Multinational oil and gas services company Renaissance Services SAOG, one of the top ten offshore vessel operators in the world and among the top performing public companies listed on the Sultanate of Oman's bourse, has announced the preliminary results for the year ended December 31, 2010, which are subject to audit ahead of the company's annual general meeting next month.
Renaissance is expected to post revenues of OR253m, up from OR248m in 2009, and net profit is predicted at OR32.3m up from OR28.5m in the preceding year. The net profit of 2010 includes a capital gain of OR0.65m from the disposal of assets, compared with a capital gain of OR5.97m in 2009.
Renaissance's main service segments operate in Marine Offshore Support, Engineering and Contract Services, segments which industry analysts predict will see increasing returns, primarily due to rising crude prices and aging infrastructure.
Stephen Thomas, CEO of Renaissance, said in an announcement, "We would like to pay tribute to our customers, suppliers and every one of the 11,457 people who work in this group of ours. They have managed to deliver growth in a year that has felt the toughest impact of the global recession in some key industries and markets in which we operate. This underlines the resilience of the Renaissance business model. The 2010 performance sets the stage for the exciting plans we have in store for 2011 and beyond as the world economy recovers and strengthens."
The company highlighted the 20.2% increase in operating profit and stated that "operating margins have also improved from 16.4% in 2009 to 19.2% in the current year." Operating costs are expected to post at OR204.6m, declining from OR 207m in 2009.
Source: http://www.ameinfo.com
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