Oman Oil Marketing posts highest net profit ever

Oman Oil Marketing Company (OOMCO) has announced that 2011 was its best-ever year in terms of performance and profitability, with profit rising 17 per cent from 2010, according to a statement released to the Muscat Securities Market (MSM).

Profit rose from RO6.9mn in 2010 to RO8.1mn in 2011, which the company has hailed as ‘the highest net profit in the company’s history.’

OOMCO’s sales grew 29 per cent from RO216.2mn in 2010 to RO278.2mn and were described in the statement as the company’s ‘highest total sales in history.’

OOMCO’s retail business continues to be ‘the backbone of the company.’ Muscat Daily had recently reported that the company will be adding five new filling stations in 2012 to the 132 stations it currently operates. The first of the new stations is currently operational in Saqsuq, Barka.

The company reported a 20 per cent increase in its commercial sector operations as a result of new roads and townships, with growth also recorded in the marine and aviation sectors.

In his statement to shareholders, company chairman Salim al Rawas said OOMCO is gearing itself up for ‘intense competition’ in the retail and commercial sectors, but is expecting strong performances in the marine and aviation sectors as air and sea traffic continues to rise.

He said, “The aviation and marine sectors are to benefit from the expected strong growth and extension of the Muscat and Salalah Airports. The encouraging development in Port of Sohar as well as the shift of activities from Port Sultan Qaboos, would only contribute positively to the company’s earnings.”

The report also states that the retail business sold 1bn litres of fuel by November, but added that competition is anticipated to be fierce as other companies invest in new stations to ‘defend their market share’ and customers become more discerning in their demands.

Source: Muscat Daily


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