |
| Apr 30 | Times of Oman | Renaissance sells UMS | |
| Apr 15 | Times of Oman | Topaz bags another West African contract | |
| Apr 15 | Oman Tribune | Topaz bags $11m order in West Africa | |
| Apr 15 | Oman Tribune | Topaz bags $11m order in West Africa | |
| Apr 15 | Oman Daily Observer | Topaz secures another W Africa contract | |
| Apr 02 | Times of Oman | Renaissance bags OMR37m contract from health ministry | |
| Mar 30 | Oman Tribune | Renaissance Services bags RO37mn Health Ministry contract | |
| Mar 28 | Oman Tribune | Renaissance bags 37m-rial ministry deal | |
| Mar 10 | Oman Daily Observer | Notice of the Annual General Meeting | |
| Feb 11 | Muscat Daily | Topaz Energy bags $50mn contract | |
| Feb 11 | Oman Daily Observer | Topaz wins $50 million West Africa contracts | |
| Feb 11 | Oman Tribune | Topaz wins $50m contract in W. Africa to supply vessels | |
| Feb 11 | Times of Oman | Topaz bags $50m contract in Africa | |
| Jan 23 | Times of Oman | Topaz acquires modern anchor handling vessels | |
| Jan 23 | Oman Tribune | Topaz Energy buys two anchor handling vessels | |
| Jan 23 | Muscat Daily | Renaissance unit Topaz acquires two vessels | |
| Jan 21 | Times of Oman | Renaissance sells its subsidiary National Training Institute | |
| Jan 21 | Oman Tribune | Renaissance sells vocational training arm NTI to UK firm Download | |
| Jan 21 | Oman Daily Observer | Renaissance to divest training business | |
| Jan 21 | Muscat Daily | Renaissance Services divests NTI subsidiary | |
| Date | Publication | Description | Open |
|---|---|---|---|
| Nov 26 | Oman Daily Observer | Topaz wins $100m BP contracts | |
| Nov 26 | Oman Tribune | Topaz Energy wins two BP contracts worth 38.5m rials | |
| Nov 26 | Times of Oman | Topaz wins $100m contracts from BP | |
| Nov 13 | Oman Observer – National day publication – Oman faces & Places | NTI featured under the Education Section "Training to become Skilled" | |
| Nov 10 | Muscat Daily | Topaz Energy wins Lloyd's List 'Offshore and Energy' award | |
| Nov 10 | Oman Tribune | Topaz wins Lloyd's List award | |
