Oman’s Topaz Energy & Marine (TEAM) reported net profits of $3.24 million on sales of $38.9 million for the first nine months of 2002. This represents a 61 percent growth in earnings when compared to the $2.02 million net result reported for the same period last year.
This substantial profit increase was due to a robust performance by the company's ship-owning division, which has seen close to 90 percent fleet occupancy levels for the year. Increased profits from associate companies and reduction in financial costs together with an improved performance by the ship-repair division also contributed to the jump in profits.
TEAM also completed its share buyback program during July 2002, which will result in a 10 percent reduction in paid-up share capital and a corresponding increase in earnings per share (EPS).
TEAM, which is listed on the Muscat Securities Market, is in the business of ship repair, ownership and operation of offshore supply and support vessels, and oil and gas services including heavy fabrication. TEAM operates in the United Arab Emirates (UAE) through its subsidiary companies Nico International UAE in Dubai and Adyard Abu Dhabi.— (menareport.com)
© 2002 Mena Report (www.menareport.com)
