{"organism":"Page","children":[{"organism":"Container.Raw","children":[{"organism":"Metadata","model":{"title":"جلسات مناقشة علاقات المستثمرين","text":"\u003Cp\u003Eتمكن من الحصول على تسجيلات جلسات مناقشة علاقات المستثمرين في هذه الصفحة\u003C/p\u003E\r\n\r\n\r\n","links":[{"name":"جلسات مناقشة علاقات المستثمرين","value":"https://www.shelloman.com.om/ar_om/investors/investor-relations-sessions.html"}],"tags":[{"name":"investor relations","value":"line-of-business:corporate/investor-relations"}]},"id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/metadata"},{"organism":"ContentOwner","model":{},"id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/contentowner"},{"organism":"Container.Header","children":[{"organism":"Container.Raw","ref":"https://www.shelloman.com.om/ar_om/_jcr_content/root/header/inherited.model.json","id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/header/inherited","model":{}},{"organism":"Breadcrumb","model":{"links":[{"name":"الصفحة الرئيسية","value":"https://www.shelloman.com.om/ar_om.html"},{"name":"المستثمرين","value":"https://www.shelloman.com.om/ar_om/investors.html"},{"name":"جلسات مناقشة علاقات المستثمرين","value":"https://www.shelloman.com.om/ar_om/investors/investor-relations-sessions.html"}]},"id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/header/breadcrumb"}],"id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/header","model":{}},{"organism":"Container.Main","children":[{"organism":"Container.Section","children":[{"organism":"PageHeader","model":{"title":"جلسات مناقشة علاقات المستثمرين","text":"\u003Cp\u003Eتمكن من الحصول على تسجيلات جلسات مناقشة علاقات المستثمرين في هذه الصفحة\u003C/p\u003E\n"},"id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/main/section/page-header"},{"organism":"CallToAction.Stacked","color":"inherited","colspan":8,"colstart":3,"id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/main/section/call_to_action","model":{"links":[{"name":"جلسة مناقشة علاقات المستثمرين للسنة المنتهية في 31 ديسمبر 2025","value":"https://www.youtube.com/watch?v=YC-C_6SqJfM"}]}},{"organism":"StandaloneAsset","color":"inherited","colspan":8,"colstart":3,"id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/main/section/standalone_asset_cop_1285006760","model":{"title":"جلسة مناقشة علاقات المستثمرين - النصف الأول من عام 2025","video":{"src":"https://www.youtube-nocookie.com/embed/pMcd4JmcSEc?si=LqhKl_O7m_QwwnFQ","caption":"جلسة مناقشة علاقات المستثمرين - النصف الأول من عام 2025"}}},{"organism":"Container.List","colspan":8,"colstart":3,"children":[{"organism":"AccordionItem","color":"inherited","id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/main/section/list/list_item","model":{"title":"أقرأ النص"}}],"id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/main/section/list","model":{}},{"organism":"StandaloneAsset","color":"inherited","colspan":8,"colstart":3,"id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/main/section/standalone_asset_cop_1525381624","model":{"title":"جلسة مناقشة علاقات المستثمرين للسنة المنتهية في 31 ديسمبر 2024","video":{"src":"https://www.youtube-nocookie.com/embed/79WoR8CJivg","caption":"جلسة مناقشة علاقات المستثمرين للسنة المنتهية في 31 ديسمبر 2024"}}},{"organism":"Container.List","colspan":8,"colstart":3,"children":[{"organism":"AccordionItem","color":"inherited","id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/main/section/list_copy/list_item","model":{"title":"أقرأ النص","text":"\u003Cp\u003E\u003Cb\u003EShell Oman Marketing SAOG Investor Relations MSX Engagement Session March 2025\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003ETitle: Investor Relations, March 2025 Transcript\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EDuration: 1:02:34\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EDescription:\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EShell Oman Marketing SAOG – Investor Relations Session 2025\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EShell Oman Marketing SAOG held its first Investor Relations session for 2025, where the Company provides a detailed review of its performance in 2024 and outlines its strategic growth plans for the year ahead. During the session, the team shares key financial and operational highlights from 2024, including revenue performance, market expansion, and progress on sustainability initiatives. They also discuss factors that influenced the Company’s performance over the past year, such as market trends, regulatory developments, and evolving customer demands.\u003C/p\u003E\r\n\r\n\u003Cp\u003EThe Company further presents its growth strategy, focusing on investment priorities, operational enhancements, and plans for digital transformation. The company also emphasizes its commitment to innovation and sustainability, aligning with Oman’s economic vision and industry advancements.\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E[Sequence: Shell Oman Marketing SAOG Team is present in a meeting room to present the Investor Relations Session. The session is conducted over a virtual meeting client, and present along with the team are members from investment companies]\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E[Text displays on screen]\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EHSSE at Home (slide)\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EGM – Corporate Relations, Investors Relations Officer\u003C/b\u003E\u003Cbr\u003E\r\nAssalamualaikum. Sabah Al Khair.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri \u003C/b\u003E\u003Cbr\u003E\r\nGood morning everyone.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri \u003C/b\u003E\u003Cbr\u003E\r\nBefore I formally start the session, I just would like to know that people online can see us and hear us.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo my colleagues in Shell, can you please confirm if you can see us and hear us?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EConfirmed.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe can see you and we can hear you.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThank you.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd I would also like to... for people to put themselves on mute while we're actually going through the session.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo again, Ramadan Kareem.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EGood morning everyone.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EMy name is Mahmoud Al Abri.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EI'm the GM for Corporate Relations and Investor Relations Officers.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri \u003C/b\u003E \u003C/p\u003E\r\n\r\n\u003Cp\u003EI would like to formally welcome you to our first investor relations session for the year 2025.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe will discuss our performance and highlight for 2024 as well as we will shed some lights of our growth plans for 2025.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd before we start, I would like just to make sure that wherever you sit now, make sure you sit in a safe place.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EKnow your exits whenever there is an emergency plan.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EI will quickly go through a very quick introduction from my colleagues and then I will request\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EDr. Mohammed to set the scene for today's sessions.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo maybe over to you Ali.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYeah.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EAli Al Amri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EGM – Trading, Supply & Distribution\u003C/b\u003E\u003Cbr\u003E\r\nMy name is Ali Al Amri.\u003Cb\u003E\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E[Text displays on screen]\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EAgenda\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E11:00 Introduction – 5 minutes\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E11:05 HSSE & Ground Rules – 5 minutes\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E11:10 Key Financial & Business Highlights – 20 minutes\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E11:30 Q&A and Closing – 30 minutes\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EAli Al Amri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EI'm the Trade and Supply GM for Shell Oman.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EChief Financial Officer\u003C/b\u003E\u003Cbr\u003E\r\nGood morning everyone.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ERamadan Barak Alaykum.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThis is Lamees Al Lawati, the Chief Financial Officer.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EAbbas Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EChief Internal Auditor\u003C/b\u003E\u003Cbr\u003E\r\nAbbas Al Lawati, the Chief Internal Auditor.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EGM – Low Carbon Products\u003C/b\u003E\u003Cbr\u003E\r\nSaid Al Rawahi, GM Low Carbon Products.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EGM – Mobility & Convenience\u003C/b\u003E\u003Cbr\u003E\r\nHi.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESuresh Nair, GM for Mobility and Convenience.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESultan Al Shidi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EGM – Human Resource\u003C/b\u003E\u003Cbr\u003E\r\nSultan Al Shidi, GM of Human Resource,\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EGeneral Manager - Strategy & Energy Transition\u003C/b\u003E\u003Cbr\u003E\r\nBurair Al Lawati, GM Strategy and Energy Transition.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EChief Executive Officer\u003C/b\u003E\u003Cbr\u003E\r\nGood morning everyone.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EMy name is Mohammed Al Balushi.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EI'm the CEO of Shell Oman and Ramadan Mubarak to all of you and thanks for dialing in.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThis is actually our first investor relations meeting for this year 2025.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd I want to basically again thank you all for dialing in.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe have around an hour where we will be sharing the business performance of the year 2024 as well as share some of the plans that we are actually having for this year.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EMoving forward, we will be definitely welcoming all the questions and inquiries that will come from the people who dialed in.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo let's have a very interactive session where we can also learn from your insights.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThank you very much.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThank you doctor.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd as you said doctor, this is how the session agenda will look like.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo we'll have around 20 to 30 minutes on business downloads and then we will have the last 30 minutes for Q and A.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo whenever you have questions, please leave it to the last 30 minutes.\u003Cb\u003E\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E[Text displays on screen]\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EHealth, Safety, Security, Environment (HSSE)\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EHIGHLIGHTS\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cul\u003E\r\n\u003Cli\u003EEnded the 2024 with Zero recordable incident.\u003C/li\u003E\r\n\u003Cli\u003E\u003Cb\u003EHealth\u003C/b\u003E\u003C/li\u003E\r\n\u003Cli\u003EHealth Risk assessment for company's COBs operations by Shell Health.\u003C/li\u003E\r\n\u003Cli\u003ECompleted several activities as part of sports & adventures club in participation of employees:\u003C/li\u003E\r\n\u003Cli\u003EWellness program.\u003C/li\u003E\r\n\u003Cli\u003EEmployees participation in Oman Cancer Association for the 20th Annual Walkathon.\u003C/li\u003E\r\n\u003Cli\u003ECelebration World Mental Health Day.\u003C/li\u003E\r\n\u003Cli\u003EVarious sports activities.\u003C/li\u003E\r\n\u003Cli\u003E\u003Cb\u003ESafety\u003C/b\u003E\u003C/li\u003E\r\n\u003Cli\u003ECompletion of 2025 priorities were cascaded to all employees.\u003C/li\u003E\r\n\u003Cli\u003EMobility Business completed ERP LOD2 audit with satisfactory results.\u003C/li\u003E\r\n\u003Cli\u003EJoint major drill with authorities in Dhofar and Dhank service stations.\u003C/li\u003E\r\n\u003Cli\u003ESafety Stand-Down - Industry Vehicle Rollover in Batinah Coastal Road.\u003C/li\u003E\r\n\u003Cli\u003EMonthly hauler Meeting HSSE and OPR.\u003C/li\u003E\r\n\u003Cli\u003EHEMP & HSSE MS Review for haulers, key contract and operation.\u003C/li\u003E\r\n\u003Cli\u003EMAF Mutual Aid Group (MAG) Meeting with PDO and OQ.\u003C/li\u003E\r\n\u003Cli\u003E\u003Cb\u003ESecurity\u003C/b\u003E\u003C/li\u003E\r\n\u003Cli\u003ESecurity Awareness session conducted by Shell security team.\u003C/li\u003E\r\n\u003Cli\u003ECyber security awareness session conducted for all employees.\u003C/li\u003E\r\n\u003Cli\u003E\u003Cb\u003EEnvironment\u003C/b\u003E\u003C/li\u003E\r\n\u003Cli\u003ECompletion of environmental assurance plan for 2025.\u003C/li\u003E\r\n\u003C/ul\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EPLANS\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cul\u003E\r\n\u003Cli\u003EMaintain Goal Zero & Drive culture of care.\u003C/li\u003E\r\n\u003Cli\u003E\u003Cb\u003EPerformance\u003C/b\u003E\u003C/li\u003E\r\n\u003Cli\u003EEnhancing Emergency Response: Robust testing & enhancing of emergency response effectiveness across all the businesses to ensure it readiness.\u003C/li\u003E\r\n\u003Cli\u003EEnergy Transition Related Risk: Hydrogen & EV.\u003C/li\u003E\r\n\u003Cli\u003EWorker Welfare Enhancements: Strengthen worker welfare management & control across SOM class of businesses.\u003C/li\u003E\r\n\u003Cli\u003ETerminal Divestment: Emerging risk related to divestment of terminal, such as; road transport, and marine loading activities.\u003C/li\u003E\r\n\u003Cli\u003E\u003Cb\u003EAssurance & Implementation\u003C/b\u003E\u003C/li\u003E\r\n\u003Cli\u003EIndustry Life Saving Rules: Living our LSR every day.\u003C/li\u003E\r\n\u003Cli\u003ERobust Asset Integrity Program.\u003C/li\u003E\r\n\u003Cli\u003EConsistent Environment Assurance and Line of Defense Check. (Internal Process Check).\u003C/li\u003E\r\n\u003Cli\u003E\u003Cb\u003ERisk Based HSSE Standard\u003C/b\u003E\u003C/li\u003E\r\n\u003Cli\u003EUsing HSSE MS & Risk Visual.\u003C/li\u003E\r\n\u003Cli\u003ESimplify & Fit for Purpose Learning & Investigation Process (Tools).\u003C/li\u003E\r\n\u003Cli\u003ERobust Management of Change Process (MOC).\u003C/li\u003E\r\n\u003C/ul\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo let me start with our health, safety, security and environment.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThe company has done remarkably well in 2024 with zero recorded incidents.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAdditionally, the Company has achieved all the HSSE KPIs part of 2024 plan.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAlso the Company has communicated and engaged all the employees around the 2025 priorities. And in terms of security, last year we have done a couple of security awareness sessions and cybersecurity sessions awareness to our employees as well as to our partners and contractors.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EFinally on Environment, we have completed our Environment Assurance plan for 2024 to our key assets of the company.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAs you can see there are numerous of initiatives that have been executed in 2024 when it comes to HSSE, which showcase the Company's commitment in safety as well as the leadership Shell Oman has in safety in the industry in total.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIf I move also briefly to the plan, the Company will continue to maintain goal zero and drive the culture of CARE for its employees and partners.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIn terms of performance, the Company will continue to manage risk on a daily basis but also put some more focus on emerging risk like the newly hydrogen service stations and the EP business as well.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIn terms of worker welfare enhancement, the Company will focus on worker welfare enhancements across different class of businesses but also with our contractors.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIn terms of assurances and implementations, the Company will put focus in terms of Robust Asset Integrity Program for 2025. And lastly, in terms of risk-based HSSE standards, the Company will put focus to Simplify & Fit for Purpose Learning and Investigation process in 2025 plan.\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E[Text displays on screen]\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EFinancial Summary\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cul\u003E\r\n\u003Cli\u003EFY 2024 Revenue was OMR 492.573 million, 5% lower than FY 2023 impacted by lower volumes mainly in B2C business. The decline was positively offset by the following:\u003Cul\u003E\r\n\u003Cli\u003EHigher Other Income in FY 2024 of OMR 4.269 million, 2% higher than FY 2023 driven mainly by higher NFR and Fleet income.\u003C/li\u003E\r\n\u003Cli\u003ELower selling, distribution and administrative expenses in FY 2024 vs FY 2023 resulting from initiatives to contain operating costs.\u003C/li\u003E\r\n\u003C/ul\u003E\r\n\u003C/li\u003E\r\n\u003Cli\u003EFY 2024 Net Income After Tax was OMR 3.740 million, 4% higher than FY 2023.\u003C/li\u003E\r\n\u003Cli\u003ESignificant improvement in Cash Flow from Operations, 122% higher than FY 2023 and was the highest cash generated in the past 6 years, resulting from focused initiatives in working capital management.\u003C/li\u003E\r\n\u003C/ul\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E{Screen also shows the financial summary with a table and three charts}\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ELet me move to Lamees.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYeah, thank you, Mahmoud.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd like Mahmoud has mentioned earlier, we will start by sharing a quick overview on the financial performance and then I'll hand over to my colleagues around the table to share specific business updates and key performance indicators from the different business units.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ENow the financial overview that you see in front of you here is consistent with our post-board disclosure as audited by our external auditors and as endorsed by our shareholders in the AGM yesterday.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo in 2024 our revenue stood at 492 million Omani Riyals, slightly lower than where we have exited the year 2023.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut then managing the portfolio of products and the different lines of businesses that we have – maximizing the profitability from within – we managed to narrow that gap of 5% at the top line to 2% reduction versus the same period in 2023 at gross profit level, whilst maintaining our gross margin percentage at 7%.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EOther income... This is the income that we predominantly receive from the associated services in our service station; things like shops income, the co-locators, the brands that we tie up with.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIncome that we receive from car care services as well, in addition to the fees that we receive from site operatorship.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo this has been a key focus area for us consistently like we have been mentioning to the investors last year, it's a key lever in our strategy of the company to grow other income.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EA lot of focus initiatives actually took place in the year 2024 to improve our performance in other income.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo if you focus on the Select sector, we have, we have mentioned to the investors last year that we have acquired back the portfolio of Select stores.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo we're focused on improving, enhancing the customer experience in these shops by upgrading the look and feel of these sites and adding more modern and appealing offers to our customers.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo a lot of focused initiatives in addition to also a strategic tie-up that we have signed with Al Meera to improve and enhance again our customer experience and improve our supply chain, ensuring that we provide the same level of products or the same quality of products consistently across the shops that we have.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ENow all of these initiatives, in addition to other focused initiatives that we have done in that space, have actually grew our other income to around 2% in the year 2024 versus the year prior to that.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EOpEx was another key focus area for us in the year 2024 focusing on cost optimization.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe have pulled a lot of focus initiatives to optimize OpEx, reduce cost, improve operational efficiency as well as set the organization for growth and sustainable growth going forward and improve its competitiveness.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo a lot of initiatives were also introduced in that space, resulting in an overall decrease of around 10% in OpEx.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThe number that you see in front of you in the table here is including depreciation, which to a certain extent offsets the actual reduction that we had in operational expenses.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ENow most importantly, a lot of these initiatives that we have done in the OpEx space we had, we've governed them in a way to ensure that there is no compromise on our HSSE health safety security standards and practices as well as our asset integrity and self well being.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThe one point that I would also like to emphasize in here is working capital.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo working capital efficiency was also another lever that had a lot of attention in the year 2024.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo we wanted to reduce the limitations related to working capital management for an operational company like ours and as a result then reduce the borrowing need or dependency.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ENow a lot of focus initiatives were also done in that space to improve our collection of accounts receivable in the market.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EFocus initiatives to monitor and plan our inventory balances as well, which has resulted in really good performance in working capital management, boosting our cash flow position at year end like you can see in the bottom graph over there, reporting around 24 million Omani Riyal in cash flow from operations – the highest level since years.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut then in addition to that, if we look at the borrowing costs, we've managed to maintain it at around the same level as a result of all of these initiatives that we have contributed in the working capital space despite all the pressure that we have seen in the market.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThank you Lamees.\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E[Text displays on screen]\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EMobility\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EHIGHLIGHTS\u003C/p\u003E\r\n\r\n\u003Cul\u003E\r\n\u003Cli\u003EMaintained HSSE Goal-zero, no harm & no leak.\u003C/li\u003E\r\n\u003Cli\u003EOfficially laid the foundation stone for the first Hydrogen site in the country.\u003C/li\u003E\r\n\u003Cli\u003EStrong Shell Select network of 51 shops.\u003C/li\u003E\r\n\u003Cli\u003EOpen 1 NTI (Strategic Hydrogen site).\u003C/li\u003E\r\n\u003Cli\u003EThe completion of 5 Select stores revamps located in premium sites.\u003C/li\u003E\r\n\u003Cli\u003ERefurbished and branded 6 car care centers in different location across the country.\u003C/li\u003E\r\n\u003Cli\u003EAnnounced and activated partnership with Al Meera Markets to enhance customer offering at Shell Select convenience stores.\u003C/li\u003E\r\n\u003Cli\u003ENew and Improved Shell V-Power now available at 141 sites.\u003C/li\u003E\r\n\u003Cli\u003ELaunched several marketing campaigns such as: Ramadhan campaign, Shell Millionaire campaign, BIG WIN Campaign with Shell GO+\u003C/li\u003E\r\n\u003Cli\u003EIncrease in both registered user base and Total Active Customer Base of Shell GO+\u003C/li\u003E\r\n\u003Cli\u003EImproved Guest Experienced Assessment (GEA).\u003C/li\u003E\r\n\u003Cli\u003EShell V-Power awarded as Top Premium Fuel at the prestigious Alam Al-Iktisaad Top Omani Brands awards.\u003C/li\u003E\r\n\u003Cli\u003EShell Café CGI campaign received the Best Digital Advertising Video at the TOMI (The Oman Marketing Awards).\u003C/li\u003E\r\n\u003C/ul\u003E\r\n\r\n\u003Cp\u003EPLANS\u003C/p\u003E\r\n\r\n\u003Cul\u003E\r\n\u003Cli\u003EMaintain Goal Zero.\u003C/li\u003E\r\n\u003Cli\u003ENetwork Footprint – 5 new sites.\u003C/li\u003E\r\n\u003Cli\u003EEnergy Transition - expansion of DC Super Fast Charging points to 20, adding 50 AC Chargers at destination locations, exploring further e-mobility initiatives.\u003C/li\u003E\r\n\u003Cli\u003EDifferentiated Fuels - Expand SVP to 3 more sites.\u003C/li\u003E\r\n\u003Cli\u003EAccelerate NFR growth - 5 additional Select stores , 3 new car washes at premium locations, expand the partnership with existing partners (Al Meera, Dalilie, etc) and bring in new clip in/co-locator partners (Pharmacy and Juice brands).\u003C/li\u003E\r\n\u003Cli\u003ELoyalty - Maximize Shell GO+ value by increasing Total Active Customer.\u003C/li\u003E\r\n\u003Cli\u003EMore B2B solutions – Launching Shell Online Payment Gateway.\u003C/li\u003E\r\n\u003Cli\u003ECampaigns targeting National Subsidy System customers and Premium Fuel Customers.\u003C/li\u003E\r\n\u003C/ul\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E{Screen also shows a Shell fuel station}\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ENow let me move to Suresh [Nair]... Mobility.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThank you.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo the theme for the mobility and convenience business will be centered around one of growth, both for 2024 and now moving into 2025 as well.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EHow we will do this is essentially around building our business, which is resilient, while future-proofing in as well.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThe focus will be on simplification in terms of the areas where we choose to focus and give us maximum value.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut we'll also ensure that there is a tighter and focused attention around discipline of spending as well.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThat's consistent with what our CFO has mentioned in terms of cost management efforts, which is starting to yield material results in terms of SOM (Shell Oman Marketing)'s bottom line performance.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ELastly, around the growth agenda, specifically for the mobility business, the focus will be around total customer value.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWhat is total customer value?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EEssentially it means ensuring that we have a better grip on every customer, every time they come and interact with us at our fuel, our forecourt and our shop, to make sure that we are seeing better returns for each transaction, larger returns.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIn layman's term, this would mean that our customers are coming to us, spending... spending a lot more and returning to us.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo the five areas of growth for Mobility which we'll be focusing on in the year 2025.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ELet me start at the top in terms of new site entries.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ERecently, we announced the official opening of our hydrogen site or aptly named Sustainable Oasis.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThis is a testament to where we boldly are announcing our intent to grow.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ENot only in the convenience fuel space, not only in the traditional fuel space, but also in the energy transition.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe expect to see up to five total new-to-industry stations this year, one of which has already officially be opened.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThere will be a soft launch on the second in the coming four weeks and more to come.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo watch this space.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo that's in terms of NTI.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIn terms of offerings, we have been talking very aggressively about our V-Power performance and we have seen a very – not only healthy but a sustainable growth – in this differentiated fuels offering.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut I'm also excited to announce that we have soft launch the Fuel Safe 91.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYou would have seen some banners to this effect in our hydrogen station launch in the media a couple of weeks ago.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWatch this space, because this is also expected to be both another game changer in terms of differentiated offerings for Shell Oman, but one which is closely linked as well to the energy transition through a lower carbon fuels offering.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ENow in the B2B space, we continue to be active and pursuing healthy, both organic and inorganic growth, by differentiating our services with that of the competitors, particularly in providing innovative payment services.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAlso providing technological solutions like our Vehicle Recognition System, which is a key differentiator in terms of services from a fleet management perspective.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EArea of growth number three is around our Convenience Retailing or the old name for it will be Non-Fuels Retailing.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe intend to add up to five additional new stores this year in its main look and feel, but we also intend to add further beyond that some modular designs.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo, the shop for example, which you see at our hydrogen station today is one such example of a modular design exposure.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EExpect to see more of this.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYou'll also see the convenience retailing business grown in the form of car washers and lubricants bay as well, much more actively.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThe last segment which I would like to talk about is the energy transition in the mobility and convenience space.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EA testament to that is the hydrogen side.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut I would also like to bring about the attention that if you pay close attention to the details of the construction and the operation of this site, we are looking at more energy efficient, lower and zero carbon solutions both in terms of how we operate the site, but also the product offering to the customer.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAlthough this is not-scale hydrogen, sold or scaled up to a commercial scale, this provides a platform both for the Sultanate and Shell to jointly learn how to produce, how to store and how to distribute or deliver hydrogen to vehicles in the Sultanate.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd that will put us in a better position to scale this up commercially in the future.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ELastly, in the energy transition you are going to see more active partnerships from Shell.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EDo watch this space and the initial manifestation of where you will see this is in the form of EV charging points, which means expanding the number of charging points we have today in our existing stations to be bolder to include destination locations as well.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThank you.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWith that I pass it on back to my colleague Mahmoud.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThank you Suresh.\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E[Text displays on screen]\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EIntegrated Lubricants\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EHIGHLIGHTS\u003C/p\u003E\r\n\r\n\u003Cul\u003E\r\n\u003Cli\u003E\u003Cb\u003ECommercial Lubricants: \u003C/b\u003EGrew market share and\u003Cb\u003E \u003C/b\u003Emaintained our market leadership position in the Lubricants across sectors in Sultanate of Oman as well as globally for the 18\u003Csup\u003Eth\u003C/sup\u003E consecutive year.\u003C/li\u003E\r\n\u003Cli\u003E\u003Cb\u003EExport Market: \u003C/b\u003EContinue\u003Cb\u003E \u003C/b\u003Eto expand operations and footprint in the export markets by signing new distribution agreements and introducing new consumer products.\u003C/li\u003E\r\n\u003Cli\u003E\u003Cb\u003ELubricants Blending: \u003C/b\u003EContinued to operate with high HSSE standards. Introduced new products and SKUs in 2024 and achieved above the industry average in terms of product deliveries On-time in-full (OTIF), while increasing volumes and reducing unit operating costs vs 2023.\u003C/li\u003E\r\n\u003Cli\u003E\u003Cb\u003ECustomer Operations: \u003C/b\u003EContinuing our Digitalization journey with enhancements to our Customer Portals, introduced a new user interface that enhances the customer experience and contributes to cost optimization and efficiency.\u003C/li\u003E\r\n\u003Cli\u003EPLANS\u003C/li\u003E\r\n\u003Cli\u003EContinue HSSE focus across the lubricants business operations.\u003C/li\u003E\r\n\u003Cli\u003EAchieve Business growth via exploring new revenue streams & increase market share.\u003C/li\u003E\r\n\u003Cli\u003EDigitization of the lubricants business across B2C and B2B segments to increase customer loyalty and enhance overall customer experience.\u003C/li\u003E\r\n\u003C/ul\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E{Screen also shows Shell-branded lubricants and a Ferrari 458 Italia alloy wheel}\u003C/b\u003E\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ENow let me move to Mohamed ElFatatry for Lubes [Lubricants].\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EMohammed.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EGM – Lubricants, Supply Chain & Customer Operations\u003C/b\u003E\u003Cbr\u003E\r\nYes. Hi Mahmoud.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAm I audible?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYes.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EOkay, great.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo, I think for lubricants, we had a great year in 2024.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EI think at a local level we managed to grow our market share in 2024... bring also growth for our overall volume at integrated level by double digits for the second year. We maintained our leading position in the country, but we also leveraged our global leadership as Shell Lubricants for the 18th consecutive year.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EI think one of the highlights last year as well was on the export markets.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo we have seen growth in terms of volume and consumption.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe've also added Yemen market... in adding two structured distributors, newly assigned, in the market of Yemen. We had good trajectory in terms of volume and we're seeing also continuation to that in 2025 given the numbers... of estimated numbers for Q1.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EFrom blending plant perspective, again we have been promoting our 'Made in Oman' products that are blended in our blending plant in Mina Al Fahl. We added one more market in terms of export markets.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe introduced a lot of new products and SKUs in 2024, including Shell coolants in packs, and later in the year we also introduced coolants for the B2B sectors in drums.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWhile doing so, our production levels have increased.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe reduced our operating costs and OpEx, and we also maintained above-industry average OTIF which is 'On-Time In-Full' KPI for supply chain.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIn fact our blending plant was the highest OTIF across all Shell blending plants in the EMEA region.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIn terms of customer operations, we had a good year in 2024, in terms of serving our all downstream businesses in Shell Oman Marketing.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe've added also new digitization platforms. We shifted a lot of the manual work to digital portals for customer payments and we have also increased our customer satisfaction score by 0.2 points in 2024.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EFor 2025 our focus again remain on operating with high HSSE standards.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThere is an aggressive growth agenda, I think presented again in the last two years of double-digit growth at integrated level. We are exploring new revenue streams that includes markets, products as well as maybe more detailed in terms of serving same products but in different packaging.