Renaissance Services, the Oman-based international oil and gas services company, announced on Tuesday its preliminary results for the year ended 2011.
The results, according to a press release, are subject to audit by the external auditors and approval of the company's audit committee, board of directors and shareholders.
Renaissance is expected to post revenues of RO290mn, up by more than 14 per cent from RO253mn in 2010. However, net profit in 2011, at RO2.3mn, was impacted by a series of
extraordinary items which the company has successfully addressed.
The total cost of one-off items amounted to RO11.4mn, but was partially offset by a RO3.1mn write-back of tax provisions, based on a recent tax ruling issued by the Supreme Court in Oman on foreign dividends. The company achieved strong revenue growth and operational performance for 2011.
Stephen Thomas, CEO of Renaissance, said, "The fundamental business of Renaissance and the opportunities for the company's future growth remain strong. In 2011, we addressed a series of one-off operational challenges and we are now well-placed to move forward and progress the company's dynamic growth strategy."
© Muscat Daily 2012
