Oman Oil Marketing Company profit after taxation
up 33.6% in Q1
Muscat, 18th April 2005
Oman Oil Marketing Company SAOG (OOMCO) has
announced another impressive performance for the
quarter ended 31st March 2005. The performance
for the first three months of the year is
significantly better than that for the same
period last year. Year on year basis, volumes
have increased 31%, turnover 34%, profit before
tax 38% & Profit after tax 33.1%.
Performance highlight of Oman Oil Marketing
Company SAOG
| |
3 months ended 31
March 2005
RO 000’s |
3 months ended 31
March 2004
RO 000’s |
Growth
% |
|
Sales |
19847 |
14765 |
34 |
|
Profit
before Tax |
750 |
544 |
37.9 |
|
Profit
after taxation |
660 |
496 |
33.1 |
|
Shareholders’ funds’ |
13459 |
12690 |
6 |
The company also
added that while the absolute gross profits have
increased by 28%, the margins in terms of Bz/ltr
remain largely static & as % of turnover having
dropped marginally; this being due to nature of
aviation pricing where the margins / ltr are
fixed by the government but the turnover and
cost of product are linked to the international
prices which is currently soaring.
All the company’s businesses have grown in both
turnover and profits as compared to the last
year with notable performance in aviation, which
has been aided by increased volumes, soaring
global crude prices and the benefits of the new
aviation pricing policy implemented in August
last year in the Sultanate). As mentioned in the
press earlier, the disruption in diesel supplies
to the oil marketing companies in the latter
half of March is being addressed by Oman
Refinery Company (ORC).
Oman Oil Marketing Company had earlier reported
on the impact on diesel sales arising from the
UAE pricing. The company informed that this is
now being addressed by the Ministry of Oil & Gas
through a series of measures; details of which
are being worked out in consultation with the
fuel marketing companies.
A press release from the company indicated that
they have already commenced construction of
their latest filling station at Ghallah
Industrial Area. The company expects to
commission 6 new sites this year. The company
continues to fund its entire capital expansion
through internal accruals.
The Balance Sheet of the company continues to
looks strong with a significant reduction in net
current assets compared to the same period last
year.
Developments are taking place in terms of
overseas expansion opportunities which are being
done through the joint venture with the Sarooj
group. The JV company is establishing contacts
in various countries.
