Muscat, 3rd April 2009
Oman Oil Marketing Company (omanoil), the leading Omani fuel and lubricants marketing companies, has announced its continued strong financial performance in 2008 at the recently held Annual General Meeting at the Capital Market Authority.
The Company’s total revenue increased by 11% to RO 170 million and after providing for corporate tax, the Company’s net profit amounted to RO 6.3 million, a 11% increase from the previous year. Overall volumes also grew by 10% over last year. At the Annual General Meeting, the proposed cash dividend of 35 Baisa per share for the financial year ended December 31st 2008 was approved.
In its continued pursuit for excellence, omanoil remains committed to ensuring the highest possible standards of health, safety and environment management practices which are applied throughout the organization. This has helped the Company achieve a record of 16 years of LTI-free in the MAF terminal.
Omanization is also at its highest level of more than 87%. Specialized training programs are continuously 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 for growth with the unit contributing to more than 60% of omanoil’s turnover, the highest in the Company’s history. omanoil’s strategy has been geared towards increasing its market share, presence and dominance in Oman. Today, the Company’s retail network comprises of 112 service stations with 56 convenient stores which have witnessed more than 7 million customers this year. The Company’s focus on total customers convenience has gained ground as the popularity of convenience stores continues to increase. This network will be one of the main thrusts of the Company going forward.
Another milestone in 2008 was the introduction of the ‘first of its kind’ electronic mobile phone recharge or ‘Top-Up’ service in Oman for Nawras customers. omanoil in collaboration with Nawras has introduced the pioneering innovation, bringing in new value-added services to the Company’s stations with future plans to involve all network providers in the Sultanate.
Oman Oil Marketing Company has recently celebrated its fifth anniversary in 2008. The humble beginnings of the Company can be traced from the nationalization of foreign assets and the listing of the Company shares in the Muscat Security Market. The Company is now 100% fully owned by Omanis.
“omanoil has geared its operations to cater and support the nation’s growth,” expressed Sheikh Salim Abdullah Al Rawas, Chairman of Oman Oil Marketing Company. “With the country progressing to diversify and transform its economy from its dependency on hydrocarbons to services, tourism and manufacturing, the Company is positioning itself to be the preferred service provider in ‘fueling the nation’.”
He added, “I would also like to take this opportunity to welcome the birth of ‘Ahlain’, the new corporate brand of the convenience stores of our service stations which represents the young and energetic Omani mirroring the Company’s values and beliefs.”
The rollout of ‘Ahlain’ will be done in stages with an emphasis on capital areas. The repertoire of services offered in the stations will further boost the contribution of Non Fuel Revenue.
Sheikh Salim also added that the outlook for the petroleum products market is anticipated to remain favorable with demand expected to grow in line with Oman’s projected economic growth. With the current uptrend in the expansion of the Retail industry, new lucrative sites will be added along with more new Convenience Stores with the ‘Ahlain’ brand and Quick Service Restaurants.
With ever increasing competition in the market and aggressive marketing efforts by competitors, omanoil will remain focused on expanding its network of facilities, improving the quality of its products and services, optimizing costs and developing human capital even further.
In facing these challenges, the Company will continue to be innovative and provide customers with better services and higher quality products as the quest for operational excellence continues.
Oman Oil Marketing Company continues to reiterate its commitment to developing communities through partnerships with various organizations such as Dar Al Atta’a, Ministry of Sports Affairs and supporting the omanoil Football School.