Shell Oman posted net profits of $6.2 million for 2001
Shell Oman Marketing (SOM) posted a net profit of 2.4 million Omani Rials ($6.2 million) in 2001 and has announced a dividend of 600 baisas a share, stated a company spokesman according to Gulf News .
Due to an inflation in earnings as a result of certain unexpected business in 2001, profits showed a decline of just under 12 percent, reaching OR 0.8 million, despite this year’s intense competition in oil marketing.
SOM’s retail market saw a five percent growth over the previous year. The company’s revenues rose in the third and fourth quarters of 2001 as a result of a contract for the Omani-British military exercise Swift Sword 2. Shell Oman secured a contract to provide full drilling service for the maneuver.
The company managed to reduce costs in 2001 by 20 percent despite its obligatory expenses such as its annual fixed license fee of one million Omani Riyals to the government. Soon after the government lifted its freeze on building new service stations, SOM opened a new site at Al Ghubra in August.
The Royal Dutch/Shell Group of Companies began operations in Oman in 1958. In 1997, SOM was incorporated as an Omani company, with 51 percent of its shares owned by Omani investors, and listed on the Muscat Securities Market.
In Oman, SOM offers fuels and lubricants to consumers through its network of 115 service stations and a retail network of resellers. It also delivers fuels, lubricants, greases, chemicals and specialist services directly to government and industrial customers. — (menareport.com)
© 2002 Mena Report (www.menareport.com)