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Shell Oman AGM highlights company’s strong performance
Shell Oman achieved unprecedented financial results recording the highest ever net profit of RO14.18 million, compared to RO12.28 million in 2014. Earnings per share (EPS) were 15.5% higher than 2014. The AGM approved all the items on the Agenda including the recommendation of the Board of Directors to distribute a cash dividend at the rate of 106 Bz per share, up 15% from 92 Bz last year.
In 2015, Shell Oman posted strong financial results due to a healthy growth in the retail fuels business as the multi-year investment programme continued coupled with robust performance from the lubricants business. The Company also pushed down operating costs across all lines of business. In addition, the commercial fleet segment with its upgraded IT landscape also contributed considerably towards growth. The aviation business won the fuel concession contract for the New Salalah Airport for 10 years securing its sole operatorship at the airport. In 2015, Shell Oman was recognized by the Ministry of Manpower for its contribution to the employment of national manpower and its compliance with the labour legislations, with an Omanisation rate of 88 per cent. Moreover, the Company was awarded by Oman Chamber of Commerce and Industry for its support to entrepreneurship in the Sultanate.
On the outlook for the rest of the year, Mohammed bin Mahmoud Al Balushi, Managing Director of Shell Oman Marketing Company, commented that the Company is continuing its significant investment programme in new and improved Retail Sites in order to capture further robust growth in the years ahead. The fuel marketing business normally follows the economic trend of the country, and given the reform of fuel subsidies and the fall in the crude oil prices, it is challenging to forecast the level of retail market growth in 2016. Meanwhile, major infrastructure projects which began in earlier years should continue to completion in 2016. The Company is closely following developments in the aviation sector with a view to realizing any opportunities. Shell Oman would continue to focus on servicing its customers’ requirements by delivering excellence in all areas of operations in a safe and environmentally friendly manner while creating in-country value and sharing benefits with the local communities in which the Company operates.
Shell Oman is a publicly listed company, on the Muscat Securities Market since 1997, delivering world-class quality fuel technology and operational excellence in Retail, Commercial, Lubricants and Aviation businesses in Oman, and has been contributing towards developing a sustainable economic advantage for the nation by nurturing the human capital and equipping the Omani workforce to scale the heights of success.