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EHearing more customers in the B2B sector and we're trying to penetrate new industrial sectors in the Sultanate including mining.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe are also improving our digitization. So lately we launched our trade loyalty app –Share app – which is enabling the trade channel making their orders via a Shell application.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd we are also moving into more technical services in the B2B segments, which is also we're aiming at monetizing it, not just offer it for free.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIn a nutshell that wraps up our 2024 and 2025 focus area [inaudible].\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAh, back to you.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThank you Mohammed.\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E[Text displays on screen]\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003ELow Carbon Products & Sectors\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EHIGHLIGHTS\u003C/p\u003E\r\n\r\n\u003Cul\u003E\r\n\u003Cli\u003EClose the year with a strong HSSE performance building on what was achieved in the past years.\u003C/li\u003E\r\n\u003Cli\u003ESigned bunkering license agreements locally to expand the business footprint across major ports in the Sultanate whilst remaining fully committed to the highest HSSE, Ethics & Compliance and operational excellence standards.\u003C/li\u003E\r\n\u003Cli\u003EClose the quarter with ZERO fulling delays in all airports despite the operation challenges.\u003C/li\u003E\r\n\u003Cli\u003EImplementing a new CVP for our commercial customers which is the Automated Fuel System Monitoring.\u003C/li\u003E\r\n\u003Cli\u003EResuming the PSQ pipeline operation, which will support the Marine fuels segments in coming months helping to stabilize and enhance future volumes.\u003C/li\u003E\r\n\u003Cli\u003EFinalizing Salalah International Airport fuel farm recommissioning project in Q1 2025.\u003C/li\u003E\r\n\u003C/ul\u003E\r\n\r\n\u003Cp\u003EPLANS\u003C/p\u003E\r\n\r\n\u003Cp\u003EIn 2025 while we continue to focus on Goal Zero, E&C and Operational Excellence, while we will reduce complexity for sharper focus on:​\u003C/p\u003E\r\n\r\n\u003Cul\u003E\r\n\u003Cli\u003EOptimizing our Profitable core.\u003C/li\u003E\r\n\u003Cli\u003EExploring new operations and financial opportunities.​\u003C/li\u003E\r\n\u003Cli\u003EGrow our profitability by expanding revenue streams​.\u003C/li\u003E\r\n\u003Cli\u003ELeading in Energy Transition.\u003C/li\u003E\r\n\u003C/ul\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E{Screen also shows a woman filling an Oman Air aircraft, connecting the module to the ground fuel supply system}\u003C/b\u003E\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ENow let me move to Said Al Rawahi to talk about the low carbon product and sectors.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThank you, Mahmoud. For Low Carbon Products 2024 we have seen growth compared to 2023.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe have closed the year with a strong HSC performance which was achieved in the past years.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAlso we have zero fuel delay [across] all the airports when it comes to aviation business.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe have also implemented CVP's for commercial customers, which is also an automated fueling system to monitor fuel consumption on other customer sites.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe also started... we resumed our Port Sultan Qaboos pipeline operation when it comes to the marine business segment, which is been helping to safely enhance our volumes compared to 2023.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe [are] also planning this year to finalize the commissioning of fuel farm at Salalah Airport at the end of Q1.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ENow the plans when we look at the plan for 2025... because we are focusing on the ethics and compliance and operational excellence. We're also looking at optimize our profitability core.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe are looking at the strengths of our branded proposition when it comes to market differentiation within Oman.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAt the same time [we are] also looking at new operations and financial opportunities, which have new operating models that we are working on... different pricing strategies.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe also supply [inaudible] within the low carbon [inaudible] sector.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAlso I'm looking at different revenue streams... [we are] introducing new services and products and we try to expand our new opportunities and footprint within Oman.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe're also focusing on engaging energy transition which is basically continuing engagement with the authorities in Oman for the upcoming opportunities around alternative fuels, similar to sustainable aviation fuels and differentiated fuel when it comes to commercial business.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThank you.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThank you, Said. Now I will move to Burair [inaudible] for energy transition and strategy.\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E[Text displays on screen]\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EEnergy Transition & Strategy\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EHIGHLIGHTS\u003C/p\u003E\r\n\r\n\u003Cul\u003E\r\n\u003Cli\u003EBuilding on data from corporate GHG emissions and Corporate Carbon Footprint (CCF) analysis to develop comprehensive emission-reduction roadmaps across scopes 1, 2, and 3.\u003C/li\u003E\r\n\u003Cli\u003EInvesting in digitalization for improved data gathering and analysis to enhance ESG reporting capabilities for 2025 and beyond.\u003C/li\u003E\r\n\u003Cli\u003ESignificant decarbonization progress through solar power investments such as Rooftop and bifacial solar car parks (200+kWp) at Mina Al Fahal head office.\u003C/li\u003E\r\n\u003Cli\u003ELaunching Oman’s first hydrogen and refueling service station: Part of the \"Gift to the Nation\" in collaboration with Oman Airports. Featuring partial solar power, EV chargers, Shell V-Power, and fuel save.\u003C/li\u003E\r\n\u003Cli\u003ELeading as the world’s largest supplier of lubricants: Carbon-neutral Shell Helix Ultra OW portfolio introduced in local and regional markets + Lubricants made using Shell's PurePlus Technology for enhanced engine performance and fuel efficiency.\u003C/li\u003E\r\n\u003Cli\u003EEmphasizing circular economy initiatives such as exploring innovative waste recycling and value-generation opportunities in the integrated waste management contract to minimality.\u003C/li\u003E\r\n\u003Cli\u003ECompany's risk culture improved; contributes positively shareholder value and equity, and our Powering Progress strategy.\u003C/li\u003E\r\n\u003Cli\u003EPLANS\u003C/li\u003E\r\n\u003Cli\u003EExplore opportunities in biodiesel and Sustainable Aviation Fuel (SAF) as well as collaborating with stakeholders in public and private sector for strategic decarbonization partnerships and solutions.\u003C/li\u003E\r\n\u003Cli\u003EExpanding EV charging infrastructure with high-performance chargers across service stations and destinations.\u003C/li\u003E\r\n\u003Cli\u003EStrengthening position as a leader in cleaner mobility solutions:\u003Cul\u003E\r\n\u003Cli\u003EHydrogen and refueling service station integrating solar power, advanced fuels, and EV charging.\u003C/li\u003E\r\n\u003C/ul\u003E\r\n\u003C/li\u003E\r\n\u003Cli\u003EExpanding high-performance lubricants and carbon-neutral solutions.\u003C/li\u003E\r\n\u003Cli\u003EContinuing circular economy initiatives to minimize waste and drive sustainability.\u003C/li\u003E\r\n\u003C/ul\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E{Screen also shows an Omani man holding a Shell cup and a phone with his Tesla connected to the Shell EV charger}\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo as you know [inaudible] strategies built to be aligned with strategy and Shell which focuses on enhancing shareholder value, respect for people, also net zero targets by 2050 and then the society [inaudible] and obviously respecting the environment.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAll this time, while we have safety as our... [inaudible] and our values [inaudible]. Meanwhile, we look at how we can reduce our own [inaudible] in our own facilities.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EMy colleagues have already spoken about what they have done in... in... in... their class of businesses when it comes to the way that the sites operate but also the offerings that are there for the customers to help customers also reduce their targets and their [inaudible].\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd within the next quarter we should be able to have a long-term plan in terms of addressing our step one, scope-two and scope-three carbon emissions.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThat is something that we have been continuously building in the last few years when it comes to our digital capabilities. for ensuring that we have [inaudible] and at the same time training the team to be able to continue working on that project as we go forward.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThe examples of things that we have done in terms of [inaudible] include our solar in the head office.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EObviously the high legislation that Suresh mentioned... the product differentiated products and even lubricants when it comes to PurePlus Technology that helps customers enhance their performance and efficiency.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThat also goes to introducing circular economy initiatives such as exploring recycling of our waste and on top of effectively managing the petroleum waste... to reduce the waste and the impact of our operations in the environment.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe have been also working on enhancing what we call the risk [inaudible] in the company, which is a very positive direction in terms of governance that is aligned with the ESG expectations and in the same time it helps reinforce the shareholders value and equity, and another [inaudible] strategy.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAs we go forward, we'll be exploring also new fuels that can help reduce the emissions such as [inaudible] and continue expanding as we mentioned earlier our EV presence, whether in our sites or in destinations... and do in engaging advocacy and discussions with stakeholders in the public and private sector so we can support Oman's vision [inaudible] in 2050.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThe Net-Zero targets... Insha'Allah.\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E[Text displays on screen]\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003ECorporate Social Responsibility\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EHIGHLIGHTS\u003C/p\u003E\r\n\r\n\u003Cul\u003E\r\n\u003Cli\u003E\u003Cb\u003EKey Initiatives and Programs: \u003C/b\u003EDuring 2024, the Company worked with multiple partners and associations through the planned programs within its strategy like: EV Pro with the Youth Center, Journey Partner with OBO, and the annual initiatives of supporting OCO, working with MoSD to help multiple NGOs, as well as supporting national level training programs by MoH.\u003C/li\u003E\r\n\u003Cli\u003E\u003Cb\u003ESocial Outreach and Training:\u003C/b\u003E During 2024, we delivered HSSE trainings on Home Safety and First Aid to NGOs across the Sultanate, as well as raising road safety awareness through working with local bikers' club. \u003C/li\u003E\r\n\u003Cli\u003E\u003Cb\u003EEnvironmental Commitment:\u003C/b\u003E the company collaborated with the Environment Authority and Muscat Municipality to distribute plants saplings to customers across Oman, promoting environmental awareness and increasing green spaces.\u003C/li\u003E\r\n\u003Cli\u003EFrom an in-country value (ICV) perspective, the Company continued to sustain a high level of Omanisation, with over 94% of the workforce comprising of high-caliber Omani talents and working with SMEs across its value chains.\u003C/li\u003E\r\n\u003Cli\u003EPLANS\u003C/li\u003E\r\n\u003Cli\u003EFocus on sustainable and long-term social impact across the Sultanate.\u003C/li\u003E\r\n\u003Cli\u003ECreate business value for the Company through alignment of CSR activities with business needs & priorities.\u003C/li\u003E\r\n\u003Cli\u003EMaximize partnerships and optimize resources through collaboration with JVs and other partners.\u003C/li\u003E\r\n\u003Cli\u003EAlign CSR activities with the company’s ESG and sustainability goals, and we are ready for compliance with the requirements in this area.\u003C/li\u003E\r\n\u003Cli\u003EFurther incorporation of In-Country Value agenda within the CSR activities and across company’s supply chains.\u003C/li\u003E\r\n\u003C/ul\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E{Screen also shows a child partaking in an activity with a laptop. Shell logo is present}\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EOkay, thank you very lastly on Corporate Social responsibility, being an Omani and responsible company, we have been leading in the CSR area... and in 2024, we have done key milestones and we have executed key initiatives and programs in collaborations with our partners in government and private sectors.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAlso in terms of social outreach and training during 2024, we have reached different regions in Oman to deliver HSSE trainings on home safety and first aid across... as I said, different regions in Oman as well as actually we have executed Road Safety Awareness through working with local bikers in the City of Nizwa.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIn terms of environmental commitment, we have collaborated with Environment Authority and Muscat Municipality to distribute lands across our different service stations last year.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EFrom In-Country Value, the company continue to sustain high level of Omanization, with over 94% of the workforce, as well as actually, we have been working with many Omani SMEs across all the value chains.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIn terms of lands, for CSR we will continue to focus on sustainable and long-term social impact across Oman.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe will continue to create business value for the Company through alignment of our CSR activities with business needs and priorities.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAlso we will maximize partnership and optimize resources through collaborations with our partners as well as JVs.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAlso we will align our activities with the Company's ESG and sustainability goals - and in a couple of weeks we will actually report [inaudible] sustainability and ESG report.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EFinally we will further incorporate our In-Country Value agenda with our CSR activities and across the Company's supply chain.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EI think this will come to the end of our business highlight for last year and focus on 2025. Now I want to open the space for any Q and A, but before that I just want to check again if our audio and the camera is working fine.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ECan someone just confirm to me.\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E[Text displays on screen]\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EQ&A\u003C/b\u003E\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EHello.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EAl Busaidi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EShell Team (Title unknown)\u003C/b\u003E\u003Cbr\u003E\r\nThe... We can see you but the audio is not 100% clear.\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E{Screen shows the Shell logo}\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E[Text displays on screen]\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EQ&A\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EOkay, so let's try again.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EDo you hear us now?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EAl Busaidi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EShell Team (Title unknown)\u003C/b\u003E\u003Cbr\u003E\r\nYes, there's a slight improvement.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EOkay, so let's open the space for Q and A.\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E{Screen shows all participants from the meeting}\u003C/b\u003E\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E[inaudible]\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EAl Busaidi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EShell Team (Title unknown)\u003C/b\u003E\u003Cbr\u003E\r\nOkay. [inaudible]\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EManna Thomas\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EEquity Research Analyst, United Securities\u003C/b\u003E\u003Cbr\u003E\r\nGood morning.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EManna Thomas\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAm I audible?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYes, Manna Thomas... go ahead.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EManna Thomas\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EOkay, thank you for your presentation.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EManna Thomas\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIn the presentation you have mentioned that the revenues were lower mainly due to the lower volumes in the B2C business.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EManna Thomas\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo can you provide insights into the volume trends at your fuel station?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EManna Thomas\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EHave you seen a decline in the throughput per station?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EGood morning.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo the volume trending for 2024 we have seen a slight decline in terms of our volume trend, which we attribute to a combination of reasons.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWhich includes what we notice that our customers using smaller engine sizes cars as compared to to the high times of about five to seven years ago.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe also see a returning of customers coming to us for smaller fuel sizes as opposed to larger fuel size.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd based on our network presence, as well, we are seeing trending of migrations in accordance to the population of Oman.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThese three examples are being a combination [inaudible].\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWhat we have done in terms of our response to that consistently over the past year and a half or so is to focus on choosing customer value instead of absolute volumes.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWhy? Well, what we've noticed from the NCSI publicly available information... is [that] the volume growth for Oman in terms of absolute terms at best is about 2%.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThat is consistent with the vehicular growth and also the population growth for that.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut [inaudible] what we're trying to focus is [inaudible] of the value and that would be in terms of our V-Power offerings, our non-fuels or convenience retail offerings, but that also includes the space of our lubricants and car care\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EI hope that answers the question.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EMaybe just to complement to what Suresh has just mentioned... and maybe to zoom out of Shell Oman Marketing, obviously we're not in a position to comment on behalf of the entire industry, but looking at the entire industry performance, we've also seen an overall reduction in the revenue top line number of the entire industry by about 1% in the 2024 versus 2023.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo whilst we try to zoom in and understand the specific characteristics that could be related to us, we also understand that this could be a wider, sort of an overarching characteristic, of the industry that we operate in as well.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo just to confirm again Manna Thomas, did you hear the answers clearly.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ECan you unmute yourself?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EJust to check on the audience?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ECan you unmute yourself?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EManna Thomas\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EHello?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYeah, did you hear the answers clearly?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EManna Thomas\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYes, but still the audio.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EManna Thomas\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThere is a disturbance.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EManna Thomas\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIt's the... [cut off]\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnyway, so we'll try to fix that.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAny other question?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EManna Thomas\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EOkay, just one more question is that on the fourth quarter there was a 15% decline in the NFR segment compared to the previous quarter.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EManna Thomas\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo can you explain what caused this decline?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EManna Thomas\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd also with the addition of five new Select stores and new car washes, what kind of revenue contribution is expected?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E[inaudible] A trend of seasonality that we would... [inaudible] We will generally see in the country.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd I think the interesting comparison is usually between the last two quarters of the year, which is Q3 and Q4.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ETypically if you would zoom in into the quarterly performance, Q3 is the quarter where, you know, our variance boost in our associated revenue from the service stations would increase as well due to the seasonality that we see in the south area of... [inaudible] Oman.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo to compare the two consecutive quarters, I think we don't see a specific concern in Q4.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIt's just, I would attribute it to the overall seasonality in Q4 being slightly lower than Q3.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThank you Lamees.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo just confirming that. So... the quarter four traditional returns will be lower than quarter three, attributed due to seasonality.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut the other point specifically to the Mobility business, the reason our targeted investments are predominantly also in the convenience space is because this is where we are seeing higher bang for our buck and higher returns, both in terms of absolute returns but also in terms of the shorter gestation period we are seeing.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIt takes us to bring a project from paper to life in less than 90 days in some cases.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd that's why we've been targeting our growth in this segment.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe expect to see further growth and that's represented in the five additional stores.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThat represents about a 10% additional increase in our convenience retailing footprint without me necessarily going into the specific absolute increase for the NFR business.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut I revert back to what Lamees mentioned as a headline in terms of both seasonality but also our targeted growth in this segment.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThank you Manna for the question.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo, thank you Manna.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAny other question from other team members?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYes, Joice, go ahead.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003EHead – Equity Research, United Securities\u003C/b\u003E\u003Cbr\u003E\r\nGood afternoon team.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThank you for the presentation and the answers so far.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EJust a few questions on the other segments like the lubricants.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYou, you mentioned that you your market share, domestic market share of lubricants has gone up and you have opened new markets everywhere else.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut at the same time what I'm seeing is your revenue has been relatively stable.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo does that mean the market was shrinking in Oman or was there a price pressure, pricing pressure on the lubricant side?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYes.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYes.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EHi Joice.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAre you referring to lubricants revenue or which lubricant line are you?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ELubricants... Lubricants.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EOkay, so lubricants, you mentioned that 32 million revenue in 2023 and this year also same revenue.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut at the same time you're claiming that you have increased your market share in Oman.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd despite being, you know, new markets getting opened, I don't see the improvement in revenue for lubricants.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo just wanted to check what could be the reason of that.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo I think first of all, so definitely thank you for the question.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThe main reason is mainly two things. One is the product mix. So as I mentioned, the Yemen market is a conventional market where the unit margins of the mainstream products are usually much lower, for example, than the products that we sell in Oman.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThe other reason was related to the geopolitics situation.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo we had a huge spike in terms of shipping logistics, especially in Q1 and 2024.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EI am sure you are aware those spikes reached sometimes to 20% higher compared to 2023.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThe good news is that we've been able to mitigate this COGS spikes and we kind of offset it by the increase in volume which was both locally and also [in our] export businesses as I mentioned.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWhat we have seen also in 2024, that towards the end of the year those logistics costs lead time challenges.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIn many cases we opted to air freight instead of sea freight, because of course we wanted to meet our commitments and supply security promises to customers.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo good news is, we did not lose business, yet we maintained our pricing levels. So we did not also pass this to our customers.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut we had to absorb that... I would say temporary spike in COGS.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut moving forward, I think now we're seeing things adjusting better as the geopolitical tension is easing now.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd hopefully we see a positive trend moving forward.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EI hope that answers your question.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYes, partly.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut you know, just to get an idea of, you know, how these things have affected, please share some, you know, insights on the volume trend.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYou know, how much was it?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWhat was the change in volume during the, during 2024?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo I could, I could give you at high level, I have at high level.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo at integrated we, we grew double digit.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo let's say... I can say more than 10% in 2024.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EI could also share with you that Yemen market in the last six months of 2024... because that's where our operation became full fledged... the volume that we sold in the last six months is projected to be sold in quarter one this year.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo we are moving aggressively in Yemen.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EOf course in Oman, local market growth would be less than looking at the integrated view.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd the reason for that is that in Oman we hold more than 30% market share in Oman.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo our growth in Oman, I would say is less aggressive but more choices that we make of where to grow.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohamed ElFatatry\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd as I mentioned to you, we're looking really at penetrating the industrial sector in Oman now to support not only the, I would say the growth of the industrial and manufacturing sector, but also we're trying to help these businesses decarbonize and utilize our carbon neutral range.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EGot it, Got it.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EI appreciate that, thank you.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd another question is a follow up question on the Mobility side.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYou said you are focusing, you'll be focusing more on V-Power.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo could you please tell us how is the traction acceptance, market acceptance for V-Power in terms of volume – what's the volume growth in V-Power in 2024-23?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E[inaudible] that we're not only focusing on VPower...\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo two things, Joice – thanks for the question.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIn absolute terms, we grew approximately 40% increase in terms of volumes for V-Power in 2024 as opposed to 2023.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd that's why we are very, very excited with the consumers belief in this premium product and recognizing that we are operating on a special additive, which no other player in the market has.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESecondly, just to recap my opening here Joice, in terms of our growth segment, it is basically five segments.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo it's fuel segment, it's V-Power plus the 91 fuel sales which I was mentioning earlier.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThere are potentially more differentiated fuels which are coming.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWatch this space.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EOur second growth segment is on new stations to Oman.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe have included one.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe are soft launching another one in four weeks and there will be up to three more sites added this year.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThat's one piece that will move the needle hugely for Shell.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd this is a stark difference compared to say a year and a half ago where we were more conservative in terms of adding new stations.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThe third piece on growth is on convenience retailing, which I mentioned and Manna had questions around that.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThat is the other segment.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThe fourth is around energy transition, alternate fuels or lower carbon fuels which my colleague mentioned.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd the fifth is around the B2B segment.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo just for posterity, the growth area is not only V-Power, it's also the four other segments which I mentioned.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYes, I understand that.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EManna Thomas\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThank you for that clarification.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EJust a follow-up on the NTI plans that you have.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWhat's the CapEx that we are looking at for adding these new five stations and what's the model?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYeah, so as a general proxy, constructing a station can cost anywhere as low as 150,000 [Omani] Riyals and it can go up to as high as Sky's the limit.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ELet me leave it that way.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIn terms of the model which we choose to employ, Shell is employing a hybrid model which means that can be an ownership of the asset anywhere as low as 5% to shell owning 100% of the asset.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo we are not rigid in terms of our ownership model that will be subject to negotiation opportunities in the market.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut headlining all that, it'll be a function of wanting to grow, ultimately Joice.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo if we can find great opportunities in terms of land, in terms of active investors, in terms of operators and all of these three can line up, the operating model will be a result of of the negotiation. That's it.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EShell is flexible in terms of the model which we want to operate.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ETwo things which we will not compromise on is in terms of our license to operate, that's around safety.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThat means we will only invest and participate in business models where we can operate these assets in a safe level which is up to Shell standards, and the other one which is in ethically compliant way as well.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EI hope that answers the question, Joice.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYes, yes, thank you.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut when you say 150,000, are you saying that this will be the CapEx for... or average CapEx per station for this year? Like maybe around 750,000 Riyals is what we are looking at for the [inaudible] stations.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo I won't, I won't be able to divulge that.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut suffice to say... And why... in transparency it is because as we are developing our capital investment model, we are also negotiating contracts, etc.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo the absolute sum on how much CapEx I invest is actually fluid.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAs I'm speaking to you.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYeah, got it, got it.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThank you.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThe next question is... [cut off]\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESorry, Joice, go ahead because I want to take you back to the first question about lubricants... but please go ahead and continue that.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYou can clarify on that.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EI'll wait.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ENo, no, no. We will have time, please.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EI don't want to interrupt your question on the floor.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThat's fine. [Laughs]\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThe next one is on the EV charging, the hydrogen stations that you are very positive about.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ECould you throw some light on the revenue model that you are going to get from EV charging stations?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYou are planning to add around AC charging stations of around 50 during this year and DC charging stations are going to 20.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo what's the number of stations that we have currently – and what's the number that you are anticipating by end of year and what's the revenue model there?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EHow much of revenue are we generating from these charging stations?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ERight, thanks.