Omanoil AGM clears dividend board confident of future outlook

(MENAFN- Muscat Daily) Oman Oil Marketing Co (Omanoil) has broken its financial performance records year-on-year, with 2013 proving no different, said a press release on Sunday. Sales reached approximately RO296.2mn, while pre-tax profit increased by 13 per cent to RO11.5mn. 

During the company's annual general meeting (AGM), the board of directors announced a net profit of RO10.2mn, with earnings per share at 158bz, after providing for corporate tax. A proposed final cash dividend of approximately 70bz per share, amounting to RO4.5mn for the financial year ended December 31, 2013, was approved by the shareholders.

''This was a significant year for us, as it reflects our success over the last decade and paves our way forward,'' said Sheikh Salim al Rawas, chairman of Omanoil. ''With renewed enthusiasm, we will continue to grow and evolve, with the hope of achieving yet another record fiscal year that is underpinned by excellence and an unwavering commitment to better serving this nation.''

Omanoil's retail business unit, the backbone of the company's success, achieved double-digit growth in sales volume and a two-fold increase in the number of filling stations to 152 since 2003. Implementing an aggressive expansion plan to increase market share and presence, Omanoil opened eight forecourts in 2013 in strategic locations to reach the country's growing population, said the release.

The company's ahlain convenience stores, now 88-strong, also expanded its retail footprint by opening five stores in 2013 and there are plans to broaden services through partnerships with prominent fast-food chains.

''We are a customer-centric organisation and we care beyond fuelling to ensure the best possible experience for our customers,'' said Rawas. ''Not only do we refuel, but we have reinvented the concept of total convenience to offer patrons a one-stop shopping experienc