Multinational oil and gas services provider Renaissance Services SAOG, parent company of UAE-based marine offshore and engineering outfit Topaz Energy and Marine, has posted its unaudited interim accounts for the nine month period ending September 2010 (Q3), announcing an increase in revenue to Rial 187.3 million (US$ 486.5 million) in 2010, up from Rial 176.1 million (US$ 457.4 million) in the corresponding period last year. Operating profit has also increased to Rial 32.5 million (US$ 84.5 million) against Rial 27.8 million (US$ 72.2million) in Q3 of 2009; while net profit rose to Rial 20.8 million (US$ 54.2 million), up nearly 20% from 2009 results of Rial 17.6 million (US$45.8 million).
In his quarterly statement to shareholders Renaissance Chairman, Samir Fancy, confirmed that the company already has the financial capacity in place to implement the 2010-2012 US$ 1.3 billion capital expenditure programme for current identified sustainable organic growth, announced last year.
Describing the progress of Renaissance's Marine, Engineering and Contract Services businesses, Fancy said, "Our company has a credible growth story; strong, differentiated and defendable existing market positions; sound industry fundamentals; an experienced management team; and a flexible, resilient financial business model." He announced that the company is turning its attention to a new phase of "transformational change", to capitalize on further organic growth opportunities in the Caspian and MENA regions, while setting its sights on "following future oil" in new markets that shall include "Brazil and West Africa".
In an upbeat report, Fancy said, "We must now maximize the scale of opportunity that lies before us", and announced a "material increase in investment in professional advice" to consider options for raising new capital, with firm recommendations to follow "in the best interest of shareholders" after all options have been considered.