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo I'll go through very quickly.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo the number, in terms of our ambition, to grow up to see, let's call it for proxy, 50 additional charge points hybrid between our current stations and growing, versus the existing footprint of about 15 charging points which we have north to south.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThe model for revenue will be dependent on the partnerships which I was talking about a little while earlier.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo I will not be able to divulge what's either in the pipeline or some which has been signed at the moment.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo we need to go through the proper channels and await for SOM to actually announce them.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut suffice to say the intention to, let's say, monetize this particular segment will be highly dependent on the type of partnership deals which we sign with interested players which we currently have and are growing in the market.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd by the way, this will not necessarily only be confined to EV charging cars as well.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo we are also exploring other forms of e-mobility and that for example could include electric motorcycles, which is something you see done actively in the UAE as well.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo the reason I was trying my best to contain my excitement is because that's as much as I can reveal for now, Joice, but please watch this segment.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo EV for now when Shell refers to it is not only contained to four wheel vehicles, but it's also two wheelers as well.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd it can be, for example, let's hypothetically say, in the form of battery swapping. Yeah?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe are exploring all possible avenues.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EPlease wait for the announcements.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EHydrogen itself, this was part of Shell Group's 'Gift to the Nation' and this is done once, periodically, every three to four years from the Shell group.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo in full transparency, the current hydrogen unit which is at that station nearby the airport, is not intended, and never was intended to generate any revenue.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut aside from it being a gift to the Sultanate, it is also both Shell and the Sultanate's ambition to learn from this particular station.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EFirst-of-its-kind for the Shell Group globally, where we are producing hydrogen on site. In other countries, for example, in Europe, hydrogen is produced off-site and then delivered to the station and it's commercially sold.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe are learning in that [unclear].\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo I'd encourage the forum to actually follow through on the news coverage, including the Minister's ambition actually for this site and probably you'll be able to pick up a few more nuggets. Ideally, at the end of this project, which is maybe in a four to five year horizon.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESomewhere between that time or after, we are in a better space to say, okay, this can be commercially scalable, we want to roll it out whether it's in the form of green or blue hydrogen to the Sultanate.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd that has to be also done lastly in tandem with OEMs as well, which we are yet to approach the subject in terms of scale.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EJoice – trust that answers your question.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThank you, Suresh, thank you very much for that clarification on hydrogen.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd on, just continuing on this EV charging stations, will it be possible for you to share what kind of a revenue contribution are we looking at?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EMaybe three years down the line or even five years down the line.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ELet me take that, Suresh.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThanks. Thanks Joice.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EI think it's well... let's establish the facts.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EToday EV is offered for free.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYeah, our motorists who basically drive EV vehicles are charging their vehicles at our stations or charging points for free.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ENow, it has been honestly an area that most of the stakeholders here in Oman have been trying to look into... to address it in the right way. From one side, entice the customers to go on for EV and at the same time encourage also the service providers to bring in equipment or invest in CapEx that will give them the return on capital employed.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ENow it's always, you know, when you bring in a new product or a new initiative to the market, it's always the chicken and egg.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd I think I noticed that you are trying to arrive to where, when basically or the business model that we have.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EToday, we're actually looking at EV as enablers for our customers to come and experience it, try it out for free and actually be encouraged.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd hence we would be sort of encouraging the growth of this segment from motorist perspective.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut it's also an opportunity for us to grab more sort of income through the non-fuel retailing when those customers come and pass by our sites.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ENow, is this bulk model sustainable?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E I doubt, because there will be a specific time where any investment companies would say, you know what, I cannot go beyond that, I can try it out for some time, but then I cannot go beyond that.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIt has to make a commercial sense.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThe question is when and how. We are watching this space and see how the growth is taking or shaping in the market, and accordingly, also we are in touch with the authorities to basically come to... basically... a model where it makes good sense and still encourage our customers or motorists in Oman to go for electric vehicles and at the same time encourage us and other business partners to keep on investing and grow this in parallel.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EI think the business model that we have were able to arrive to is delivering those charges through our business partners, which has been really successful.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo I think, I hope that answers your question, Joice.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThat's very clear. Dr. Mohammed, thank you very much.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd you wanted... You were talking about some clarification on the lubricant business itself.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYeah, I somehow missed your first question about, you know, we haven't despite growing in volume, we haven't grown in profitability.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWas that your question?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ERevenue side? It was on the revenue side.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYou were saying that the market share has increased and new markets... (sic.) were started selling to new markets.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut at the same time the revenue has been very stagnant during the year.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo, I just wanted to check now whether the market is shrunk or was it a price issue, Pricing realization...\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EI think in addition to what Mohammed said. So, first let's clarify.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe have grown double digit in volume.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe also have grown double digit in gross profit of that specific business.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EActually the lubricant business is growing.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYes, it could have attributed more to Shell Oman Marketing's overall picture if it wasn't for the geopolitical delays and price hikes that happened. And it was impacting not only the region but the entire globe.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo just for clarification, we have grown in the profitability of the business itself, but the contribution could have been much higher if it wasn't for those scenarios.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd that's what I wanted to highlight.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EHere if you allow me, Doctor [Mohammed Al Balushi] just to add to that.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EI think the number that you're looking at in terms of revenue covers our lubricant business as full.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo we have volumes that are for local markets and we have those that are for export.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo what you are seeing is without breakdown.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBasically you talked about not seeing much difference between year-on-year.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut what Mohammed was talking about is that the increase in volumes has been in particular some segments... like he mentioned, for example Yemen... where the margin structure is different to the local market and the prices are a bit different.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo you might see increase in market shares in certain markets, while not in others.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd but you that will not show in the top line.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYes, I got it. Thank you very much for that clarification.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThanks.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EOn the aviation side, are there any other, any ATF supply contracts that are coming in for renewal in 2025 – and also if you can touch upon what are the opportunities that you see in the aviation side... That would be much appreciated.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYes, thank you Joice, for this. We have currently Oman Air tender that is out right now. We still don't know the outcomes. So that is one thing.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESalamAir will be coming by end of the year.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThese are the two local tenders, and then we have the international that are keeps coming on a monthly basis or every six months.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo we have Emirates every six months.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo the different airlines, different strategies they have and we are participating in all those tenders that come out.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut Oman Air and SalamAir, the two major tenders that are coming out this year.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYeah, thank you.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd Oman Air is a three year contract if I'm not mistaken.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIt's a two year contract.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ETwo year contract.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd SalamAir also... [cut off]\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThey keep on changing it.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut currently it is... [cut off]\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIt used to be three years, Joice.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThey keep on [changing it]. It's up to them.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EOf course they sometimes make it two months, sometimes make it three.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EOkay, got it, got it.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESee the next one is my last question.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThat's on your last year announcement of sale of assets.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYou're selling your oil, some logistics assets and now looking at the value of those assets, you have ring fenced almost 4.6 million [Omani Riyals] worth of assets in the balance sheet.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut at the same time in the notes, when I looked at it, you know, I'm seeing a 9 million [Omani] Riyals depreciation reversal as well.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo the total value of the assets, what we are taking is around 14 million or you know, between 14 to 15 million [Omani] Riyals.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo I just want to know, I was just trying to arrive at a possible potential sale price that you know, you probably Shell, will be able to get from sale of these assets and the potential capital gain that you might record during the course of this year.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ECan you please throw some color on that?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd what's the kind of revenue are these assets currently generating any revenue?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWhat are the reasons that you are, what are the reasons that you are you're going for a sale of this asset?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESome details on that would be much appreciated.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESure.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThanks, Joice.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EI'll probably just cover it in a high level and then I'll ask Lamees to share more details.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo the 9 million [Omani Riyals] you're talking about is actually covering the entire business, not only the assets.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo that's number one. The reason we decided to actually sell off the assets... mainly because post 2016 or prior to 2016, these assets used to serve the entire country from being the source of supply or the depot for the country and we used to rent them out to the refinery.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EPost 2016, when the depot has moved to Al Jafnayn, we started actually looking at two opportunities on how we can capitalize on these assets and maximize them for the best interest of some.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThere were ad hoc contracts here and there, while at the same time the cost of operating and maintaining these assets were actually becoming heavier year-on-year.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe tried also to look at the import-export aspects of it and that was before the Russia-Ukraine challenges. We tried it for a couple of quarters and then that issue, the political issue, got triggered between the two countries and that made lots of added more complexity in terms of import-export aspects.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThe last few months we have been, or actually the last couple of years, to be honest, we have been actively looking in terms of how we can best sell these assets.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd recently we came into signing an SPA for the sale of these assets.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIt's of course conditional, subject to approval of the authorities, which we are still in that phase if you like.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo that's the reason mainly the assets was creating a cost element without necessarily a sustainable source of income.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd for us, we can't just keep assets with all the costs associated with it, whether it's rent, whether it's maintenance, whether it's people, whether it's asset integrity, while actually having just ad hoc contracts in place.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EHence that idea or that decision was endorsed by the board of directors to actually go ahead and sell those assets.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EMaybe just to complement Mohammed. So we say our guiding principle is to grow in profitability.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut then internally within the organization, that's not the only lever that we want to focus on.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe also focus on [unclear] and [unclear] improvement.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo our return on average capital employed is tied up with how much revenue or how much profitability do we actually get from the existing portfolio of assets that we have.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIf we look at this particular terminal, like you've correctly mentioned, it's around 4.6 million Omani Riyals.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIt constitutes around 8% today of my overall PP&E.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd tying it with everything that Mohammed has just mentioned in terms of the revenue that we are getting out of it, the income that we get in addition to the operational cost.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThe overall equation was not stacking for us.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo it's just a way, you know, from the organization to liberate ourselves from that 8% of assets that are sitting on the balance sheet today from our PP&E that are not the returns that we are looking for, hence the decision to dispose them off or to divest them.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd Joice, if I may add, I think this was also has been looked at as a great opportunity to basically invest in the activities and the growth plans that we have for the Company for the next few years.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo ideally we're trying to convert a none or basically a sleeping asset, if I may use this term, into active investments that will help us in the other, other activities or other classes of businesses that we do see a lot of areas to improve and grow in.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EI think we're exactly on time.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYeah.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EOne follow up on this just to make sure.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo the total consideration is 14 million [Omani] Riyals and we are likely to book a pre tax profit of around 9 million [Omani] Riyals.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EIs that right?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ENo, actually due to compliance and competitive and regulatory reasons, we cannot really now comment on the value of this transaction.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThe discussions are still ongoing, negotiation is still ongoing.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo, you know, we are public listed companies so we might not be able to comment on that part right now.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut watch out for the disclosures soon, Insha'Allah.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESure.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd will this money will be distributed to the shareholders or will you keep it for the growth projects?\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThat will be subject to a discussion that we will have.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut definitely, you know, we will share the outcome of this at the right time.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAs Burair said, there are a number of, you know, protocols that we need to hold around this time and it's basically... wait for the transaction to be completed.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EWe do have a few scenarios that we will discuss with the board of directors on how to basically utilize these funds.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut one of them would be, or it could be a mix of options on how we can utilize these.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYeah. Thank you.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThank you, doctor.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThank you, Joyce.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EI know you have additional good questions and the team members as well who did not have chance to ask.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EYou can always drop your questions to my email in our website in the investor relations page.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd we are happy actually to attend to your questions.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EBut I think we have come to the end of our investor relations sessions.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EI would like to thank you again for the time and for the good engagement and the good questions, as I said.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EAnd we look forward to host you again in Q3 for our second investor relations sessions.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003ESo thank you and have a good day.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003EThank you.\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E{Shell outro music plays}\u003C/b\u003E\u003C/p\u003E\r\n\r\n\u003Cp\u003E\u003Cb\u003E{Screen shows Shell outro}\u003C/b\u003E\u003Cbr\u003E\r\n\u003C/p\u003E\r\n\r\n\r\n"}}],"id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/main/section/list_copy","model":{}},{"organism":"StandaloneAsset","color":"inherited","colspan":8,"colstart":3,"id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/main/section/standalone_asset_cop_172075808","model":{"title":"جلسة مناقشة علاقات المستثمرين - النصف الأول من عام 2024","video":{"src":"https://www.youtube-nocookie.com/embed/FBZce1twiJo","caption":"جلسة مناقشة علاقات المستثمرين - النصف الأول من عام 2024"}}},{"organism":"Container.List","colspan":8,"colstart":3,"children":[{"organism":"AccordionItem","color":"inherited","id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/main/section/revealer_copy_122459_448535421/revealer_item","model":{"title":"أقرأ النص","text":"\u003Cp\u003E\u003Cstrong\u003EShell Oman Marketing SAOG Investor Relations - MSX Engagement Session\u003C/strong\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003EAugust 2024\u003C/strong\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003EDuration: 00:54:17\u003C/strong\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E0:00 –\u003C/strong\u003E Audio begins at 0:01\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:00:01 Burair Al Lawati\u003C/strong\u003E\u003Cbr\u003E\nGreat. So we'll start in one minute. We'll just give people enough time to enter and we'll start in one minute. That's what it didn’t cause any… yeah.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:00:13\u003Cbr\u003E\n \u003C/strong\u003E[Audio Muted]\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:00:36 Lamees Al Lawati\u003C/strong\u003E\u003Cbr\u003E\n[Audio Unclear]\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:00:41 Burair Al Lawati\u003C/strong\u003E\u003Cbr\u003E\nAll right. So shall we start?\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:00:44 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EBismillahir Rahmanir Raheem. Asalamualaikum. Just to check the sound, if you can hear me online – can you just show us?\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:00:58 Burair Al Lawati\u003C/strong\u003E\u003Cbr\u003E\nCan you go back to that [inaudible] please?\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:01:13 Burair Al Lawati\u003C/strong\u003E\u003Cbr\u003E\nCan you just confirm that you can hear us please?\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:01:16 [UNKNOWN]\u003C/strong\u003E\u003Cbr\u003E\nYes.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:01:17 Burair Al Lawati\u003C/strong\u003E\u003Cbr\u003E\nOK, excellent. Thank you very much.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:01:20 Burair Al Lawati\u003C/strong\u003E\u003Cbr\u003E\nOK. Asalamualaikum, ladies and gentlemen. Thank you all for attending our fifth session with the Muscat Stock Exchange investors community.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:01:31 Burair Al Lawati\u003C/strong\u003E\u003Cbr\u003E\nFollowing the invite from Shell Oman Marketing Company that was published on 8th of August 2024, which was addressing the investors and the financial analysts… inviting them to this virtual session held in compliance with the resolution number E 1/09/2022 by FSA.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:01:52 Burair Al Lawati\u003C/strong\u003E\u003Cbr\u003E\nAnd it is… the… the main aim of this session is to discuss the Shell Oman Marketing Company's first half unaudited financial results for the first six months and the agenda of the day, I'll share them on the screen now.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:02:07 Burair Al Lawati\u003C/strong\u003E\u003Cbr\u003E\nJust the agenda.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:02:09 Burair Al Lawati\u003C/strong\u003E\u003Cbr\u003E\nAs you can see, we will be… obviously… going through 5 minutes of introduction initially and then HSE and ground rules.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:02:18 Burair Al Lawati\u003C/strong\u003E\u003Cbr\u003E\nThen we'll discuss the key financial business highlights before the Q&A session at the end.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:02:24 Burair Al Lawati\u003C/strong\u003E\u003Cbr\u003E\nTo manage time, what would be appreciated is that obviously, we'll have enough time for all the questions, as you can see. But if there are people waiting to ask, we'll limit initially 2 questions per person and we move on. And then we'll come back to the persons to take more questions.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:02:39 Burair Al Lawati\u003C/strong\u003E\u003Cbr\u003E\nBefore I go forward, I'll introduce myself.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:02:41 Burair Al Lawati\u003C/strong\u003E\u003Cbr\u003E\nMy name is Burair Al Lawati, I'm the General Manager for Strategy and Energy Transition.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:02:46 Burair Al Lawati\u003C/strong\u003E\u003Cbr\u003E\nI'm stepping in for my colleague Mahmoud Al Abri, who's the Investor Relations Officer and GM of Corporate Relations.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:02:53 Burair Al Lawati\u003C/strong\u003E\u003Cbr\u003E\nHe's on his annual leave and I have here also a panel with me.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:02:56 Burair Al Lawati\u003C/strong\u003E\u003Cbr\u003E\nI will start to… Dr. Mohammed… if you can introduce yourself…\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:03:00 Mohammed Al Balushi\u003C/strong\u003E\u003Cbr\u003E\nGood morning, everyone.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:03:01 Mohammed Al Balushi\u003C/strong\u003E\u003Cbr\u003E\nI'm Mohammed Al Balushi. I'm the CEO of Shell Oman Marketing Company.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:03:05 Burair Al Lawati\u003C/strong\u003E\u003Cbr\u003E\n[Inaudible]\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:03:06 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAnd hi, everyone, Asalamualaikum.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:03:08 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EThank you for joining us in the fifth session and the second one for this year.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:03:11 Lamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nI am Lamees Al Lawati, the Chief Financial Officer of Shell Oman Marketing Company.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:03:14 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EThen we have Suresh.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:03:16 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EGood morning, everyone.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:03:17 Suresh Nair\u003C/strong\u003E\u003Cbr\u003E\n[I am] Suresh Nair, GM for Mobility.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:03:20 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EExcellent. Now, Said.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:03:21 Said Al Rawahi\u003C/strong\u003E\u003Cbr\u003E\nAsalamualaikum, and good morning Said Al Rawahi, GM Low-Carbon Products and Sectors.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:03:26 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EThank you, gentlemen, ladies.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:03:28 Mohammed Al Balushi\u003C/strong\u003E\u003Cbr\u003E\nAnd we have Sabry on the line.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:03:30 Burair Al Lawati\u003C/strong\u003E\u003Cbr\u003E\nWe have also some team members online as well and who are also listening to this in case they will have to step in, in case of any questions related to their businesses.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:03:40 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003ECan Sabry introduce himself?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:03:42 Burair Al Lawati\u003C/strong\u003E\u003Cbr\u003E\nSabry, can you unmute yourself please?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:03:44 Mohammed Sabry\u003Cbr\u003E\n \u003C/strong\u003EYeah.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:03:45 Mohammed Sabry\u003C/strong\u003E\u003Cbr\u003E\nGood morning, Asalamualaikum, This is Mohammed Sabry.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:03:48 Mohammed Sabry\u003Cbr\u003E\n \u003C/strong\u003EI'm the Lubricant Supply Chain Manager.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:03:51 Burair Al Lawati\u003C/strong\u003E\u003Cbr\u003E\nGreat. Thank you, Sabry.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:03:54 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAnd so let's start with the HSE brief.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:03:58 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAs you can see, we'd like… we'd like you to be careful of as you join our session, be aware of the alarms and the exits.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:04:05 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EIf there are any emergency, just leave safely and [be] careful about any liquids or any hot drinks that may [be] around you while you're operating.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:04:19 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EOf course, this session is recorded.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:04:22 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESo we're letting you know as a respect for your privacy and… and as mandated by the law, and we shall continue now to present our business performance.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:04:34 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ELet's go to the HSE… please… page.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:04:37 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESo let's start with the HSE brief… the first half or Q2 of the… of the year of 2024 ended without any loss time injuries [LTI] or any spills.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:04:48 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESo we maintained our goal zero and we would like to continue doing the same, as we go forward. In terms of focus and highlights that we had… in the first… in the second quarter in terms of health, we introduced… health stress… heat stress management campaign.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:05:09 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EObviously summer months, so that's something that's very important for us.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:05:11 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EWe also conducted contractor safety in hydrogen emergency response drills and workshops.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:05:19 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EWe also completed the overall emergency response plan drill with the relevant authorities, and we had also some workshops and trainings related to EV for the first line of defense assurance and road safety refreshes.\u003Cbr\u003E\n\u003Cstrong\u003E\u003Cbr\u003E\n 00:05:34 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EWhen it comes to security, we had a training program for the security team who completed the first line of defense security assessment. And we also had internal clean desk policy awareness program to raise the importance about data management as we even mentioned earlier.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:05:52 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EEnvironmentally, we conducted our annual environmental assessments and we had drill… drilled monitoring wells and renewed environmental permits for aviation operations.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:06:03 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAs we go forward, we will continue to maintain our goal zero commitment – to maintain our goal zero – and we will also introduce a revamped contractor safety manual, as well as worker welfare gap assessment to address any gaps that are in this area.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:06:23 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003E(Sic.) We also have certain priorities that come to psychological health, safety visual… that where we would like our leadership to be as visible and to contribute to the assurance in the Company. We will conduct certain environmental assurance activities in the… that are related also to the typical of the traditional risk, especially when it comes to road traffic, fuel delivery and on-site traffic risks. (sic.)\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:06:53 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ENow we also understand there are emerging risks associated with the new renewables and other low-carbon-related products and services and as a result we are also introducing safety and asset integrity programs in that area.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:07:12 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ELet's move on to the financials – and I'll leave you with our CFO.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:07:16 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EThank you, Burair.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:07:17 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESo, picking from the introduction of Burair, the remainder of the session will be structured as follows: to an overview of the financial performance of the first half of 2024, and then supplemented by key achievements and key performance indicators of every business unit… that would be shared by my colleagues.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:07:35 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EThe financial overview here is consistent with the disclosure that we had in the Muscat Stock Exchange platform.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:07:42 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESo the detailed financials are available there and they were posted right after our board meeting in the end of July.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:07:50 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESo in the first half of 2024, our revenue was a 3% lower than the same period last year, reflecting and driven by lower demand that we have witnessed in the B2C segment.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:08:01 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ENow also in addition to that, we had disruptions, and logistic and supply chain issues in the regions.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:08:08 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EWe have imposed (sic.) challenges on us in sourcing base oil and delivering the final product in certain lubricant export markets that we have.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:08:16 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EThe 3% revenue that we have seen in the revenue… in the revenue… line has actually also reflected in the same percentage movement at a gross profit level.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:08:25 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EBut despite that, we have maintained our gross profit margin percentage at 7%, which is the highest in the industry.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:08:31 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EWe have consistently kept that despite the challenges that we have faced in the first half of the year.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:08:38 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ENow, this clearly reflects the strong margin composition that we have as a company, and the strong portfolio of products and customers that we have.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:08:47 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EOur other revenue, which is predominantly the income that we received from the associated services that we offer in our forecourts; things like shops income, car care products and car care services that we offer, in addition to the co-locators.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:09:01 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESo the tie-ups that we have with other brands inside our forecourts, as well as cards income, have actually reflected the 4% growth versus the same period last year.