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 %|
|Profit before Tax||750||544||37.9|
|Profit after taxation||660||496||33.1|
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.