- RO 9.0 MILLION NET PROFIT
- 13 % INCREASE IN CASH DIVIDEND TO 70 BAISAS PER SHARE
- 16% INCREASE IN LUBRICANTS BUSINESS, HIGHEST IN 6 YEARS
Oman Oil Marketing Company (omanoil) recorded its best-ever financial performance fiscal year with sales reaching approximately RO 278.5 million. During the Annual General Meeting held at the Crowne Plaza Hotel Muscat, the Board of Directors announced an increase of 11% in pre-tax profit in 2012 to RO 10.2 million. After providing for corporate tax, omanoil\'s net profit amounted to RO 9.0 million with earnings per share at 140 baisas. The proposed final cash dividend of 70 baisas per share amounting to RO 4.5 million for the financial year ended 31st December 2012 was approved, representing a 13% increase as compared to last year.
"Our accomplishments are attributed to revisiting tried-and-tested systems and practices to identify areas for greater operational efficiency. This analytical aspect of our business broadens our knowledge base allowing us to continuously redefine and raise industry benchmarks," said Sheikh Salim bin Abdullah Al Rawas, Chairman of Oman Oil Marketing Company.
Omanoil\'s steadfast growth strategy focused on closing retail network gaps to reach customers in all corners of the Sultanate. By the end of 2012, omanoil had a total of 144 filling stations, 12 of which were opened during the year. The company also renovated three retail outlets to maintain customer satisfaction by ensuring all patrons are provided with the best quality and service.
"We have invested in strategic locations for our expansion to reinforce the nation\'s long-term development blueprint," said Al Rawas. "The country\'s emerging infrastructure is linking the nation and its growing population while omanoil\'s retail network provides consistently exceptional re-fuelling and shopping experiences." Complementing the existing network and providing added convenience to customers, 10 ahlain convenience stores were commissioned in 2012 while 13 car wash facilities further convey omanoil\'s one-stop-shop concept. The success in the Fuel Cards business last year has encouraged omanoil to launch a revamped basmaCard in 2013 to enrich customer experiences with greater benefits and value for money.
2012 was a remarkable year as strengthening economic conditions and increased Government spending on infrastructural developments encouraged new ventures, of which omanoil successfully secured while retaining existing projects. omanoil\'s greatest achievement in Commercial fuels was winning the Phoenix Power tender to supply contingency fuel to Sur\'s first independent power project, gaining a foothold in an important industrial area.
Joint venture company, omanoil Matrix Marine Services, has also exponentially grown in volume as the sole active bunker fuel supplier at Port Sohar. The company is exploring opportunities to expand its presence in emerging ports in the Sultanate hoping to see the same results as Port Sohar.
In 2012, omanoil maintained an impressive portfolio of over 20 aviation customers and currently refuels 10,000 aircrafts per year. The company will continue its technical and commercial partnership with Air BP to ensure they maintain a high international service standard to capitalize their vast market access in Aviation fuel sales.
The Lubricants business unit grew by 16% overall in BP and Castrol products, with Business-to-Business being the main contributor to the company\'s highest growth figure in six years. omanoil focused on export Lubricants last year adding Yemen, Qatar, Bahrain, Bangladesh, Somalia and Myanmar to its growing country portfolio. Encouraged by the response from international customers, the company will continue to establish itself in new markets.
Excellent customer care is the core of omanoil\'s business operations and provides a platform for continued growth. "Repeat and loyal customers are a result of effectively understanding customer needs and concerns, and efficiently responding by dynamically exceeding expectations," said Al Rawas.
He added, "People are at the heart of our business, whether they are customers or employees. Alongside excellent customer care, we rigorously implement HSSE procedures and introduce innovative internal programs to create a safe and inspiring environment for our employees to reach their fullest potential. Our success in HSSE is reflected in our celebration of 20 years without Lost Time Injury at the Mina Al Fahal terminal, a milestone which clearly indicates our world-class operational standards and the commitment of staff who continue to apply best practices. As we grow, our focus on HSSE and improving industry benchmarks will be the defining moments that enrich our successes."
As a home-grown organization, omanoil invests in developing the national talent pool with educational schemes, coaching and leadership programs to ensure the continuation of skilled resources. "We are proud of our Omanization rate of 83% and our investment in talented Omanis has worked immensely to our benefit. Instilling our philosophy of excellence among employees results in performance of the highest international standards, coupled with the added value of their intimate understanding of local market sensibilities," said Al Rawas.
Aiming to lead by example as a model corporate citizen advocating best practices, omanoil continues to pioneer social initiatives and programs through creative collaborations with local and regional associations. omanoil\'s empowerment of the community through various road safety initiatives, issues concerning the youth, sports, education and health has gained the trust and goodwill of stakeholders and investors.
Al Rawas concluded, "Celebrating our pioneering performance this year, our 10th anniversary, we reflect on our achievements to design our objectives for the next decade to greater serve this nation. Our successful journey is a testament to our commitment to reinforce and contribute to Oman\'s economic and social advancement and we will continue to inspire the industry with innovation and a fervent drive for excellence."