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:09:12 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ENow, other income continues to be an important lever part of our strategy, and the growth that you see in front of you is actually reflecting a lot of the initiatives that we have been focusing on… in the… in the… space, reflected in upgrading the portfolio of shops that we have.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:09:33 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ELast year we have shared with all of you that we have converted the shops back to our in-house Shell Select brand.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:09:40 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAnd during the year, we have actually upgraded a certain number of these shops to a new look and feel, in addition to offering new food, services, and products within these shops. In early July – and perhaps, Suresh, you can complement this later in your part – we also signed a strategic agreement with Al Meera Markets, improving the customer value proposition and improving our retail value proposition as well by offering exclusive products in our shops and tying up with Al Meera… optimizing the supply chain as well as utilizing the marketing space with many joint initiatives that we will do there.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:10:22 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EOn the cost space, and aligned with our previous messaging and narrative on cost, like we've shared with you previously, office cost management has been a priority for us as a company in 2024.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:10:32 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESeveral work streams were deployed, targeting cost reduction, to ensure operational efficiency and position the company for sustainable growth in the future.\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:10:44 Lamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nOur cost of optimization strategy started yielding results.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:10:47 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAlthough the percentage movement that we see over here is 1%, but the underlying reduction that we have seen in OpEx was actually 5%.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:10:55 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESo a sizeable reduction in comparison to the same period last year.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:10:59 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EThe 1% is diluted with the depreciation increase that we have seen, obviously referring to a higher asset base year on year.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:11:11 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESo, on the financing space, the value that you see over here is a combination of the financing element of the Right of Use of Asset related to our lease as well as the actual borrowing cost.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:11:24 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EIt has reflected an 85,000 growth [sic.] versus the same period… we have seen increase in the borrowing costs externally in the market and obviously looking at the bigger portfolio of assets that we have, and the Right of Use of Assets, we have seen a proportionate increase related to the financing cost of leases as well.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:11:42 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EOn cash flow from operations for the period was significantly better than the position that we had in H1/2023, reflecting again on working capital management – an initiative that we have started from last year, but continues to be a focus area for us, managing our inventory balances, managing our credit balances in the market.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:12:01 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EOur credit performance has been exceptionally well in the first half of 2024… we didn't have any build-up of provision… which again reflects on credit excellence and the operational integrity of our credit operations.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:12:16 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EThat's it on a high level of the financial performance and handing over to Suresh.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:12:22 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EGood morning.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:12:24 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003ESo, on the safety front, we have maintained our HSE and Goal Zero performance across our 211 sites in the country.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:12:32 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EWe currently have a platform of 55 shops.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:12:35 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EAnd as my colleague Lamees touched upon – by the end of the second quarter – the [inaudible] already completed the revamped… in terms of the new look and feel… for three of these Select stores and there's actually more to come. We anticipate 6 more to be converted or upgraded by the end of this year.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:12:54 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EWe're excited to report the new partnership with Al Meera markets – and you'll see this being manifested externally from the change in the facade for our shops.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:13:08 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003ECurrently there's four in the Sultanate carrying the brand and these facades will be upgraded progressively over the course of time to reflect that joint partnership across the 55 shops.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:13:22 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EWith these partnerships, we are expecting to improve the array of products which we offer in the Select Al Meera outlets, as well as be able to offer more competitive pricing as a choice point for our customers to service their mobility needs.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:13:41 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EV-Power is now available at 112 sites across the country.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:13:46 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EAnd we are also happy to report out that we are seeing an exciting new pickup of customers choosing V-Power over regular grades of fuel, especially after we launched our renewed formula, which came after five years, at the beginning of this year.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:14:05 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EMore, more to come in that space, but we're already seeing very promising signs this year.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:14:10 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EIn terms of our customer interface and touch points, we're improving Shell Go+, our digital platform.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:14:19 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EWe've tied up additional partnerships with six players on this Go+ platforms, and essentially this provides platforms for customers to be able to utilize their loyalty points together with the partners which have developed in this platform.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:14:36 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EOur Guest Experienced Assessment (GEA) are telling us that the customers are happy with our service level as well as giving us very specific improvement points in our touch points with the customer in our locations, but we remain in the top quartile position when it comes to this independently assessed guest experience scores.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:14:57 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003ELastly, we are currently undergoing an exciting period of business in the Khareef season – and we are seeing an improved performance in terms of customers’ preferring to choosing our sites for the Khareef [inaudible].\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:15:16 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EWith that I'll conclude the coverage on Mobility – and will take questions later on. Thanks, Burair, back to you.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:15:22 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EThank you, Suresh.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:15:23 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESo now we move on to Lubricants sector. What we saw in H1 and we're glad to report that we have grown in volume year-on-year because of the performance of the team and the quality of the products that we offer.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:15:40 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EWe have regained our leading position in the passenger cars motor oil segment and maintained our leadership position in Oman market.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:15:50 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EBut also for the 17th year, we are the number one global lubricants brand for… 17 years consecutively… which is a testament to the quality and the reliability of our products in this area.\u003Cbr\u003E\n\u003Cstrong\u003E\u003Cbr\u003E\n 00:16:02 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EOur export market has also grew (sic.).\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:16:05 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESo, we take our Made-in-Oman lubricants which are produced in our Mina Fahal lubricant blending plant, to many countries in the region.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:16:13 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EBut we also… there are key markets where we signed a new offshore B2C distributor and we are already saw improvements in the number as a result of that.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:16:25 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAnd operationally, we have achieved above the industry average in terms of on-time in-full (OTIF) product deliveries by the lubricant plant.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:16:33 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAnd our customer operations has continued to introduce efficiency and cost optimization programs and initiatives, which are there to improve customers interface as well as their experience, but also contribute to the digitalization journey of the company in this particular area as well.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:16:55 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EWe as we go forward, we'll continue focus on HSE, growing our premium portfolio and in exploring new revenue streams as we explore how we can continue improving our market share – and in the same time focus on digitalization and cost optimization initiatives [that] will also be part of our DNA as we go forward.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:17:17 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ELet's move down to low-carbon products and sectors.\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:17:20 Said Al Rawahi\u003C/b\u003E\u003Cbr\u003E\nOK.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:17:21 Said Al Rawahi\u003Cbr\u003E\n \u003C/strong\u003EAbout low carbon products, we have signed bunkering license agreements to expand our marine business across Oman.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:17:30 Said Al Rawahi\u003Cbr\u003E\n \u003C/strong\u003EAt the same time also we continue to retain and win new businesses in different sectors when it comes to bulk fuel.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:17:37 Said Al Rawahi\u003C/strong\u003E\u003C/p\u003E\n\u003Cp\u003EAnd also we are looking at cost of optimization and efficiency solutions when it comes to improve profitability and to serve customers, and also looking at partnerships with firm oil companies to supply fuel, explore also new low carbon solutions.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:17:57 Said Al Rawahi\u003C/strong\u003E\u003C/p\u003E\n\u003Cp\u003ENow going forward, focusing on HSSE also we're looking at optimizing profits and also exploring new opportunities and financial…, newer operations and financial opportunities –and also looking at growth when it comes to expanding revenue streams.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:18:13 Said Al Rawahi\u003Cbr\u003E\n \u003C/strong\u003EAnd also we're trying to lead in the energy transition in the second-half of the year.\u003Cbr\u003E\n\u003Cstrong\u003E\u003Cbr\u003E\n 00:18:20 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EThank you, Said.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:18:21 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ENow in terms of energy transition strategy, as you know we continue to be advocate… advocating for the energy transition agenda of the Company, in line with Oman Vision 2040, and net-zero targets by 2050.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:18:38 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EWe make our opinions, and our expertise and knowledge reference from our global network available to the country into the market – and we continue our discussions in various areas.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:18:51 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EIn terms of EV, our network has so far 15 charging points, but we have a plan to strategically grow that network in the next two quarters.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:19:02 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAnd as we go forward, we are tying up with a number of partners who are collaborating to enable this growth and to make it strategically feasible for the market and for the Company – and that creates shareholder value.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:19:20 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EIn the same time, we are looking at how we can unlock opportunities from circular economic models in waste management, for example, when it comes to lubricants and other petroleum waste.\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:19:33 Burair Al Lawati\u003C/b\u003E\u003Cbr\u003E\nAnd that will contribute not only to decarbonisation, but also added in-country value for the country.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:19:41 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EMeanwhile, we have completed a comprehensive review of our 2030 Strategy that will enable business growth in line with our ‘Powering Progress’ strategy of Shell.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:19:55 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EYou were (sic.) pleased to also probably… you've already heard about the… that the engineering work has already commenced in… on site in Muscat near the airport for the first hydrogen service station, in the Sultanate but also in the entire Middle East.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:20:11 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAnd the idea is to have that site as green as possible when it comes to sustainability solutions such as EV, solar panels, vapor capacities, and other components.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:20:25 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ENow as we go forward, as we said, advocacy remains a big part of what we do here.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:20:30 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESo we are exploring the opportunities in biodiesel and sustainable aviation fuel in, collaboration with the various stakeholders in the public and private sector.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:20:39 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAnd also, we will be finalizing the overall SOM decarbonation… Shell Oman Marketing Company… decarbonisation strategy and milestones towards our 2050 targets, and continue building and enhancing the risk culture that will reinforce shareholder value and equity, but also support our ‘Powering Progress’ strategy.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:21:03 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EFinally, we move to the CSR aspect… Corporate Social Responsibility. We've been focused on… we've revisited our CSR strategy… and we have enhanced it to make sure that our social impact is directly related to our business activities.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:21:20 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESo you can see that a number of initiatives that happened in Q2 were related to, for example, to training on EV in collaboration with the Youth Centre and also the number of SMEs and car enthusiasts.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:21:34 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EWe also introduced some HSE trainings on home safety and first-aid to NGOs, especially in Sharqiyah North region in collaboration with Knowledge Grid Academy.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:21:44 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAnd in celebration of World Environment Day, we collaborated with the Environment Authority and Muscat Municipality to distribute saplings of small plants to customers across Oman so as to raise awareness about environment, but also increasing the green spaces.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:22:03 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EFrom an in-country value point of view, we are proud to have very high… above, you know requirements, organization need of 94%. And we continue to work with all money SMEs across our value chains.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:22:18 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAnd the plan is to continue focusing on the on in-country value, creating a direct and indirect job opportunities, and maximizing the partnerships with our JVs and other partners in this sector to help the growth of the economy and Oman and also the betterment of the community.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:22:37 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESo with that, we'll come to the conclusion with the presentation.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:22:41 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EWe'll move to our Q&A session. As we said, we are… we'll open the floor now for your questions.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:22:48 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESo, please unmute yourself and introduce yourself. And then please go ahead and ask your questions.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:22:55 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EIf you prefer to type in your questions, feel free to do that in the chat box.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:23:03 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAnyone has any questions, please, everyone's on mute.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:23:16 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESo, I'm just going to wait for a few minutes and then to see if there are any questions.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:23:33 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EOK, go ahead, Joice, please unmute yourself and go ahead.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:23:40 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003E[Inaudible]\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:23:48 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EYou can type your question, perhaps?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:23:49 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EYou can type your question, Joice.\u003Cbr\u003E\n\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E[Silence ensues]\u003Cbr\u003E\n \u003C/strong\u003E\u003Cbr\u003E\n\u003Cstrong\u003E00:23:55 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ECan you elaborate?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:23:57 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EOK, so there is a question from Deepak that says, “Can you elaborate on your future proofing strategy – how will EV be a game changer or will it replace few revenue and what are the realization?”\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:24:10 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESo, if it's OK Suresh, I'll take that question?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:24:13 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EYeah.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:24:14 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESo, you know, when it comes to EV, it's still very much early journey of the whole electrification of Mobility.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:24:24 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EToday in Oman, we have less than 1,000 cars that are officially registered as EV cars in Oman.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:24:31 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAnd while the expectations that the number of cars will grow in the next five years until 2027… until 2030… where the relevant authorities have declared that 70% of the new purchase cars will be EV.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:24:47 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EIt remains to be seen, but also there is a lot of infrastructural work that needs to be done, a lot of collaboration that needs to happen across various industries and sectors, to enable that, and in fact push for that.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:25:01 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EWhat we know for the time being is that the relevant authorities have come together and we're actually very proud of the kind of work that has been happening between all the authorities in putting the regulations and putting in the agenda forward… targets forward.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:25:22 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EBut there are various things that remains to be addressed before we see that spike.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:25:28 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESo for example, consumer behaviour, affordability of ownership, affordability of even understanding the awareness on in terms of carbon emissions, but also the cost of them that is associated with owning EV by consumers.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:25:47 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAnd there is a lot of technical issues related to the grids and other infrastructure that need to be addressed before we can see a sustainable and feasible kind of growth.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:26:01 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EHowever, we also know that when we, for example, started already two or three years ago by putting the first charger… EV charger in Oman… it was done to do our part in supporting these efforts.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:26:16 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAnd we do continue to have dialogues and investing, as we said, in my presentation, it has to be on a sustainable base, it has to be commercially viable.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:26:27 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EWe can see that happening.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:26:30 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAnd obviously it's not going to replace fuel anytime short.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:26:36 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EIt is energy transition, it's not energy replacement journey.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:26:40 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESo, it's going to be a blend of both, and it is always good to find ways how we address the long-term carbon emissions challenges, but in the same time do it in a sustainable and feasible way and we'll do our part in this area.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:26:58 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EIs there… there is another question here which says what could be the reason for marginal decline in volume during this year?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:27:07 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EMaybe Lamees you can answer?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:27:08 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EI can take that question and perhaps my colleagues can compliment on the answer, on the answer later.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:27:13 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EThank you, Joice for the question.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:27:15 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EI think it goes beyond Shell Oman Marketing Company. If you have been following the industry performance, the entire oil and downstream oil industry in Oman has actually reported a decline.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:27:27 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EWe don't have access to the volume numbers, but following the revenue trends, you could, you could tell that this is a feature in the market that we operate in.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:27:37 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ENow. If we look at Shell Oman Marketing, I have mentioned on a high level in the financial section earlier that depending on the portfolio and mixes of products that you have… now obviously our operations are not only contained in Oman… we have a sizeable part of our business which is linked to export operations.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:27:57 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAnd due to the geopolitical tension, the factors that we have seen in the region over the last few months, we actually have faced supply-chain disruptions, logistic disruptions, which has impacted our volume to a certain extent in the export segment.\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:28:12 Lamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nNow when it comes again to the local market in Oman, a key feature of the downstream industry in Oman is that it's very much dependent on consumers – and we haven't seen major announcements on infrastructure development projects, and you know, otherwise development projects in country.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:28:29 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ECertain projects that we had or the other oil to marketing companies perhaps have had have reached a maturity, have reached to an end.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:28:37 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAnd you know with these projects reaching completion stage, the business would very… would be very… much dependent also on new announcements in the market.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:28:47 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESo on a high level, I would attribute the marginal drop to volume to the two factors that we have mentioned, demand-in-country as well as geopolitical factors.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:29:00 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EI think Suresh, there is a question probably in your area which is… you have added about nine stations in the last two year and a half, but fuel revenues has not grown as much. Are you seeing lower throughput or market saturation? How are the new stations performing? Any guidance on station additions going forward?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:29:18 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EYeah.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:29:19 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003ESo in addition to what my colleague Lamees has mentioned which also underlies the response to this, we continue our focus looking at our portfolio and ensuring that our investments are giving the desired returns.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:29:37 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EWhat we are… what we are seeing and learning as we are going along is our expected returns, at least from our new stations this present.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:29:48 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EBut what we are also learning as we are going along is that we continue to not focus on the number of sites, but more on integrated value end-to-end which we are, which we are getting from the customer.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:30:01 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EThis means that we will not – we never have been – and we will not be focusing on increasing site counts arbitrarily every year, but more interested in ensuring that each investment that we do, we're getting the maximum return from… for each of our CapEx or OpEx Dollar from that sets.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:30:22 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003ELastly, in terms of market saturation etcetera from Shell, how we look at it is, for each of our sites we attribute an efficiency index to them.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:30:33 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EAnd this efficiency index is then therefore applied across the market or the coverage area which the station is operating.\u003Cbr\u003E\n\u003Cstrong\u003E\u003Cbr\u003E\n 00:30:41 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EQuite simply put, we are focused on making sure that each station which we put in a particular location, even relative to our competitor site, that we are throughput-ting an additional amount in terms of percentage of oil for that station relative to our competition.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:31:00 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EWe frequently benchmark ourselves in that way to make sure that we are not going after a site count or inorganically chasing the wrong things, but so that we are focused on performance and each side count addition will be focused on that particular metric.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:31:18 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EThanks.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:31:19 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EGreat. Thanks, Suresh.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:31:20 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EThere's a question: are there any plans for NTI stations this year?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:31:25 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EYes. And that will be the hydrogen site, which my colleague Burair mentioned at the moment. Selectively, we may be still making a choice, but that is still subject to review.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:31:35 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EThank you all.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:31:36 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ERight. I think Shaheen, if you can unmute yourself, please go ahead and ask your question.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:31:45 Shaheen Biran\u003Cbr\u003E\n \u003C/strong\u003EHi, good morning team – and thank you for taking my question.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:31:50 Shaheen Biran\u003Cbr\u003E\n \u003C/strong\u003EMy name is Shaheen Biran. I'm from United Securities.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:31:54 Shaheen Biran\u003Cbr\u003E\n \u003C/strong\u003EIn your management report, you've also mentioned opportunities or potential opportunities for waste management and recycling. Could you just talk a little bit more on that point please?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:32:09 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESure.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:32:09 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESo, when it comes to lubricants… actually globally… there is a direction in Shell to want to address the waste management aspect of it and reduce waste in our operations.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:32:23 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EBut also to see if there's added value that can be offered to the customers and the partners, and help in the decarbonisation initiative to collect these lubricants waste and refine them into recycled kind of base oil.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:32:43 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EIn fact, there are long-term mandates in… in Shell and even as some other brands, about the percentage of how much recycled base oil should be making up your… our lubricants portfolio.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:33:01 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EWe are in the early stages in Oman to actually give you any percentages.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:33:06 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EBut what we are glad [about] is that we have of our own lubricants blending plant in Mina Fahal, which is producing lubricants for the local market and for exports.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:33:18 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAnd so what we are working on with certain partners, who are our customers, is to see if we can build a network in our… and extend an extension of our current supply chain to include collection of the waste oil and work with an Omani SME, which we already signed an agreement with for petroleum waste management a year and a half ago to recycle that waste oil.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:33:43 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAnd if the quality of the recycled waste oil is up to the par, we can look at the various opportunities that can arise. Nothing to be committed right now, but it is something that we are taking it as even part of our R&D and also business development.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:33:59 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESo we'll be providing more information as we go forward.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:34:04 Shaheen Biran\u003Cbr\u003E\n \u003C/strong\u003EThank you so much. One more question from my end… and this is related with your hydrogen filling stations. Now this is just for my understanding as to how, how does this works? Is this on a commercial basis and who would be your, who would be your customers?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:34:24 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EI leave this to maybe Suresh. You want to address this for Shaheen?\u003Cbr\u003E\n00:34:27 Suresh Nair\u003Cbr\u003E\nYeah. So this hydrogen station for starters is a part of Shell Oman Marketing’s ‘Gift to the Nation’ project.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:34:35 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003ESo this is in the preliminary stage. It is designed or the launch this year. It will be designed to cater to a very finite number of cars which will belong to the government and it's specifically catered to fuel this particular cars – and it will not be commercialized yet subject to further decisions.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:34:57 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EThat's the hydrogen side of it, but it's a comprehensive site as well… offering the conventional fuel offerings [and] offering NFRs. So it will be a standard mobility site in addition to the hydrogen mixing, and you know, distribution facility.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:35:17 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EThank you, Shaheen. I think Deepak, you are typing a question. Please feel free if you want to unmute yourself and ask your question.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:35:23 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EOK, Since you look at the profitability per station, do you see that number improving or has it improved? Also, how does that explain the flattish revenue despite new station addition? Would be great if you could elaborate?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:35:37 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EIn a way, this was addressed a little bit before, but Suresh, I think maybe you can.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:35:41 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EYeah. So maybe I'll complement what we mentioned earlier. Thanks Deepak.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:35:47 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EOn the second part, we continue to refresh our portfolio of existing sites, which means we review… review profitability at a site level as you've quoted over there.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:35:59 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EAnd we make sure that with the dynamic circumstances in the market, that includes an aggregate of fuels performance, the non-fuels performing segment, the changing customer portfolio and their needs, as well as market dynamics which can which can factor into things for example like land rental and leases.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:36:23 Suresh Nair\u003Cbr\u003E\n \u003C/strong\u003EWe take all of this into an aggregate view of our site review by portfolios, and we do make that dynamic decisions on whether – for example – we keep a site, we invest to expand the site, we retain the site as is, or we may make decisions to shut down sites as well. Thanks.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:36:44 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EThanks Suresh.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:36:45 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EOK, anyone else has any questions, again, feel free to unmute yourself and ask us.