Omanoil announces record performance at AGM
Oman Oil Marketing Company (omanoil), one of the leading Omani fuel and lubricants marketing companies, has announced record performance in 2007 at the recently held Extraordinary General Meeting and Annual General Meeting at the Capital Market Authority.
The Company’s total revenue increased by 26% to RO 152.7 million and after providing for corporate tax, the Company’s net profit amounted to RO 5.7 million, a 41.5% increase from the previous year. Overall volumes also grew by 29% over last year to 1.12 billion litres, the highest ever recorded in the Company’s history.
At the Annual General Meeting, the proposed cash dividend of 47.5 baisa per share for the financial year ended December 31st 2007 was approved and Deloitte & Touche, a reputed international accounting firm, was appointed as auditors for the financial year ending December 31st 2008.
Omanization is also at its highest level of 85%. Specialized training programs have been introduced and implemented to ensure staff, at all levels, are equipped to enhance their capabilities, realize their potential and execute the long term plans and vision of the Company both efficiently and effectively.
The retail business continues to be the main focus of the Company’s growth. omanoil’s strategy has been geared towards increasing its market share, presence and dominance in Oman. Today, the Company’s retail network comprised of 103 service stations and this will continue to expand across the Sultanate. The Company’s focus on total customers convenience is gaining ground as the popularity of convenience stores is increasing. This network will be one of the main thrusts of the Company going forward.
The Commercial Business performance in respect to volume and profitability was the highest in omanoil’s history with 56% growth compared to last year. This was achieved by higher sales performance as a result of sustained efforts in understanding customer needs and continued focus on customer service.
The Company has also embarked on developing its own lubricants brand, namely Maximo and Optimo in the overseas market. These lubricants are currently being marketed in Yemen, Somalia and Sudan. Efforts to penetrate larger markets in the region and Africa are underway.
“I would like to take this opportunity to thank our customers, Government departments, dealers, and the Oman Oil Marketing Company staff for their dedication, commitment and efforts in making the Company reach even higher levels of excellence,” expressed Sheikh Salim Abdullah Al Rawas, Chairman of Oman Oil Marketing Company. “On behalf of the Board of Directors, I would like to express our sincere gratitude to His Majesty Sultan Qaboos bin Said for his vision and leadership in steering the nation along its path of growth and prosperity.”
He added that the outlook for the domestic petroleum products market is expected to remain favorable with the anticipated growth of the economy. With the current uptrend in demand for all major products, the financial year 2008 promises to be a year of solid advancement for the industry and the Company.