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:36:54 Mohammed K (full name not mentioned)\u003Cbr\u003E\n \u003C/strong\u003EHi, I'm sorry I've joined a bit late… just now. Just wanted to ask you if you can share your volumes for the quarter and your market share as well?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:37:08 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EOK, so Mohammad, you are from where… just if you could introduce yourself, Yeah.\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:37:11 Mohammed K\u003C/b\u003E\u003Cbr\u003E\nSure, sure, sure. I'm from Oman National investments [Oman National Investments Development Company], Tanmia.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:37:15 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EOK, thank you.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:37:18 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EI think, usually, we do not share absolute volumes, but let me pass this onto the CFO and see what we can...\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:37:24 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EYou know, so we understand this is a repeated question in most of the IR sessions and we have made the stand in the past, sharing with the investors, that we understand the drive for asking for such information.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:37:35 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EBut then given the limited players in the market and the limited market space as well, we have taken a conscious call of not to share or elaborate on the segmented profitability.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:37:45 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EBut if it helps, we have shared that we have exceeded 1 billion litres in the first half of 2024.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:37:54 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EWhat we usually provide in the financial statements is a high level split of the revenue per line of business and consistent with that information that we've been providing in the past. I would mention that 70% of that revenue that we have reported for the period, which is around 243 million Omani Riyals comes from the Mobility segments.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:38:14 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAround 7% of that comes from the lubricant segment and around 9% of that comes from the aviation segment, if it helps.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:38:22 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EThanks, Lamees. All right, any other questions?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:38:32 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EOK, I'll think when… I think I'll leave, maybe one more minute.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:38:38 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EIf we don't get any more questions then we will sign off.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:38:42 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESo please feel free to meet yourself or type in your questions.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:38:52 Mohammed K\u003Cbr\u003E\n \u003C/strong\u003EAll right.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:38:52 Mohammed K\u003Cbr\u003E\n \u003C/strong\u003EOne more thing, One more thing if I may, please. Sorry.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:38:56 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EOf Course.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:38:57 Mohammed K\u003Cbr\u003E\n \u003C/strong\u003EJust wanted to know your opinion on the industry growth. How do you see that in the next 3-4 years versus the past two years post-COVID with regards to retail fuels and lubricants both?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:39:16 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAlright, Doctor, do you want to take this question or?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:39:19 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EYeah.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:39:20 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EThank you, Mohammed.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:39:21 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EI think you know probably to understand the market, we need to go back to the fundamentals of this market.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:39:29 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003ESo we are talking about oil marketing companies – and the facts are as follows.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:39:39 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EThis is a regulated market, so the best way to grow is through volume, not through margins.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:39:48 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EYeah, so that's fact number one.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:39:51 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EAnd then fact #2 let's, you know, split the businesses into B2C and B2B, because these are the main segments of the three marketing companies that they are working in Oman.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:40:04 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EThe growth aspects of each segment are as follows.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:40:11 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EIf you are looking at B2C, you are mainly driven by one population growth; and #2 disposable income. Yeah?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:40:23 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003ENow we have seen or witnessed a population decline during 2020, during COVID time.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:40:31 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EAnd then immediately after that, it started picking up. And I'm here… I'm not talking only about the locals, and I'm talking about the entire population in the Sultanate which includes both Omanis and, and, and non-Omanis. Yeah.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:40:45 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EOn the other hand, disposable income relates into couple of aspects as well. Yeah.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:40:50 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EJob securities, unemployment rates, as well as… also the other side of it, which is how the economy is booming and that takes us to B2B segment.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:41:05 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EThe B2B sector is actually driven mainly by projects that are initiated and executed by the government.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:41:15 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EThis is how… this is the market reality.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:41:18 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EAnd the last 4-5 years, the government have been, you know, sort of slowing down in terms of infrastructure projects, in order to basically serve debts, enhance existing facilities and so on.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:41:36 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EThat has created… a sort of, you know… I would say a pause in the, in the market growth aspects.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:41:46 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EAnd that's basically takes us back to the point that Suresh has just mentioned that… or maybe in one of the questions that was raised, if I'm not mistaken by one of the colleagues here, Deepak, if I'm not mistaken. It's about the, you know, adding a number of sites over the last one-and-a-half years, but the profitability wasn't that great. It was mainly attributed to this.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:42:09 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EWe cannot as an industry isolate ourselves from what happens within the country because we are mainly operating here in Oman.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:42:16 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EYes, there is a segment to our business that leads to or has to do with export, but we're mainly driven by this market.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:42:26 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003ESo, these are these are basically some of the factors that we really need to look into to understand how Shell Oman Marketing is operating and what are the circumstances around our business.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:42:39 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EAnd let's not forget that while these aspects remain a challenge, the other side also is that operating costs are going up. Yeah.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:42:48 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003ESo, that really you know sort of brings in an additional challenge where you're, you know, you are working in a, in a, in a sort of a fixed margin market while the operating costs, the you know, the logistics, distribution, etcetera are going up.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:43:11 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003ENow how do we visualize this market growth?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:43:14 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EI think market is bringing in a lot of challenges, but also bringing in a lot of opportunities and the opportunities that we see are; one, in the non-fuel retailing space – that is a great opportunity for us to grow in.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:43:33 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EWe have we are making decision to review our portfolios.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:43:37 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003ESo meaning that, we might decide to close a site in a specific location… that doesn't make sense anymore and open in another location, which makes absolute sense for us and not forgetting the opportunities that the, you know, energy transition space are bringing in.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:43:55 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EYeah, there was some question about EV, there was a question about the hydrogen.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:44:00 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EThese are the future and it's inevitable, the world including Oman would be going towards that.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:44:06 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EI think the question is how fast… and that takes us to Burair’s answer… that there will be so many elements within the country, not only the industry, that has to be there for us to move or determine the speed that we will be going towards that.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:44:22 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003ESo, I think in a nutshell, the good news about or the comfort that I have here is that we are as an organization, you know, adopting to whatever or adapting to whatever changes are, are, are happening in the market… keeping an eye on the future.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:44:43 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EBut however, making decisions that makes sense today without actually making it very expensive for us moving forward.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:44:50 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003ESo that's probably in summary that I would probably, you know, summarize the way we are moving right now and, and also explain the sort of the challenges… or the sort of challenges that we are going through recently.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:45:04 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EI hope that that answer your question.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:45:07 Mohammed K\u003Cbr\u003E\n \u003C/strong\u003EYes, thank you. Appreciate it for a detailed response.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:45:11 Mohammed K\u003Cbr\u003E\n \u003C/strong\u003EAnd what I infer from your commentary is that the future looks a bit challenging than what has been the past, if I'm, if I'm not mistaken, certainly…\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:45:25 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003ELet me… [inaudible] challenges have always been there. They have been in the past, they are there now, and they're going to be in the future.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:45:34 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EI think what I'm trying to say here is that we have always – over the last 60 plus years operating in Oman – we have been always able… through focusing on the right team, the right investments, the right strategies, and of course the right, you know, systems to be able to overcome these kind of challenges… by being creative, being able to look at the opportunities as well.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:46:03 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EAnd so, so don't get me wrong, I'm not saying or at any way indicating that it's a dark future that the industry is going through.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:46:11 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003ENot at all.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:46:12 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EI said there are challenges, but there are opportunities.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:46:15 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EThose opportunities suggest that we change our business model, for instance, and that's something we are looking at right now.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:46:22 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003ESo, so all of this would come and you will see Shell Oman Marketing has… I mean has always been actually evolving towards a different organization from the way we serve and operate. Without, of course, compromising our core values.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:46:41 Mohammed K\u003Cbr\u003E\n \u003C/strong\u003EWell understood. Understood. By the way… You mean like (sic.) what I meant to say challenges was that like you may have done very, very good and you may have been trying to overcome the challenges, but the financial metrics actually do not, you know, depict those like the profitability metrics, the return metrics that we assess… have not been up to the mark that it used that Shell used to be maybe before the virus and the COVID and things have not been looking so bright recently.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:47:15 Mohammed K\u003Cbr\u003E\n \u003C/strong\u003ESo I'm just trying to… it's a time frame. (sic.)\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:47:18 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EAbsolutely, absolutely.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:47:19 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EAnd, and I can't agree more.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:47:20 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EAnd, and, and, and as Lamees said… the CFO… this is not a, this is not a Shell sort of symptom.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:47:30 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EYeah, this whole eight years ago… we were talking about a completely different industry [and] NIAT.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:47:37 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EToday the industry is not even close to where we were before.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:47:44 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EYeah, probably the industry’s NIAT today is equivalent to a NIAT of one of the oil marketing companies eight years ago.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:47:54 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003ESo… and that's why I had to explain the circumstances that the oil marketing companies are working within. Yeah.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:48:01 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EThat that, that we haven't really witnessed a huge infrastructure project over the last five years.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:48:07 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EThey haven't been those kind of investments from 2018 onwards. That has really there been one or two here.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:48:16 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EBut before that, there have been projects all across Oman.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:48:20 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EAnd #2 in 2016, the government introduced lifting the subsidy – and that has really, without of course, changing the the pricing structure, in terms of, you know, how much we sell or as a pump price. These all elements have changed.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:48:39 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003ESo, so it's not fair to look at the market today and say this company is actually not doing well versus 8 years ago based on the, on the current circumstances, because the entire industry has been witnessing a decline.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:48:53 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EAnd as I said, I think from an investor's point of view, I would look at how… you know, you know, proactive this organization is and how reactive it is towards issues.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:49:11 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EDuring COVID in 2020, there were hardly any movements happening, hardly any movements.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:49:18 Mohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nAirports were shut down, there were curfews, hardly any business, any business was happening.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:49:25 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EAnd yet I remember, we did extremely well versus the industry. The last few years have been witnessing a decline in the industry NIAT, but it doesn't really you know can be attributed to one company or the other.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:49:43 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EIt is the entire industry symptom if you like.\u003Cbr\u003E\n\u003Cstrong\u003E\u003Cbr\u003E\n 00:49:47 Mohammed K\u003Cbr\u003E\n \u003C/strong\u003EYeah, you're absolutely right.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:49:48 Mohammed K\u003Cbr\u003E\n \u003C/strong\u003EIt's not about, it's not about the company, it's about the industry.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:49:51 Mohammed K\u003Cbr\u003E\n \u003C/strong\u003EAnd that's why I asked you… like what, how do you see the future, the 3,4 or 5 years that are coming? Where do you see the infrastructure projects – do they, do you see them coming?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:50:00 Mohammed K\u003Cbr\u003E\n \u003C/strong\u003EAnd that's one thing. The second thing is that, you know, to restore investor confidence and things like that, we need to have numbers, right? But again, you just said that it's your policy not to share numbers.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:50:12 Mohammed K\u003Cbr\u003E\n \u003C/strong\u003ESo it becomes a bit difficult for us to, you know, to align those things like, so that's where things become a bit tricky – and that's why probably you see very less investor interest in not just in Shell, but in oil marketing companies.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:50:29 Mohammed K\u003Cbr\u003E\n \u003C/strong\u003ESo I think it should be a strategy.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:50:31 Mohammed K\u003Cbr\u003E\n \u003C/strong\u003EJust my view that sharing… [inaudible]\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:50:35 Mohammed K\u003Cbr\u003E\n \u003C/strong\u003EBeneficial for not just you, the entire industry.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:50:38 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EClear and just quickly on, on your first point. I'll leave the second point to Lamees.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:50:42 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003ELet me quickly the first point on, on how do we see the market in the next 4-5 years?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:50:46 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EI think, you know, observing what's happening over the last couple of years, there are more job opportunities being created by the government.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:50:54 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EThey're more focused on the government.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:50:56 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003ESo that will help a lot in the B2C segment and also on the B2B side. The growth in the airline industry, in the aviation business as well as witnessing the, the budgets of the country over the last couple of years.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:51:21 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EYou do realize that there are, you know, we are recovering as a country from, from both macro- and micro-levels versus 2018 for instance.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:51:32 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EAnd these are all great indications.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:51:34 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EThere have been recently some announcement by the government on a few mega projects, Sultan Haitham City, for instance, the Boulevard, these are all projects that really gives us indication that they, you know, the future would witness a growth for sure.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:51:55 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EThank you.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:51:59 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ESo on the share price movement, we absolutely understand any concerns that the investors might be having on the limited movement in the share price and all.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:52:07 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EBut if you actually look at the composition of our shares as a company, our shares are largely held by big institutions that have invested in our company for the long-term dividend yield, which we have been striving to give back to our shareholders.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:52:21 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ENow it's difficult and probably unfair to compare our company to other more highly liquid shares in the market.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:52:29 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EBut then, going back to everything that we have mentioned on our strategy, we remain confident and committed to give our shareholders the maximum return that we can.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:52:37 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAnd obviously looking at all the characteristics that we just displayed on, you know, on the market, the dynamics that we operate and so on.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:52:45 Lamees Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EBut it's also worth having in mind the age, the maturity of the company and the market, as well as the composition of the shareholders to, you know, draw any conclusions on share price movements.\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:52:58 Burair Al Lawati\u003C/b\u003E\u003Cbr\u003E\nAll right, So thanks Lamees.\u003C/p\u003E\n\u003Cp\u003E\u003Cstrong\u003E00:52:59 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ELet me thank you, Dr. Mohammed.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:53:01 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EMohammed, thanks for your questions.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:53:03 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EI think we are approaching the end of the session.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:53:07 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EWe have only 5 minutes to go.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:53:10 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EIf there are no other questions, I think we will sign off.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:53:14 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EJust any final thoughts, all right.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:53:20 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003ESo, thank you.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:53:20 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EI think I want to also thank you know, thank you ladies and gentlemen for your time.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:53:27 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EPlease attend the next sessions where we will have such conversation, share results for the next, you know, cycle.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:53:37 Mohammed Al Balushi\u003Cbr\u003E\n \u003C/strong\u003EBut thanks also for trusting or having the confidence in us and having this kind of conversation that will always be helpful to have that that kind of communication between us and the investor relations team.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:53:53 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EThank you and yes, thank you again.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:53:56 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EAs you know, this whole recorded session will be published on our website and also MSX will have a link that will direct you towards it.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:54:06 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003ELooking forward to the next engagement and until then take care and stay safe.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E00:54:11 Burair Al Lawati\u003Cbr\u003E\n \u003C/strong\u003EBye.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cstrong\u003E[SESSION ENDS]\u003C/strong\u003E\u003C/p\u003E\n"}}],"id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/main/section/revealer_copy_122459_448535421","model":{}},{"organism":"StandaloneAsset","color":"inherited","colspan":8,"colstart":3,"id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/main/section/standalone_asset_cop_1980866869","model":{"title":"جلسة مناقشة علاقات المستثمرين للربع الرابع من 2023 ","video":{"src":"https://www.youtube-nocookie.com/embed/6aj0skzOpiw?si=Jd_mVLu-TCm3-lfo","caption":"جلسة مناقشة علاقات المستثمرين للربع الرابع من 2023 "}}},{"organism":"Container.List","colspan":8,"colstart":3,"children":[{"organism":"AccordionItem","color":"inherited","id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/main/section/revealer_copy_122459_1682766689/revealer_item","model":{"title":"أقرأ النص","text":"\u003Cp\u003E\u003Cb\u003EShell Oman Marketing SAOG Investor Relations - MSX Engagement Session\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMarch 2024\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EDuration: 1:00:30\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E0:00 –\u003C/b\u003E Audio begins at 0:01\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:00:01\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nI think we are good to start.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:00:05\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nSo Asalamualaikum and good morning everyone. And we'd like to welcome everyone to Shell Oman Marketing Investor Relations Session for the year 2023.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:00:17\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nThank you for attending our first virtual session in 2024, which is in compliance with the decision number E 109 by 2022 as the executive regulations of the Capital Market Authority…   law issued on 13th of July 2022.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:00:33\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nMy name is Mahmoud Al Abri, I'm the Investor Relation Officer for Shell Oman Marketing as well as the GM for Corporate Relations.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:00:40\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nBefore we start, actually I would like to introduce the the panel here.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:00:45\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nIn (sic.) Online, we have our CEO, Dr. Mohammed Al Balushi joining us.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:00:50\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nBut I want to give the chance to the team quickly to introduce themselves as well.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:00:53\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nSo I'll start with you Lamees.\u003Cbr\u003E\n\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:00:55\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nAsalamualaikum, everyone and Sabah Al Khair. Ramadan Mubarak Alaikum Jameyan… (greetings in Arabic)\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:01:01\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nThis is Lamees Al Lawati, the Chief Financial Officer of the Company.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:01:07\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESultan Al Shidi\u003C/b\u003E\u003Cbr\u003E\nAsalamualaikum and Sabalalkhair Jameyan, Sultan Al Shidi, GM of HR and Real Estate.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:01:14\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nHi, Asalamualaikum and good morning, my name is Suresh Nair, the GM for Mobility.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:01:21\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003Cbr\u003E\nAsalamualaikum and good morning, Said Al Rawahi, GM of Low Carbon Products & Sectors\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E\u003Cbr\u003E\n00:01:26\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nSo, thank you team for the quick introduction and again welcome everyone.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:01:31\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nJust before we start in terms of Q&A, we will have time at the end of the session to allow people to ask any questions.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:01:39\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nMy kind request, firstly, is to make sure we stick to the agenda and the content of the session.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:01:45\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nAnd also please try to present your company and also introduce your name. On HSSE… nothing is more important than your health and well-being.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:01:58\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nSo if you… if you at any point of time you feel you are compromised, please make sure you sign out immediately and ensure that you follow the good practices so that you are… you are always safe.\u003Cbr\u003E\n\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:02:14\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nAnd we'll start with our HSSE journey and here I shall hand over to our CEO Dr. Mohammed [Al Balushi].\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:02:20\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nOver to you, Doctor.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:02:22\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nThank you, Mahmoud.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:02:23\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nGood morning, everyone and Ramadan Kareem. I think I want to start by saying 2023 has been very, you know, I would say remarkable when it comes to our pillars of working safely and correctly.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:02:46\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nAnd as you most of you are aware, as a company, these are the main 2 pillars that we work and ensure that they are in place where we operate at a very high standards… when it comes to those to ensure that we operate in a safe manner and in a compliant manner.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:03:10\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nThe the year 2023, despite the different operational challenges, the number of activities we had… actually 0 incidents or recordable incidents, 0 harm and zero leak.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:03:31\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nThis is a, this is, I have to say, a very impressive result looking at the kind of operation and the kind of industry we operate with them.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:03:42\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nWe had throughout the year, multiple successful projects that were completed mainly aiming to increase you know our readiness, our awareness, our learning when it comes to people's safety, process safety, and of course, asset safety.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:04:04\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nAnd when I talk about people's safety, it wasn't only the the the physical safety that we have been, you know, addressing but also emotional safety of people where they are encouraged always to speak up their… their, you know their mind, share any, you know, issues they have when it comes to the workloads, stress level etcetera.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:04:31\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nAnd as I said, you know, we continued the the journey of… of care competency, care competence and… and compliance, tackling… tackling all those…\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:04:46\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nWithin that, we also continued working with different stakeholders in the Government, in the industry, to ensure that this is an area that actually, I mean, when it comes to the industry, it's an area that we we complement each other and not compete in.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:05:04\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nAnd of course with the… with the different stakeholders in in the Government and the private sector to ensure that this is, you know, safety of of people of operation actually handles or… or… or… tackles everyone.\u003Cbr\u003E\n\u003Cb\u003E\u003Cbr\u003E\n 00:05:18\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nAnd hence getting the support from different authorities like, you know, Civil Service… sorry… what do you call it… Civil defence, Ministry of Labour, Ministry of Health, etcetera, where we have, we have worked closely with them in so many drills throughout the year.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:05:41\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nAnd that's probably a summary of… of what we have been doing or what we have done 2023, which is a continuation of what we have been doing – and we'll continue even more in this year.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:05:54\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nSo do we take questions at every slide, Mahmoud – or no?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:05:56\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nNo, we will have actually Q&A session at the end of the [presentation]. Thank you, Doctor.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:06:02\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nI think now we‘ll move to Lamees for the financial summary.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:06:06\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nYeah.\u003Cbr\u003E\n\u003Cb\u003E\u003Cbr\u003E\n 00:06:07\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nGood morning again everyone – and thank you for joining us virtually.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:06:11\u003C/b\u003E\u003Cbr\u003E\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EPart of the agenda today is an overview of the financial performance of the Company for the Year Ended 2023, followed by an individual overview of business achievements and key performance indicators of the different business units.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:06:23\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nThe financial overview that you see in front of you is consistent with the… with our post board disclosure and publication, and as audited by our external auditors and endorsed by… by the shareholders in our AGM last week.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:06:36\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nIn 2023, like you see in front of you, we have reported headline revenue growth of 4% versus the same period last year underpinned by 5% volume growth across the different businesses.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:06:47\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nNow my colleagues in a bit will share brief updates about the business performance, but on a high level, we've actually opened six service stations in strategically located locations across… across the country, bringing the total number of stations up to 211, which… which has reflected in part of the revenue growth that we have reported.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:07:08\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nWe have also expanded our footprint in the aviation business, reporting over 180% growth in that segment across the different locations that we operate in.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:07:18\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nIn the other B2B segments like Fleet and Home base, we have also acquired new contracts – and all in all – we have… this is boosted the volume growth between the two years by 5% and… and 4% in the headline revenue like you see.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:07:31\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nNow, on a gross profit basis, although and despite the growth that we have reported of 4% at revenue line, our gross profit was maintained flat in comparison to the 2022 exit level.\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:07:46\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nThis was mainly driven by the stock revaluation impact. So in 2022, we had a sizeable impact, or again, that we have reported in the numbers in the financials of the Company as a result of price exposure.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:08:00\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nThis was not the case in the… in the year 2023.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:08:02\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nNow usually the swing that we see in… in price exposure and in stock valuation can cause a swing in the financial performance which is… which might not necessarily be an indicative of the underlying business performance, which in our case have actually shown a growth year-on-year.\u003Cbr\u003E\n\u003Cb\u003E\u003Cbr\u003E\n 00:08:21\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nOn other income we have reported slightly ahead of 4.1 million of Omani Riyal.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:08:26\u003C/b\u003E\u003Cbr\u003E\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EOther income continues to be a strong pillar in our financial performance… in our strategic direction of the Company.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:08:33\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo, this is the income that we that we report or we gain out of the associated services that we offer across our service stations.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:08:40\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo, things like shop income, car care, the tie-ups that we have with… with you know with certain brands, that we call co-locators, as well as cards income.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:08:52\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo, we have actually reported a 1% growth there.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:08:55\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nWe've taken a number of measures during the year, the biggest of which was actually converting 21 CR stores, so \u003Ci\u003EConvenience Retail\u003C/i\u003E stores that were previously running under the \u003Ci\u003EShoppers Express\u003C/i\u003E brand to our \u003Ci\u003EShell Select\u003C/i\u003E brand portfolio, bringing the total number of shops that we have under the Shell Select brand to to 57 shops by year end.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:09:19\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nOur operating expenses and OpEx in general has reported a 7%, or reflected, 7% growth year-on-year.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:09:27\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nNow this could be considered sizable in comparison to the headline revenue of 4% that we have reported in the year. But these are mainly costs that we have consciously decided to spend on, to spend as an organization.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:09:41\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nThere are various cost areas that we have… we have supported during the year, but if I am to categorize them into three or four main buckets, we've actually invested much more in maintenance in the year 2023.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:09:53\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nNow obviously, we were exiting out of COVID in the years 2020-2021 where we have consciously decided to keep maintenance costs at… at minimum, as a drive of our cost consciousness and cost optimization.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:10:06\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nAnd then we have started gradually picking up on maintenance costs in 2022 and then spending much more in 2023.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:10:13\u003C/b\u003E\u003Cbr\u003E\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EAnd mainly to support maintenance and upgrade of certain equipments that we have across our network of service stations as well as certain costs that we have to incur for commissioning the fuel farm at Muscat Airport where we have a sole operatorship.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:10:29\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nIn addition to that, obviously, as your headline revenue grows by 4%, your volume grows.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:10:35\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo all the costs that are associated with servicing volume, so operational costs like logistics, operational costs associated directly with volume or linked with volume, like licenses and so on, would grow higher.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:10:47\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo with that 4% growth you would expect to see an equivalent increase in your in your cost base.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:10:55\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nAnd, now a third area that we've actually reflected high cost in is we have taken a prudent call to increase our provision in certain segment… mainly related to export sales that we have done in the region and in reflection to the… to the changing geopolitical landscape that we see around us, around us in the region.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:11:15\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo, we continue as an organization to put all measures to recover these outstanding accounts receivable balances.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:11:24\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nBut, out of prudence and in compliance with accounting standards, we have decided that we take the provision head this year… was we do all the measures in 2024 to recover these amounts.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:11:35\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo, these are the main cost components that we have incurred in, in in the year 2023.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:11:42\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nAnd then in addition to that, our financing cost has reflected an increase as you can… as you can see and our financing cost has two elements or two dimensions, so part of which is actually related to the lease interest cost of our investments, so the right of use of assets.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:11:56\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nBut then on top of that, we have seen a general increase in financing cost in the local market and reflection to the increase that we have seen generally in borrowing costs globally. Now as an organization, as our business expense… as our revenue expense, the credit pressure on our sales expense as well.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:12:13\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo, to bridge the cash flow cycle gaps that we have between our receivables and our payables, we usually lean on a basket of credit facilities that we have secured from the market on a need basis and also on a competitive basis.\u003Cb\u003E\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:12:28\u003C/b\u003E\u003Cbr\u003E\n\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nBut, then as the interest rates globally have gone up, the value of the financing costs have gone up this year as well.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:12:37\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nOur profit for the period was 3.6 million Omani Riyals – it was 37% lower than 2022 for all the reasons that we have mentioned.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:12:46\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nAlso worth mentioning that on a revenue basis, so the first graph that we see on the top corner… on the top right corner of the chart in front of you, or the slide in front of you… we've actually reported a decent revenue growth year-on-year.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:12:59\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EThe hike that we see in the year 2022 is just a reflection of the business picking up and the business opening post-COVID.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:13:08\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo it was not necessarily in line with the average annual growth that the market sees year-on-year – but we have maintained our revenue growth at 4% in the year 2023, and much ahead, in fact, of the industry and revenue growth that we have seen.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:13:23\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nOur gross margin for the period was 35 million Omani Riyals. Our gross margin percentage was maintained at 7% despite the pressure that we have seen in the… in the changing landscape of the product valuation… the stock valuation that we have set.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:13:39\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nOur EBITDA for the period was 16 million Omani Riyals, so around 2 million Omani Riyals lower than the year prior to that, reflecting the the higher operating expenditures and higher borrowing cost.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:13:54\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo, that's the financial overview.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:13:56\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nOK, thank you, Lamees. Thanks for that.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:13:58\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nSo now let me move to Suresh, our Mobility GM.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:14:02\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nThank you.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:14:04\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nLet me start with, let me start with safety.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:14:06\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nSafety has continued to be our front and central focus at our forecourt whilst we service our customers and enable them to move throughout the Sultanate.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:14:17\u003C/b\u003E\u003Cbr\u003E\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EWhat we are seeing is an improved track record on safety, but our vigilance continues because with servicing hundreds and thousands of customers a day, we continue to face different challenges with regards to the nuances that come with servicing the customer safely and in a manner which they expect; at the highest level in a Shell Service Station.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:14:39\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nWe have moved throughout the year celebrating our biggest pride moment, which is being awarded Oman's Most Trusted Brand award for 2023 in the fuel station category.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:14:53\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nThis is a testament to the services, to the offerings, to the high level of commitment we have pledged to give our customers in making sure their life journeys are better.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:15:06\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nThat's reflected in a constant high level and top quarter performance in independent surveys, which we run and you'll see that reflected on the slide under the Guest Experience Assessment or GEA, where our current scores sit at 83%.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:15:24\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nThis is an independent survey through anonymous visitors and customers at the station, to ensure that we get consistent feedback on the quality and performance of our frontline service champions…\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:15:40\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\n…and what we aim to improve is our level of consistency in these offerings across our 211 stations, across the Sultanate.\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:15:50\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nIn our NFR non-fuels retailing segment of the business, we are currently focusing on improving out the look and feel of our shops in the country… the offerings which we offer to cater to the latest tastes and nuances to the customers of of today, and more importantly making them feel like that's a place that they want to visit the minute they set their eyes once they come in to fill their car at the service stations.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:16:20\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nWe intend to grow the amount of offerings we have at this and this is also coupled together or with the ancillary offerings which my colleague Lamees mentioned.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:16:32\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nAnd this would namely be in the Shop+ category where their service stations are equipped with with shops available to service one customer's cars and do it in a safe and reliable and a price competitive manner… most importantly with the Shell brand tied to it.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:16:52\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nThe other ancillary offers are offers for local-made products and also co-located [in] our shops with our business partners as well to ensure that the service station can be a one-stop centre for one's mobility needs.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:17:12\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nWe are actively increasing our target and our focus in terms of differentiated fuels, and as a testament to that, we recently launched our new and improved V-Power offering in the Sultanate.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:17:28\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nThis is something which has been years in the making, five to be exact, in partnership with Ferrari and our group research – and it was launched recently, and we are receiving actually overwhelming response from the market.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:17:47\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nWe have rolled this out, now today as we speak, to about… close to 50 service stations and this will be managed in a [inaudible] manner to ensure that all sites which we have V-Power offerings today is equipped with the new V-Power offering.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:18:05\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EThe main, the main excitement we have around this product offering is the brand claims around cleaning the engine.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:18:16\u003C/b\u003E\u003Cbr\u003E\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EThis is something which has been a point of attention and focus to the more vigilant customer, and we believe this is something that is sorely needed within the Sultanate and Shell is proud to introduce this upgraded fuels to the market.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:18:33\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nLastly, our focus will be on uplifting our \u003Ci\u003ESelect\u003C/i\u003E stores, but also our network of 211 stations across the Sultanate, while making conscious decisions on selective investments across the across the country.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:18:51\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nSo, stay tuned and watch out this space.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:18:54\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nThank you, Mahmoud. I'll hand it over to you.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:18:55\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nThank you, Suresh. I think now I will move to Said – our GM of Low Carbon Products & Sectors. Thank you.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:19:01\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003Cbr\u003E\nThank you, Mahmoud.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:19:24\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003Cbr\u003E\nLooking at 2023, I think we had a major signing for when it comes to marine fuel… I’ll start with that.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:19:10\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003Cbr\u003E\nWe have signed the banking license agreements with the major ports.\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:19:16\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003Cbr\u003E\nAt the same time also, supplying lubricant, marine lubricants to the same ports. We had also… we had one government marine supply project for three years in 2023.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:19:28\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003Cbr\u003E\nSo, that we're gonna retain for the next three years.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:19:33\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESaid Al Rawahi\u003Cbr\u003E\n \u003C/b\u003EAt the same time, we have also when it comes to home-base, really the commercial fuel sites… the market was very, very competitive.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:19:40\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003Cbr\u003E\nHowever, we managed to retain our existing customers and winning new strategic customers when it comes to commercial… commercial fuel business.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:19:51\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003Cbr\u003E\nAnd when it comes to the oil and gas sector, we have one also… a big project for the next five years to supply fuel to one of the major companies in the oil and gas sector. And supplies have already started early in January this year. Also, we have… when it comes to aviation it was very competitive. However, we managed to retain our existing customers and we need, we need, we need new customers at the same time.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:20:21\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003Cbr\u003E\nWe still control… I mean we still have growth in Salalah and Muscat airports, but we are still planning to grow further in 2024.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:20:32\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003Cbr\u003E\nWe have also signed a serious technical agreement with PDO when it comes to recommissioning of Fahud Airport and this should start sometime in 2024… probably expecting by mid of 2024.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:20:47\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESaid Al Rawahi\u003Cbr\u003E\n \u003C/b\u003EI've seen substantial growth when it comes to the commercial fuels and marine business in the country.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:20:53\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003Cbr\u003E\nThere are business growth coming up and we expect more to… to happen in this year.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:20:58\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003Cbr\u003E\nOur plan is also to focus on Goal Zero and ethics and compliance, however also optimizing your profitable core.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:21:05\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESaid Al Rawahi\u003C/b\u003E\u003Cbr\u003E\nWe are looking at new opportunities. We are trying to to bring new businesses, new, new type of opportunities in the country. At the same time we are trying to lead the energy transition.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:21:15\u003Cbr\u003E\n Said Al Rawahi\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003ESo, there are major projects that we are working currently with, with some business partners in Oman for 2024. That [we are] still under currently looking into it and hopefully we should be a major shift into the business core business in Oman. Thank you.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:21:34\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nThank you, Said.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:21:35\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nI think now we are moving to lubricants, and I will take this part.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:21:40\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nIn terms of commercial lubricants, the business actually maintained its market leadership in Oman – but not only in the country… [but also] globally. For the 17th consecutive year, lubricant has been actually leading this industry.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:21:55\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nIn addition to that, the business has managed to convert new customers across B2B and B2C sectors in Oman, and also re-entered new markets via export model in the region.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:22:08\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nIn terms of product portfolio, in 2023, the lubricant business managed to launch new products specifically \u003Ci\u003EShell Coolants\u003C/i\u003E in the B2C segment – and the business has actually communicated and engaged different type of customers around launching this product.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:22:28\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nThis road actually is offering customers high quality coolants, technically to prevent cooling system corrosion and and overheating.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:22:35\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nIn terms of the lubricant blending plant, the business has renewed all the ISO-certifications 45001 as well as 14001, and also has done quality audits and no major compromises.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:22:51\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nAnd the business continued to promote In-Country Value being the only ISO [certified] lubricant plant in Oman, and has also managed to fill not only the demand of lubricants in Oman, but also the export market.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:23:04\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nIn terms of energy transitions, lubricant business achieved growth in premium lubricants, especially in the carbon-neutrals and \u003Ci\u003EMade in Oman\u003C/i\u003E products, which also showcase the Company's commitments to carbon reductions and respect for nature.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:23:20\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nThis was the highlights of lubricant business in 2023.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:23:23\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nBut if we look also at the plan [for] 2024 and beyond, lubricant business will continue to drive HSSE focus across the lubricant blending plant – and in terms of growth the business will continue to explore new revenue streams and increase market shares locally as well as regionally.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:23:41\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nDefinitely the business will continue to put effort and time in terms of cost reduction initiatives across all the lubricants value chain.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:23:52\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nWith this, I think I'll be moving to Burair Al Lawati who is our [General Manager of] Strategy and Energy Transitions.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:24:01\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nThank you.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:24:02\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003Cbr\u003E\nThank you, Mahmoud.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:24:03\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo, I would like to here just quickly go over our energy transition strategy agenda.\u003Cbr\u003E\n\u003Cb\u003E\u003Cbr\u003E\n 00:24:08\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003Cbr\u003E\nAs we know our strategy of \u003Ci\u003EPower and Progress\u003C/i\u003E has already been covered by the business [inaudible] that were mentioned.\u003Cbr\u003E\n\u003Cb\u003E\u003Cbr\u003E\n 00:24:18\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003Cbr\u003E\nThey all focussed on main pillars for which are Net-Zero, respecting nature, powering lives and creating shareholder value, while maintaining focus on our core values of honesty, integrity and respect for people. As well as for safety throughout our operations and strategy as we continue with our energy transition journey\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:24:40\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EThis is obviously aligned with the commitment to net-zero emission targets by 2050, in line with the society and the shareholders, and customers expectations.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:24:53\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003Cbr\u003E\nWhich is also aligned with Oman Vision 2040 and the royal directions… that directives… that came regarding net-zero emissions for Oman.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:25:04\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo what is our energy transition agenda basically about?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:25:10\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003Cbr\u003E\nIdentify… they were… (sic.)\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:25:11\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003Cbr\u003E\nThey started in 2023 by identifying and tracking, and benchmarking our corporate greenhouse gas emissions, and that is the project that we completed in Q2/2023.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:25:23\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo we know where we were and after that we started to strategize our decarbonisation initiatives, which included upskilling and training of our specialists and obviously trying areas where we can avoid emissions, reduce emissions, but obviously in the long run, we can also look at compensation for these emissions through nature-based solutions.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:25:53\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003Cbr\u003E\nThis year we installed…\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:25:54\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003Cbr\u003E\n…or in 2023, we installed solar panels in some of our assets, EV chargers or electric vehicle charging points and vapour recovery system as well as other sustainable business development ideas which I'll go next in the next slides.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:26:10\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003Cbr\u003E\nBut basically the whole idea was about collaboration with partnerships with various stakeholders including with the government entities and private sector, and other partners to join efforts in our energy transition projects.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:26:26\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003Cbr\u003E\nAnd the next slide, I'd like to just talk about just quickly about… maybe… energy transition initiatives.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:26:38\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo, we have installed 15 charging points across our network and we are exploring the [inaudible] agenda in the strategy as we go forward with that.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:26:48\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003Cbr\u003E\nAlso, last year the hydrogen service station… that's going to be the first-of-its-kind in Oman went through a signing ceremony [as] part of Oman Shell’s \u003Ci\u003EGift to the Nation\u003C/i\u003E initiatives – and it's and expected to be hopefully in this year.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:27:07\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003Cbr\u003E\nAnd, also as mentioned in the lubricants business about the introduction of carbon-neutral product portfolio, which provides consumers and industrial customers with improved engine performance as well as enhanced fuel efficiencies.\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:27:22\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EAnd we did also sign a number of partnerships, but I'd like to highlight one regarding sustainable waste management, which was with an Omani SME for waste management, including exploring added value from recycling waste to basically contribute to shareholders and In-Country Value across our businesses.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:27:44\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo this is what we had in 2023.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:27:47\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003Cbr\u003E\nBut as we go forward, the idea is to have a short-to-medium-term plan on milestone to reduce our carbon emissions and in the same time roll out a number of initiatives across different classes of businesses…\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:28:02\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E…whether it is about introducing products and services and solutions that help our customers reduce their emissions, as well as including initiatives within our value chain in Shell, where we can also address our scope 1 and scope 2 emissions.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:28:18\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBurair Al Lawati\u003C/b\u003E\u003Cbr\u003E\nBack to you, Mahmoud.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:28:20\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nThank you, Burair.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:28:22\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nThis is the last slide in our back (sic.).\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:28:25\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nSo, being actually a local Omani company as well as responsible company in terms of CSR, we have delivered our annual social investments, in collaboration with our stakeholders and partners, namely Oman Charitable Organisation, Outward Bound Oman, Ministry of Social Development, Childcare Centre and Al Wafa Centre and Youth Centre.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:28:46\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nWe have delivered different initiatives to ensure that we actually attend to different needs of from the society.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:28:53\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nWe have also started our new social investment strategy update in 2023 and there's something actually we are rolling out in 2024 and beyond.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:29:05\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nWe have also attracted student as well as job seekers in different and various internship programmes during 2023. And from In-Country Value, we are proud to actually… being a local and Omani company… sustain a high level of Omanization – around 95% of the workforce, comprising of high-caliber Omani talents.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:29:28\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nThat was the highlights of CSR.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:29:30\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nBut if I look at the plans, we will continue to focus on sustainable and long-term social impact across the Sultanate in line with Oman Vision 2040.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:29:40\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nWe will also create business value for the company through alignment of CSR initiatives with different business needs and priorities.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:29:48\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nWe will continue to maximise our partnerships and optimise resources through collaborations with JVs and other partners in the Sultanate.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:29:56\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nWe will also align our CSR activity with the company's ESG and sustainability goals in 2024, and we will further incorporate the In-Country Value agenda within our CSR activity and across the business supply-chain moving forward.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:30:11\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EI think this is coming to the end of our back (sic.).\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:30:13\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nNow, we want to give the audience time for Q&A.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:30:20\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nSo please mention your name and the company you work for and go ahead and choose your question.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:30:33\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nYeah.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:30:38\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nSo anyone want to start?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:30:52\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nHello, Can you hear us?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:30:54\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nYeah.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:30:55\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nPlease go ahead.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:30:57\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nHi, this is Joice… Joice Mathew from United Securities.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:31:02\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nI have... I'm, I'm looking for some operational data, KPI data related to your volume or revenue in different segments.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:31:12\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nIt's not mentioned in the auditor… the director's report or in the management discussion.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:31:18\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nSo, can you please provide some data for different segments. Data such as, let's say, maybe the throughput session for the retail segment and you know maybe how much is the volume that is… that has… increased in the aviation segment, marine segment and what's the contribution to revenue from different sectors?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:31:47\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nHi, Joice.\u003Cbr\u003E\n\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:31:48\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nThank you for the question.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:31:50\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nI think we made it.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:31:52\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nWe made our stand of sharing… historically… as well with our investor community that we don't really share segmented information.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:31:58\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo, the information is available in the annual report of the company on a high-level basis, considering the very limited market that we operate in terms of the players out there, the confidentiality of this information and the competitive nature of this information.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:32:15\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nAs far as your question on mobility is concerned, so there was a question about the average throughput.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:32:21\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nIt really varies across the 211 stations that we have across the country.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:32:28\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nAnd then I think if we can give you a scale, it, it varies between 5 million litres in a station all the way up to 12 million litres in a station.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:32:38\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003Cbr\u003E\n \u003C/b\u003EThe size of the station, the location of the station are key factors in determining the actual throughput in every area and in every site that we operate in.\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:32:47\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EIn the aviation business on a high level, we've mentioned that we have (sic.) our volume has increased by about 180% in comparison to the same period last year.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:32:55\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nThis was mainly reflective of new contracts that we have acquired particularly starting Q2 this year.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:33:02\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nOur operations in aviation currently are are done or are managed and conducted in two main locations, which is Muscat International Airport and Salalah International Airport.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:33:14\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nNow proportionately, Muscat Airport is significantly bigger considering the, you know the strategic location of this airport in the capital of the country.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:33:25\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo, hence our volume has exceeded over 100 million litres there. In Salalah Airport, it’s significantly lower and it's largely driven by the seasonality that we see in the in the environment and the market.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:33:41\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nOK. I appreciate the answer.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:33:43\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nSo what's the average throughput per session, you mentioned about 5 million to 12 million as the range.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:33:49\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nSo, if we look at it on an average basis what would be the the figure?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:33:56\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo, we have sold over… \u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:34:00\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nJoice, I think… I think the answer from the CFO is, is really clear.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:34:05\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nYou know, while I do appreciate you trying to get… to get a clear answer on the average throughput…\u003Cbr\u003E\n\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:34:12\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\n…it again depends as I said on the location.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:34:15\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nIt depends on the density of of the sites in every specific region, the number of pumps, the number of islands, the… you know… population in that… in that village or in that area.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:34:30\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nAnd hence, you know we we do have some standards when it comes to minimum volume throughput that we expect from a site before we get into and and invest in it.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:34:42\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nI think ideally from an investor's point of view, what we need to know is that we don't… you know invest in a site unless it's profitable, and that profitability is, of course, forecast before we build the site based on our experience and the market understanding we have in that specific region.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:35:04\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nSo when, when, when our CFO did highlight that it's… you know… somewhere within 5 and 12 [million liters], these are more or less some ranges that we have. But they will decide that this would be above 12 million and hence it would be… you know… the answer to your question would be very close to us breaking it into different areas, different regions and different Governorates.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:35:34\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nThank you for the answer. Mr. Mohammed.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:35:36\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nBut see as someone, someone who's looking looking at Shell Oman, and who's looking at from an analytical… analytical point of view, it's very imperative that… you know… we should have, we should get some information related to your operational performance, key operational performance – and these are the very basic key operational performance (sic.).\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:35:55\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nIf you look at any of the the fuel retailers in the region or across the globe, they all provide this kind of information.\u003Cbr\u003E\n\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:36:02\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nSo it's very unfortunate… that it's very unfortunate that you are not giving the information.\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:36:03\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003ENot in this market.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:36:09\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nIt's OK. Let's move on.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:36:11\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nAnd the next question that I have is… you you have mentioned your revenue has increased by around 4%, but what I'm seeing is this is primarily due to the increase or 180% volume increase in the aviation segment, but at the same time your mobility revenue has come down.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:36:33\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nSo, what are the reasons that has contributed to this?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:36:42\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nSuresh, you want to pick that up or, Lamees?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:36:48\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo… so we have indicated indeed an overall volume or revenue growth of 4% and we said it was consistent across the different segments.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:36:57\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nNow, when we say that aviation volume have grown by 180%, proportionately, the aviation segment is significantly lesser than than mobility.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:37:06\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo, on the face value of of it, it might appear that the growth that we have reported is mainly driven by the aviation segment, which is true to a certain extent.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:37:17\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nBut, then if you actually look at the wider scale of the operations that we operate in… and if you follow actually the note in our financials…\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:37:25\u003C/b\u003E\u003Cbr\u003E\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E…so out of the 519 million that we have reported this year, 435,000 of that was actually driven and generated from the mobility business.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:37:36\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nYes, it has shown slight decline versus last year.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:37:41\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nNow, obviously we were… there are so many factors that could… that could influence this including even the expansion that we had during the year… and the growth that… or the focus area that we had on other segments.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:37:57\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nBut then in general, the business… if you look at an average of the last three or four years… we have been consistently growing year-on-year.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:38:06\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nThey're naturally in any downstream organization or business that we operate in.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:38:11\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nThere might be a few swings in certain years, but then we are… we retain our confidence in our growth and in moving the business into into higher levels in the future.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:38:23\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nSuresh anything you want to…\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:38:24\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nYeah. Thanks Lamees, and just a couple of points to add on… add on today… specifically in the mobility segment and I, I think I spoke about this during the last engagement as well.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:38:36\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nOne is a piece around automotive technology and efficiency as well. What we're seeing is an increase and an improved trend in terms of fuel consumption and not only in Oman, but also regionally and and globally.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:38:52\u003C/b\u003E\u003Cbr\u003E\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EThis is affecting the overall consumption of the utilization of fuel, for even in the technology improvement over the five years… like for… like comparison for an average sedan car is showing an improvement in fuel consumption of at least 5 to 8%.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:39:10\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nYeah. and as as a as a snowball, a snowball effect, this directly in impacts any traditional mobility business in the… in the fuels segment.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:39:23\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nThe other one also we touched on, we touched on briefly as well during the during the last segment which was a question by you as well Joice… was around the regulated segment, and this is a regulated segment, and I mean part of our fuels in terms of margin is a regulated component.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:39:45\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nSo the the levers for us to really optimize then essentially is on cost.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:39:49\u003C/b\u003E\u003Cbr\u003E\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EThanks [inaudible].\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:39:50\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nThank you, Suresh, and thank you Joice.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:39:51\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nActually, I want to give another participant opportunity to ask… as well.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:39:57\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nAny other question from any other participant?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:40:10\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E[Incomprehensible]\u003C/b\u003E\u003Cbr\u003E\n[inaudible]\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:40:12\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nYes, can you please go ahead?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:40:14\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBishen Balla\u003C/b\u003E\u003Cbr\u003E\nHello.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:40:15\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nYes. So, can you just introduce where you're from, which company you work for?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:40:20\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBishen Balla\u003C/b\u003E\u003Cbr\u003E\nThis is Bishen.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:40:22\u003C/b\u003E\u003Cbr\u003E\n\u003Cb\u003EBishen Balla\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EYes.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:40:23\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBishen Balla\u003C/b\u003E\u003Cbr\u003E\nThis is Bishen Bhalla from Vision Capital.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:40:25\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBishen Balla\u003C/b\u003E\u003Cbr\u003E\nThank you for the presentation and for this forum.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:40:29\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBishen Balla\u003Cbr\u003E\n \u003C/b\u003EI wanted to, you know, just inquire regarding your overall margins.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:40:34\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBishen Balla\u003C/b\u003E\u003Cbr\u003E\nIf I look at sort of the gross margins as well as… you know… margins right through the bottom line, we've seen a steady decline over the years.\u003Cbr\u003E\n\u003Cb\u003E\u003Cbr\u003E\n 00:40:42\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBishen Balla\u003C/b\u003E\u003Cbr\u003E\nAnd whilst we understand there's been a change in the regulatory environment, sort of, if I look at 2019 as a base where… you know… the company [inaudible] a net profit margin of 2% and a gross margin of 7%.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:40:55\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBishen Balla\u003C/b\u003E\u003Cbr\u003E\nSo we're close to the gross profit margin – but when it comes to the net profit margin we're way off.\u003Cbr\u003E\n\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:41:02\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBishen Balla\u003C/b\u003E\u003Cbr\u003E\nSo. in terms of… is that a number [that] one can still peg the company to or the Sector to or has that drastically changed? Just to understand, overall, you know, the operating environment?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:41:13\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nYeah.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:41:14\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EThank you for the question, Balla.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:41:16\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nTo your comment earlier on the Company's performance declining year-on-year, I think the correct statement is that the Company has been reporting a steady growth in bottom line in the years between 2020 all the way to 2022.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:41:32\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo, we have our EBITDA has actually increased from 14 million Omani Riyals to 15 million Omani Riyals… to 18 million Omani Riyals in 2022.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:41:40\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EYes, we have seen a decline in the… in the year, but it has not been a consistent decline that we have seen over the span of the last four years.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:41:49\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nThe difference that we see between our gross margin or our headline growth and our bottom line movements is predominantly driven by the increase in costs.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:42:01\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo, if we go back to the earlier statement that I had mentioned, yes, we have taken certain investments and certain costs consciously as an organization to reposition our company for future growth.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:42:13\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nPart of which, we have done organizational restructuring in the year 2023 and we have stepped up our investments as well.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:42:20\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo, from the range of 7 million and 6 million, and no investments in the years of COVID, all the way to 8.7 million Omani Riyals that we have injected in the year 2023.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:42:29\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nNow obviously, with the highest level of investment there is… you know… usually a gap in the time that you actually realise the benefit of these investments for which you have to incur the financing cost.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:42:42\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nAnd it's unfortunate that during the year where we have actually stopped and stepped up our capital investments for all the good reasons and all the business cases that we have validated and vetted; the external borrowing cost was not in our favour.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:42:55\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo, financing cost has grown up, organizational OpEx cost has grown up in the year.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:43:01\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nThis should not be taken as a static trend for the organization on an ongoing basis, but then there are certain costs that we have to incur at a point in time in the growth journey of this organization for us to position the company for growth going forward.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:43:15\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nWe don't expect that trend of OpEx to continue growing at the same trend and level going forward.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:43:21\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nWe are very conscious about cost and we have introduced a lot of cost optimization initiatives and focus areas within the organization to contain the impact, of course, going forward.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:43:34\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBishen Balla\u003C/b\u003E\u003Cbr\u003E\nInteresting.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:44:34\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBishen Balla\u003C/b\u003E\u003Cbr\u003E\nYeah. Thank you for that answer.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:43:35\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBishen Balla\u003C/b\u003E\u003Cbr\u003E\nMakes perfect sense.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:43:36\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBishen Balla\u003C/b\u003E\u003Cbr\u003E\nAnd I completely understand your interest costs and debt both increase at the same time.\u003Cbr\u003E\n\u003Cb\u003E\u003Cbr\u003E\n 00:43:40\u003C/b\u003E\u003Cbr\u003E\n\u003Cb\u003EBishen Balla\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003ESo when we see a reversal in that Insha‘Allah we will see those costs also going down.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:43:45\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBishen Balla\u003C/b\u003E\u003Cbr\u003E\nThe next question will be in regards to a comment you made on the performance where you said there were certain receivables that… you know… there was some impairment adjustments towards some large trade receivables.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:43:55\u003C/b\u003E\u003Cbr\u003E\n\u003Cb\u003EBishen Balla\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EAnd if I'm not mistaken, please correct me if I'm wrong… you mentioned during the presentation that some of these are from regional… sort of parties, is that correct?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:44:03\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nYes, that's correct.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:44:08\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nYeah, yes, I was just going to comment on that.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:44:12\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nA big proportion of our sales are actually done on export basis, and we have all seen recent geopolitical tension in the region and some of the neighbouring markets that we have been operating in.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:44:25\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo, we have seen a slowness generally in receiving certain receivables from the segments that we have exported products to in the last one year or two years.\u003Cbr\u003E\n\u003Cb\u003E\u003Cbr\u003E\n 00:44:34\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nNow, given the aging and given the provisioning policy and the framework that we have adopted as an organization, we have decided and obviously with a full knowledge and support and endorsement of the Board of Directors, the Audit Committee and the Auditors as well… that it's more prudent for us, and out of transparency, that we take the provision hit on this during the year.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:44:58\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nThis by no means indicate that these debts are completely bad in nature.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:45:03\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo, they have not been written off and unlike I said earlier, we continue to to take all the measures that are required for us to be able to recover these debts from the market.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:45:13\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBishen Balla\u003C/b\u003E\u003Cbr\u003E\nSo, you’ve basically taken the provision and if you were to collect these amount this will flow through back to the PnL or would it be told purely on the balance?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:45:21\u003C/b\u003E\u003Cbr\u003E\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EYes, that's correct.\u003Cbr\u003E\n\u003Cb\u003E\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:45:21\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBishen Balla\u003C/b\u003E\u003Cbr\u003E\nOK, OK.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:45:25\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBishen Balla\u003C/b\u003E\u003Cbr\u003E\nOK. Interesting. And what would be this amount, approximately?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:45:29\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo, I wouldn't really go to the specific values, but if you follow the balance sheet numbers that we have disclosed which are available in the notes for the financials, you would see that our bad debt values have increased in the range of 500 to 600 thousand Omani Riyals in total.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:45:46\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBishen Balla\u003C/b\u003E\u003Cbr\u003E\nGot it. OK. Sure.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:45:48\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBishen Balla\u003C/b\u003E\u003Cbr\u003E\nAnd… and now just to understand as a business policy, I mean you're the experts in this field, but as a business policy when you do export sales, aren't against sort of some guaranteed payments from a banking channel or how does it work? I'm just trying to get a better grip on how export sales work as a sort of payment, you know, from a payment perspective.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:46:06\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nDepending on the market that we sell to and depending on the creditworthiness of the customer, there are various credit securities that we acquire from the customers, some of which could be in the form of letters of credit, some of them could be in the form of post-dated checks or guarantees that we get from the customers.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:46:24\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo they really… they, they… vary in nature and then you know given the nature and the type of operations that we manage, there will always be certain exposure to credit risk in the market that we operate in.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:46:38\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo, for us to be able to grow, you know, the organization has to take a certain extent credit risk.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:46:45\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo, not all of the sales that we do are 100% secured.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:46:48\u003C/b\u003E\u003Cbr\u003E\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EWe try to do that to the max possible extent, but then when… whenever not feasible, you know there are deviations to the process.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:46:58\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBishen Balla\u003C/b\u003E\u003Cbr\u003E\nNoted noted. That makes sense.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:47:00 \u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nThanks.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:47:01\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nI think they're... [inaudible]\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:47:02\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBishen Balla\u003C/b\u003E\u003Cbr\u003E\nSure, sure. I'll, I'll, I'll bring it back into it.\u003Cbr\u003E\n\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:47:04\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nBishen, if you… if you, I mean… I'm, I'm happy with those questions.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:47:08\u003C/b\u003E\u003Cbr\u003E\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EBut also, I think Deepak has written a couple of questions and if we have time we'll get back to you.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:47:14\u003C/b\u003E\u003Cbr\u003E\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003ESo there are a couple of questions to move to if...\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:47:16\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EBishen Balla\u003C/b\u003E\u003Cbr\u003E\nThank you and wish you all the best.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:47:18\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nThanks.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:47:18\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nThanks, Bishen.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:47:21\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nSuresh, you want to take those or shall I take them?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:47:24\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nCan we open the chat?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:47:25\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nHold on… we can't view them yet.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:47:26 \u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nLet me open the chat box.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:47:33\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nCan you provide guidance on the fuel stations for the next few years?\u003Cbr\u003E\n\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:47:39\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nI assume [inaudible]…\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:47:39\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nI think the second question [is] probably more of an elaborate question.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:47:44\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nSo, what are… what are the steps taken to future-proofing (sic.) your Company? Most fuel retailers, including Shell Global, are cutting down the number of stations. Your comment?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:47:55\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nYeah. Thanks Deepak for the for the question.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:47:57\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nMaybe let me let me take a swing at it.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:47:59\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nSo, directionally what we're doing is to ensure that Shell in Oman continues being a world-class business case… business investment case.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:48:12\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nSo what, what does that mean? In overlay with the current context, is we are being extremely careful and prudent for every capital dollar which you're spending.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:48:22\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nInternally, we are trying to make sure that gives us the maximum amount of returns possible.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:48:29\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nSo, that being said, the answer to your first and second-half of the second question is… they're not into a game of adding on 10 to 15 to 20 mobility sites.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:48:41\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nSo, we're not chasing after a specific site count number.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:48:45\u003C/b\u003E\u003Cbr\u003E\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EWhat we're looking closer at is ensuring… for starters… with the 211 sites which we have, making sure that we are having the best possible efficiency index i.e. that each station is realising or coming close to realising its full maximum value.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:49:04\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nFor new investments this year, my colleague Burair has mentioned one mobility site, which we're targeting which we [will be] primarily be servicing hydrogen but they will have a fuel offering.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:49:20\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nBut, beyond that we will be very selective in terms of the number of stations we want to employ without me putting a specific number to it.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:49:29\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nBut we'll be guided by the principle on maximizing the investment.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:49:33\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nLastly, on the… on the future-proofing part, we are in the mobility business and in that space it's about providing mobility solutions to the customers.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:49:47\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nThat may be a combination of traditional fuels which you see in the service stations… and in the story… in the comment that you made that Shell globally are cutting down on the service stations.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:49:59\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nLet me maybe rephrase that to give an accurate reflection.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:50:03\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nWhat we're looking at… this is similar with everywhere else in the region and globally is… playing with the different energy mixes as well. (sic.)\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:50:12\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nThat is why we have introduced the charging points at our station.\u003Cbr\u003E\n\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:50:17\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nThat is why we are exploring in the space of hydrogen – and we will continue to evolve the energy mix as we go along.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:50:28\u003C/b\u003E\u003Cbr\u003E\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EFor the Sultanate, that's to realize the Vision 2040 and globally for Shell that is aligned with Vision 2050 to be a net-zero energy company.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:50:39\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nThe solutions will be a mix of the options I just mentioned.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:50:45\u003C/b\u003E\u003Cbr\u003E\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EHope that answers your question, Deepak.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:50:51\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nThank you, Suresh. I think we are…\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:50:54\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nYeah. Thanks. Thanks for [the] confirmation.\u003Cbr\u003E\n\u003Cb\u003E\u003Cbr\u003E\n 00:50:56\u003C/b\u003E\u003Cbr\u003E\n\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EI think we are coming to the end of the session, unless there is one final question.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:51:00\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nI have a few more follow up questions, if you can take that.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:51:05\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nCan we take one final question?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:51:08\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nGo ahead, go ahead.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:51:10\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nNo, it won't stop at one. No, I'm passing it. Thank you.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:51:23\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nJoice, are you going to ask?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:51:28\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nI have. I have more than one question.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:51:30\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nSo, you know, just with just one question, it won't be sufficient for me to, you know, get an idea of what's happening.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:51:37\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nI'm just looking at the time. We have 6 minutes but…\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:51:39\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nBut go ahead, start with the first question.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:51:41\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nPlease go ahead. Please go ahead.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:51:44\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nYeah, this is with regards. This is a follow-up question to my earlier question on your segmental revenue, you know 2% decline in mobility, and you know, more than 100% increase in the aviation segment.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:51:57\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nCould you please give me an idea about, you know, what… which all segments [are] contain[ed] in the mobility [segment] and which are coming in the others, because aviation is very clear, it's clearly mentioned.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:52:08\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nSo, mobility incorporates which all segments, and the others are, you know, which all other revenue streams are coming in the others?\u003Cbr\u003E\n\u003Cb\u003E\u003Cbr\u003E\n 00:52:18\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo, mobility is basically the B2C sector that we have, and together with Fleet Park. So, all the actual transactions that happen in our four-part [inaudible] service stations are actually reported as mobility revenues.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:52:34\u003C/b\u003E\u003Cbr\u003E\n\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EThe others would be the other smaller segments that we have, including marine fuels, marine lubricants, as well as lubricants.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:52:44\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nOK… OK… Fine – thank you. \u003Cb\u003E \u003C/b\u003E\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:52:46\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nAnd, you mentioned your NFR remained very strong during the year. Will it be possible for you to discuss the NFR revenue? What proportion is the contribution in this NFR revenue – and what's your strategy for this segment?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:53:10\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nSo, over 50% of the other revenue that we have reported actually comes from the NFR business stream. And maybe on the strategy, Suresh would like to…\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:53:21\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nYeah, sure.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:53:21\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nThe other… other segment or other… other income?\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:53:24\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ELamees Al Lawati\u003C/b\u003E\u003Cbr\u003E\nOther income.\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:53:25\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EOther income, the 4 million. So, it's around probably around 2 million Omani Riyals.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:53:30\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nSo, so the strategy, the strategy is Joice, part one of it in 2023, was around acquiring and then improving the look and feel of the shops.\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:53:44\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nUltimately the main, the main aim, ideal solution will be to have as many service stations with an integrated offering of fuels and NFR as possible in within the Sultanate.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:53:58\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nCurrently we are setting at 50 plus.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:54:00\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nYou'll start to potentially see a growth more and more in, in this area that's that's in terms of pure count.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:54:09\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nI talked a little bit earlier about the quality of the offerings or the extended offerings in the NFR space as well.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:54:17\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nYeah. And I also talked about the ancillary offerings. For example, a place where a customer can go have a coffee, get their car service and enjoy all other facilities within the station, aside from just refuelling their car or charging their car at one of our… one of our charge points.\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003E00:54:40\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EWe envisage the contact time at which a regular customer will spend at a service station… with this NFR offerings which will go up as well… which is why it goes back to one of the primary focus I have – for me – is to improve the look and feel of these locations.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:55:01\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nSo, are you monitoring the footfall in this NFR sites or what's the KPIs that you will be looking at?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:55:08\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nYes, we do.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:55:10\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nSo, we measure the footfalls to transactions and everything else in between – and Joice, quite frankly speaking, the reason… the reason we do that also is… we are adjusting along the way because it’s an extremely dynamic business.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:55:28\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nThe offerings, for example, you will notice in the fasting month what we're offering in our service stations vary from what you see just a day before.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:55:36\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nYou will see it change and evolve in the upcoming months of Khareef, and it goes down even to the level of customizing different drink offerings in our Shell Cafe within the shop.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:55:50\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003Cbr\u003E\nSo, high level answer to your point, do we monitor the footfall?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:55:54\u003C/b\u003E\u003Cbr\u003E\n\u003Cb\u003ESuresh Nair\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EYes, but a lot more, a lot more in between to make sure we can almost customize and then differentiate our services from, from what's available in the market… almost on a daily basis sometimes.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:56:10\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nNext question that I have...\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:56:11\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nThank you guys, I think, Mahmoud, what about the timing?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:56:15\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nWe… we just have less than two minutes… team… I think.\u003Cbr\u003E\n\u003Cb\u003E\u003Cbr\u003E\n 00:56:21\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nI think with that we can end the session.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:56:25\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nIs everyone aligned?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:56:27\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nI mean, I was just wondering if there are any… any other questions in the next one or two minutes?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:56:33\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nCan we take final questions – then one final question looking at the time?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:56:37\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nJoice, one more question if you have before we end the call.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:56:42\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nMr. Mohammad, I have more than one question, but you know the… the question that I have, you know, is on the CapEx…\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:56:52\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EI'm seeing that your CapEx has been increasing from 2020 to 2023 – and it has reached, it has been stable… stable before that, and then from 2.6 million it has reached up to 8.8 million in last year.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:57:06\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nSo, where is this CapEx goes (sic.) into primarily? Because we are not adding too much of any stations, we are adding only if we have added only (sic.) six stations.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:57:16\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003Cbr\u003E\nSo, what kind of CapEx should we be looking at?\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:57:18\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nSure, sure, sure. I think…\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:57:20\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EJoice Mathew\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E[Inaudible]\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:57:22\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nLet me answer that… just for the sake of, we have less than one minute… and let me try to cover that please Joice.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:57:30\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nNow, I think it's very important to highlight that many of this CapEx actually goes into ensuring our existing assets function in a way that is… allows us… first of all of course in a safe manner, and then allows us to continue operating these locations. And that includes the existing stations, yes (?)\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:57:56\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nSo, there have been a number of KDR projects knocked down and rebuild that has been put in place or in action over the last two to three years.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:58:06\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nIn addition, of course, there have been a lot of, you know, the, you know, the project that we have taken last year of converting our existing \u003Ci\u003ESelect \u003C/i\u003Eor existing convenience stores and rebranding them.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:58:18\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nIt took a lot of a lot of CapEx from us because we had to build them and redesign them the same way that we run the C-store under the select brand name internationally.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:58:29\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nAnd then of course, there have been a huge CapEx related to shifting to a new building. Our head office got shifted to a new building and that was a huge CapEx that we had to invest in; demolish the old building, move to a new building, build a new car park, etcetera.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:58:50\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nAnd that also included refurbishing our other offices nearby, the head office like the lubricant blending plant, as well as the trading and supply and our also colleagues in aviation.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:59:04\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nNow, with all that also there have been a huge asset integrity CapEx that we have been always investing. As I said, the idea was to ensure that we we operate in a very safe manner.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:59:18\u003C/b\u003E\u003Cbr\u003E\n\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003ESo, so yes, your… your… your observation is correct.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:59:22\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nThere has been huge CapEx invested, not necessarily on building new stations, but one - to ensure that we operate safely; two – to ensure that we actually have the the existing assets serving us for future years, and also expanding on existing assets, building the NFR which we have been focusing on.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E00:59:49\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nThat took also a lot of CapEx in terms of rather than investing it in an (sic.) existing assets, but how we can improve our… sorry… investing it in a new asset or a new site on… on but… on how we can really invest and improve our existing sites.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E01:00:05\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nHope that answer your question Joice.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E01:00:08\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nIt was great speaking to you. And Mahmoud for you to...\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E01:00:12\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003ENo. Thank you…\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E01:00:13\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003Cbr\u003E\nThank you, Doctor.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E01:00:14\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMahmoud Al Abri\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003EAnd, I want to thank everyone for joining the session today and looking forward (sic.) to have you again in our upcoming sessions in future. Ramadan Kareem and goodbye.\u003Cbr\u003E\n\u003Cbr\u003E\n\u003Cb\u003E01:00:26\u003C/b\u003E\u003C/p\u003E\n\u003Cp\u003E\u003Cb\u003EMohammed Al Balushi\u003C/b\u003E\u003Cbr\u003E\nThank you Mahmoud and the team.\u003Cbr\u003E\n\u003C/p\u003E\n"}}],"id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/main/section/revealer_copy_122459_1682766689","model":{}},{"organism":"StandaloneAsset","color":"inherited","colspan":8,"colstart":3,"id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/main/section/standalone_asset","model":{"title":"جلسة مناقشة علاقات المستثمرين للربع الثالث من 2023","video":{"src":"https://www.youtube-nocookie.com/embed/csoCj5en4UA?si=9m_8ieAv_RUgqnsh","caption":"جلسة مناقشة علاقات المستثمرين للربع الثالث من 2023"}}},{"organism":"Container.List","colspan":8,"colstart":3,"children":[{"organism":"AccordionItem","color":"inherited","id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/main/section/revealer_copy_122459/revealer_item","model":{"title":"أقرأ النص","text":"\u003Cp\u003E\u003Cb\u003EShell Oman Marketing SAOG – Investor Relations Session Q3 2023\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EDuration:\u003C/b\u003E 57 minutes and 10 seconds\u003C/p\u003E\r\n\u003Cp\u003E00:00:33\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nGood morning, everyone.\u003C/p\u003E\r\n\u003Cp\u003E00:00:34\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nWe would like to welcome all of you to our Investor Relations session for Q3, 2023.\u003C/p\u003E\r\n\u003Cp\u003E00:00:41\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nWe will give a minute or so for more people to join and then we will start shortly.\u003C/p\u003E\r\n\u003Cp\u003E00:00:46\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nThanks for joining.\u003C/p\u003E\r\n\u003Cp\u003E00:01:58\u003Cbr\u003E\r\nBurair Al-Lawati\u003Cbr\u003E\r\nMahmoud, better to admit [inaudible].\u003C/p\u003E\r\n\u003Cp\u003E[Silence Ensues]\u003C/p\u003E\r\n\u003Cp\u003E00:02:52\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nGood morning, everyone.\u003C/p\u003E\r\n\u003Cp\u003E00:03:01\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nSo welcome all to our Q3 Investor Relations session for 2023.\u003C/p\u003E\r\n\u003Cp\u003E00:03:07\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nI would like to thank you all for attending this.\u003C/p\u003E\r\n\u003Cp\u003E00:03:10\u003Cbr\u003E\r\nShurooq Al Saleh\u003Cbr\u003E\r\nYou're on mute.\u003C/p\u003E\r\n\u003Cp\u003E00:03:13\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nHello, can you hear us?\u003C/p\u003E\r\n\u003Cp\u003E00:03:17\u003Cbr\u003E\r\nBurair Al Lawati\u003Cbr\u003E\r\nI can hear you, Mahmoud.\u003C/p\u003E\r\n\u003Cp\u003E00:03:19\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nCan you see us?\u003C/p\u003E\r\n\u003Cp\u003E00:03:21\u003Cbr\u003E\r\nSultan Al Shidi\u003Cbr\u003E\r\nI can hear you and see you.\u003C/p\u003E\r\n\u003Cp\u003E00:03:22\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nYes, fantastic.\u003C/p\u003E\r\n\u003Cp\u003E00:03:24\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nSo this is a virtual session which is in compliance with the Decision No. 109/2023 as per the executive regulation of the capital market authority law issued in 13th of July 2022.\u003C/p\u003E\r\n\u003Cp\u003E00:03:39\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nMy name is Mahmoud Al Abri, I'm the Investor Relation Officer for Shell Oman Marketing and the Corporate Relations GM.\u003C/p\u003E\r\n\u003Cp\u003E00:03:46\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nI think before we get into the agenda and I will also present the panel, it's important to talk about safety.\u003C/p\u003E\r\n\u003Cp\u003E00:03:55\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nSo let me share also my screen and please team let me know when you can see the screen.\u003C/p\u003E\r\n\u003Cp\u003E00:04:11\u003Cbr\u003E\r\nBurair Al Lawati\u003Cbr\u003E\r\nYes.\u003C/p\u003E\r\n\u003Cp\u003E00:04:11 [simultaneously]\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nCan you all see the screen?\u003C/p\u003E\r\n\u003Cp\u003E00:04:14\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nSo very briefly on safety. So whether you're taking this call from home or work, please make sure you don't take this call if you are driving.\u003C/p\u003E\r\n\u003Cp\u003E00:04:22\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nPlease know where are the fire exits and where are the alarm… sounds as well. Make sure you're in a safe place while taking this call in general.\u003C/p\u003E\r\n\u003Cp\u003E00:04:37\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nSo before I go into the agenda, let me introduce the panel for the IR session today.\u003C/p\u003E\r\n\u003Cp\u003E00:04:44\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nSo Doctor Mohammed [Dr. Mohammed Al Balushi] is our Chief Executive Officer and also we have our CFO, Lamees Al Lawati.\u003C/p\u003E\r\n\u003Cp\u003E00:04:52\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nWe have Suresh Nair, our GM mobility… as well as on the call we have Burair Al Lawati, who is our GM for strategy and energy transition.\u003C/p\u003E\r\n\u003Cp\u003E00:05:01\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nThe agenda of today, we will utilize around 20 to 30 minutes taking you through the companies and different business highlights.\u003C/p\u003E\r\n\u003Cp\u003E00:05:10\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nIn the meantime, actually you can ask questions using the chat box.\u003C/p\u003E\r\n\u003Cp\u003E00:05:15\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nWe will make sure we will attend the questions during the Q&A. But we will have a dedicated session for Q&A towards the end of the session.\u003C/p\u003E\r\n\u003Cp\u003E00:05:28\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nSo, if I start with the HSSE journey or highlights for the first nine months, the Company has scored strong performance in terms of no harm and no leak over the last nine months.\u003C/p\u003E\r\n\u003Cp\u003E00:05:39\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nThis is done actually with the focus on what we call Triple C: Care, Competency, and Compliance.\u003C/p\u003E\r\n\u003Cp\u003E00:05:46\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nThe HSSE team managed to execute various projects in HSSE.\u003C/p\u003E\r\n\u003Cp\u003E00:05:52\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nIn terms of compliance, the team has executed 6 emergency responses exercise, in collaboration with the relevant authorities and wider community.\u003C/p\u003E\r\n\u003Cp\u003E00:06:01\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nThis is actually to test our emergency response in any situations.\u003C/p\u003E\r\n\u003Cp\u003E00:06:07\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nIn terms of compliance as well… the team has done assurance reviews to focus on retail, on trucks, security, risk management and contractor safety.\u003C/p\u003E\r\n\u003Cp\u003E00:06:19\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nAnother important milestone was actually [we] conducted several refresher sessions focused on health and well-being, defensive driving, safety passport, permit to work and other mandatory HSSE courses, not only for the wider community of some staff but also with our partners and contractors.\u003C/p\u003E\r\n\u003Cp\u003E00:06:37\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nIn internal as well, there was blood donation drives, basic health check-ups and nutritional awareness that has been actually carried over the last nine months for the staff of Shell Oman Marketing.\u003C/p\u003E\r\n\u003Cp\u003E00:06:47\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nWith the emergence of cybersecurity, it was actually a requirement to make sure that we conduct some awareness session in terms of cybersecurity challenge.\u003C/p\u003E\r\n\u003Cp\u003E00:07:01\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nWith this, I will hand over to Doctor Mohammed to take us through the Company's highlights over the last five months and overall some journey in Oman.\u003C/p\u003E\r\n\u003Cp\u003E00:07:10\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nThanks, Mahmoud.\u003C/p\u003E\r\n\u003Cp\u003E00:07:11\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nGood morning, everyone.\u003C/p\u003E\r\n\u003Cp\u003E00:07:12\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nI'll just be very brief highlighting a few… sort of key numbers that you know… represent the journey of Shell Oman over the last 65 years.\u003C/p\u003E\r\n\u003Cp\u003E00:07:26\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nI have to definitely emphasize that this is an Omani publicly listed company that is carrying an international brand, which gives us a lot of… I would say… competitive edge to bring in that kind of international exposure that we have with the, you know, international backing and best practices.\u003C/p\u003E\r\n\u003Cp\u003E00:07:56\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nToday, Shell Oman has 211 Mobility Service Stations, 52 Select stores and a number of, you know, activities, products and services that are serving our growing, you know, customer or base of customers throughout you know the Sultanate of Oman.\u003C/p\u003E\r\n\u003Cp\u003E00:08:26\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nWe are also blessed to have the first and only ISO-certified Blending Plant that actually produces proudly ‘Made in Oman’ lubricant products that serves not only the local market but also… around more than 12 markets, you know, regionally and overseas.\u003C/p\u003E\r\n\u003Cp\u003E00:08:55\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nWe're serving and working in four Airports, two ports… through our basically different products and services, whether it's aviation or bunkering marine products.\u003C/p\u003E\r\n\u003Cp\u003E00:09:10\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nThe organization is proudly, as I said, being an Omani Company… proudly managed by an Omani management team.\u003C/p\u003E\r\n\u003Cp\u003E00:09:22\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nThere is 94% Omanization rate as we speak today – and actually most of the shareholders [sic.] are owned by Omani institutions and individuals.\u003C/p\u003E\r\n\u003Cp\u003E00:09:37\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nOn top of that, through the extension of our services, we do have 130 Omani SMEs, who are serving and working for us as retailers and basically sort of distributors to our products and services.\u003C/p\u003E\r\n\u003Cp\u003E00:10:03\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nOver the last 65 years, we're proud to be Number 1 or being the first in launching new initiatives and programmes in the market.\u003C/p\u003E\r\n\u003Cp\u003E00:10:15\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nFor instance, back in 1997, we were the first to actually introduce 24 hours convenience retailing in Oman and I'm not here talking about the concept of convenience retailing within the mobility filling stations.\u003C/p\u003E\r\n\u003Cp\u003E00:10:31\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nWe're actually… We were the one to introduce the concept of 24 hours shopping or convenience storing in Oman. Period.\u003C/p\u003E\r\n\u003Cp\u003E00:10:42\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nWe were the first to launch the solar-powered service station, first to differentiate… to launch differentiated fuel, first to launch fuel cards, first to launch VRS fleet Solution, and so on and so forth.\u003C/p\u003E\r\n\u003Cp\u003E00:10:58\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nSo, the point that I'm trying to make here is that, you know not only being limited to our products and services in terms of fuel and lubricants. The Company, throughout its history in Oman, has been a pioneer in terms of introducing new products and services, and systems that actually has improved the market and the industry over the last, you know, a number of years. And that I think… would probably [be] just a brief about Shell Oman Marketing Company.\u003C/p\u003E\r\n\u003Cp\u003E00:11:38\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nAnd I'll probably leave it to the financials later on to talk about more details.\u003C/p\u003E\r\n\u003Cp\u003E00:11:44\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nYeah, thank you, Doctor. Over to you, Lamees.\u003C/p\u003E\r\n\u003Cp\u003E00:11:46\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nYep.\u003C/p\u003E\r\n\u003Cp\u003E00:11:46\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nThank you, Mahmoud and Dr. Mohammed.\u003C/p\u003E\r\n\u003Cp\u003E00:11:51\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nAn overview of the financial performance for the first nine months.\u003C/p\u003E\r\n\u003Cp\u003E00:11:53\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nWe're just trying to get this slide on screen.\u003C/p\u003E\r\n\u003Cp\u003E00:11:56\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nAre there any questions raised, because I saw some things happening.\u003C/p\u003E\r\n\u003Cp\u003E00:12:08\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nSo, team… sorry… You can still type your question on the chat box. We will make sure we attend to them during the Q&A sessions.\u003C/p\u003E\r\n\u003Cp\u003E00:12:15\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nSo [this is] just a snapshot and an overview of our financial performance in the first nine months of 2023 and consistent with our post-board disclosure and publication. In 2023, we have reported headline revenue growth of 4% versus the same period last year, which was the 1st three quarters of 2022.\u003C/p\u003E\r\n\u003Cp\u003E00:12:35\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nThis 4% growth in the headline revenue was underpinned by an overall 6% growth in volume across the different businesses.\u003C/p\u003E\r\n\u003Cp\u003E00:12:44\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nNow my colleagues in separate briefs will share more insights and details about the business deliverables in the first nine months.\u003C/p\u003E\r\n\u003Cp\u003E00:12:50 \u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nBut on a high level, just speaking about the volume and to explain a bit of the drivers for the 6% volume growth and the 4% revenue growth, we have introduced 6 new service stations in the first nine months of the year in important and strategic locations across the country.\u003C/p\u003E\r\n\u003Cp\u003E00:13:07\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nWe have expanded our footprint in the aviation business, reporting over 170% growth in that segment and majority of that volume… we've seen that shift coming to the business from Q2 onwards, linked to some of the contracts that we have won during the period.\u003C/p\u003E\r\n\u003Cp\u003E00:13:25\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nWe have also acquired new contracts in the fleet business and in the [inaudible “home-based”] businesses.\u003C/p\u003E\r\n\u003Cp\u003E00:13:31\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nOur gross profit for the period was 2% higher than the same period last year.\u003C/p\u003E\r\n\u003Cp\u003E00:13:36\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nNow the difference between the 4% growth that we have reported in revenue for the period and the 2% growth in gross profit is mainly related or attributed to the product-price valuation.\u003C/p\u003E\r\n\u003Cp\u003E00:13:47\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nLast year's results were inclusive of a sizable stock gain from price exposure. We had stock gain that we have reported this year as well in this year's financials, but it was not the same extent that we have reported in 2022.\u003C/p\u003E\r\n\u003Cp\u003E00:14:03\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nNow with such fluctuations or you know differences that might come from priced exposures or valuations related to the stock in inventory that we have in hand, the picture might not be as clear as to how much growth was actually coming and resulting from the underlying business performance, which has been actually reporting a very healthy growth in 2023.\u003C/p\u003E\r\n\u003Cp\u003E00:14:30\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nOur other income which is predominantly the income that we receive from the services across our service stations… so things like the income we receive from the C-stores income that we received from co-locators, the tie-ups that we have with other brands, as well as streams like our car wash services and others have reported a growth of 5% this year versus the same period last year.\u003C/p\u003E\r\n\u003Cp\u003E00:14:56\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nNow, other income is a very important stream that we are focusing on and non-fuel retail - NFR - is an important strategic lever for us that we are focusing on in this organization.\u003C/p\u003E\r\n\u003Cp\u003E00:15:08\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nWe have taken a number of measures this year to expand our Shell Select footprint, particularly as a brand, and we've done that by acquiring 21 select stores from the previous operator and opening new sites as well, bringing the total number of Select stores this year to 52 in Country, in addition to obviously bringing new services and enhancing the customer experience in our Select stores and in our forecourt services in general.\u003C/p\u003E\r\n\u003Cp\u003E00:15:35\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nOur cost has reported 7% growth versus the same period last year. Now when we look at cost, there are two big buckets that we attribute the increase to.\u003C/p\u003E\r\n\u003Cp\u003E00:15:47\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nThe first one is any cost that is directly linked to volume.\u003C/p\u003E\r\n\u003Cp\u003E00:15:52\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nSo, as your volume grows in the organization, things like logistics cost, transportation cost, throughput fees, licences and others would always go higher hand-in-hand with volume.\u003C/p\u003E\r\n\u003Cp\u003E00:16:03\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nSo we have seen growth that is in cost that is directly related to our volume growing and our business expanding.\u003C/p\u003E\r\n\u003Cp\u003E00:16:11\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nOn the other side, we have also worked on a number of maintenance activities across the portfolio of the service stations that we have.\u003C/p\u003E\r\n\u003Cp\u003E00:16:20\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nIn addition obviously to some of our in house facilities, so the lubricant blending plant and the tanks that we have here.\u003C/p\u003E\r\n\u003Cp\u003E00:16:28\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nMajority of that maintenance cost that we have carried was actually preventive and proactive maintenance that we have consciously planned for this year.\u003C/p\u003E\r\n\u003Cp\u003E00:16:35\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nAnd we prioritise always to ensure the integrity of our assets and our operational excellence at all times.\u003C/p\u003E\r\n\u003Cp\u003E00:16:44\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nAbout 22% of the growth, of that 7% that we have seen in that, was actually attributed to that maintenance cost increase.\u003C/p\u003E\r\n\u003Cp\u003E00:16:53\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nAlso, consistent with what we have been sharing with the investors, we have invested on upgrading our IT platform to improve the efficiency and the connectivity across the service stations.\u003C/p\u003E\r\n\u003Cp\u003E00:17:06\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nAnd also to enable us to introduce new services, we had mentioned our Shell GO Plus loyalty application that we have introduced this year. And for that we had to invest on our infrastructure and on improving our cybersecurity platforms.\u003C/p\u003E\r\n\u003Cp\u003E00:17:19\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nSo some of the cost increase that we have incurred this year was directly related to investments and growth in the facilities and in the infrastructure… in the infrastructure… that we have to enable us not only for today to capture volume but also to position us right in the digitalization journey that we want to embark on.\u003C/p\u003E\r\n\u003Cp\u003E00:17:38\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nAnd finally one last big chunk of the cost increase that we have seen here is also related to rental. So the plots that we construct our service stations and obviously with the introduction of a number of filling stations last year or service stations last year and six new service stations this year, the cost of renting these plots would be reflected as higher operating cost in our financials.\u003C/p\u003E\r\n\u003Cp\u003E00:18:03\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nAnd then our financing cost has reported a 14% increase in the nine months our business has gone and obviously the working capital elements associated with us managing a bigger business today, in the form of inventory balances that we've got to maintain at hand, account receivable balances growing as line in line with our increase in sales.\u003C/p\u003E\r\n\u003Cp\u003E00:18:28\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nSo for that and to manage the working capital, we had to ensure that we have enough liquidity at all points in time.\u003C/p\u003E\r\n\u003Cp\u003E00:18:35\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nAnd with that and reflecting on the high interest rate that we have seen in the market… it's a global trend that has impacted us locally as well.\u003C/p\u003E\r\n\u003Cp\u003E00:18:44\u003Cbr\u003E\r\nLamees Al Lawati \u003Cbr\u003E\r\nHere we have seen the interest rate growing significantly over the span of the nine months of 2023 and that has been reflected as a higher financing cost in our financials.\u003C/p\u003E\r\n\u003Cp\u003E00:18:56\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nOur profit for the period was 3.79 million Oman Riyals – it was 1.2… roughly around… 1.2 million lower than the same period last year supported by all the factors that we've explained just now.\u003C/p\u003E\r\n\u003Cp\u003E00:19:08\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nNow let's move to Suresh [Nair].\u003C/p\u003E\r\n\u003Cp\u003E00:19:15\u003Cbr\u003E\r\nSuresh Nair\u003Cbr\u003E\r\nThank you and good morning.\u003C/p\u003E\r\n\u003Cp\u003E00:19:16\u003Cbr\u003E\r\nSuresh Nair\u003Cbr\u003E\r\nSo [inaudible] for the Mobility, we've continued our green initiatives across our Shell service nations and this is in the form of solar panels, LED lights and also power-saving chillers, which is in our Select shops.\u003C/p\u003E\r\n\u003Cp\u003E00:19:30\u003Cbr\u003E\r\nSuresh Nair\u003Cbr\u003E\r\nWe've expanded as the CEO has touched upon in the first slide, our electric charging points – and this will continue to be our direction moving forward as well in strategic locations across the southern end. We've completed the commissioning of 6 new service stations this year and that brings our total to 211.\u003C/p\u003E\r\n\u003Cp\u003E00:19:50\u003Cbr\u003E\r\nSuresh Nair\u003Cbr\u003E\r\nAnd we continue to want to expand our network of Shell Select, which currently stands at 52 for the year.\u003C/p\u003E\r\n\u003Cp\u003E00:19:58\u003Cbr\u003E\r\nSuresh Nair\u003Cbr\u003E\r\nThe focus within our operations will be around the following areas as well, which is focusing on creating employment and business opportunities with the local SMEs.\u003C/p\u003E\r\n\u003Cp\u003E00:20:09\u003Cbr\u003E\r\nSuresh Nair\u003Cbr\u003E\r\nThere there's been efforts around improving our focus in the environmental space. You can see now at some of our sites where we have plastic reversing vending machines, we are looking at better and more eco-friendly packaging services within our Shell Cafe and Select locations – and this is an area which we'll continue to pay more attention to with technology advancements as well.\u003C/p\u003E\r\n\u003Cp\u003E00:20:37\u003Cbr\u003E\r\nSuresh Nair\u003Cbr\u003E\r\nWe are seeing a good growth pattern in our Shell V-Power or differentiator fuels segment as well as the focus around fleet card customer sign-ups as well.\u003C/p\u003E\r\n\u003Cp\u003E00:20:50\u003Cbr\u003E\r\nSuresh Nair\u003Cbr\u003E\r\nWe are also seeing an active and increased number of registrations in our loyalty programme which is Shell Go Plus – and as moving forward for future plans, we have seven more Shell Select shops in the pipeline for this year.\u003C/p\u003E\r\n\u003Cp\u003E00:21:05\u003Cbr\u003E\r\nSuresh Nair\u003Cbr\u003E\r\nWe will be focusing as well on increased alliances and partnerships where it makes commercial sense, we will be looking at Shell Helix, Oil Change centers, and car wash to improve our offerings in the customer care segment as well as also an increased focus around the National Subsidy System customers in the 91 [M91 fuel] offering space.\u003C/p\u003E\r\n\u003Cp\u003E00:21:31\u003Cbr\u003E\r\nSuresh Nair\u003Cbr\u003E\r\nThe V-Power or differentiated fuels continues to be an attractive propositions for our customers and we'll be looking at how we can expand our promotions and encouragement in this segment as well.\u003C/p\u003E\r\n\u003Cp\u003E00:21:47\u003Cbr\u003E\r\nSuresh Nair\u003Cbr\u003E\r\nThank you.\u003C/p\u003E\r\n\u003Cp\u003E00:21:48\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nThank you, Suresh.\u003C/p\u003E\r\n\u003Cp\u003E00:21:49\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nSo the lubricant business remains a significant pillar and stream of revenue for the Company and over years the lubricant remained a market leader in the Sultanate of Oman. It continued to lead the market in the industry and that's done actually through achieving new customer wins in different sectors as well as increasing the share of wallets with big existing B2B customers across different sectors like oil and gas, power and automotive.\u003C/p\u003E\r\n\u003Cp\u003E00:22:19\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nThe business has also enhanced the product portfolio last… this year actually… new revenue stream has been launched in the business, which is Shell coolant specifically with the distributors and in the B2C segment. This will offer customers a different or additional variety of choices.\u003C/p\u003E\r\n\u003Cp\u003E00:22:41\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nIn terms of lubricant blending plant – this is the only Shell-operated lubricant blending plant in the region, the only ISO certificates in the region and it's continued to promote in-country value for Oman.\u003C/p\u003E\r\n\u003Cp\u003E00:22:52\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nNot only actually does it cater to the local market, but it also exports to more than 12 countries across the region.\u003C/p\u003E\r\n\u003Cp\u003E00:22:58\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nIn terms of energy transitions, the business continued to promote top-tier products ‘Made in Oman’ product, namely Shell Helix Ultra Carbon-Neutral, which showcases the company's commitment to carbon reduction and respect for nature.\u003C/p\u003E\r\n\u003Cp\u003E00:23:15\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nIn terms of plans, the first plan is actually to continue driving and enhancing the HSSE culture and focus across the lubricant blending plant.\u003C/p\u003E\r\n\u003Cp\u003E00:23:25\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nSecondly, in terms of cost reduction initiatives across the entire value chain of lubricants.\u003C/p\u003E\r\n\u003Cp\u003E00:23:30\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nAnd thirdly, always look for business growth to explore not only in the country but also across the border.\u003C/p\u003E\r\n\u003Cp\u003E00:23:37\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nNow let me move to Burair [Al Lawati].\u003C/p\u003E\r\n\u003Cp\u003E00:23:40\u003Cbr\u003E\r\nBurair Al Lawati\u003Cbr\u003E\r\nThank you, Mahmoud.\u003C/p\u003E\r\n\u003Cp\u003E00:23:41\u003Cbr\u003E\r\nBurair Al Lawati\u003Cbr\u003E\r\nGood morning, everyone.\u003C/p\u003E\r\n\u003Cp\u003E00:23:43\u003Cbr\u003E\r\nBurair Al Lawati\u003Cbr\u003E\r\nI'd like to present the energy transition highlights and plans. As you can refer to what has been already discussed regarding power and progress.\u003C/p\u003E\r\n\u003Cp\u003E00:23:53\u003Cbr\u003E\r\nBurair Al Lawati\u003Cbr\u003E\r\nIt's actually a strategy that highlights the transition of our business to net-zero emissions while creating added-value for the shareholders, the customers and the wider society.\u003C/p\u003E\r\n\u003Cp\u003E00:24:03\u003Cbr\u003E\r\nBurair Al Lawati\u003Cbr\u003E\r\nThe four main goals of the strategy supports our purpose, which is to power progress together with more and cleaner energy and solutions.\u003C/p\u003E\r\n\u003Cp\u003E00:24:10\u003Cbr\u003E\r\nBurair Al Lawati\u003Cbr\u003E\r\nIt is also underpinned by our core values of respect – and also with our focus on safety.\u003C/p\u003E\r\n\u003Cp\u003E00:24:20\u003Cbr\u003E\r\nBurair Al Lawati\u003Cbr\u003E\r\nThe company's values, goals and strategy are aligned with the Oman Vision 2040, including and not limited to the net-zero emissions target by 2050, which has been recently announced by the government in step with the society.\u003C/p\u003E\r\n\u003Cp\u003E00:24:33\u003Cbr\u003E\r\nBurair Al Lawati\u003Cbr\u003E\r\nAnd if you look at the recent highlights that has been shared by my colleagues, but also what I'm going to talk about, it's also plays along these lines.\u003C/p\u003E\r\n\u003Cp\u003E00:24:43\u003Cbr\u003E\r\nBurair Al Lawati\u003Cbr\u003E\r\nSo, this year we and in this quarter we have completed the corporate greenhouse gas emissions exercise, which is meant to determine our baseline for the emissions from the Company and to incorporate the data into our plans to develop a comprehensive approach to emission reduction road maps and initiatives for our operated facilities, assets and also which has already started with the upskilling and training of our specialists in the Company for data gathering analysis. We have also signed the contract to design and develop and install Oman's first hydrogen and refueling service station.\u003C/p\u003E\r\n\u003Cp\u003E00:25:21\u003Cbr\u003E\r\nBurair Al Lawati\u003Cbr\u003E\r\nThe service station is expected to be operational by 2024.\u003C/p\u003E\r\n\u003Cp\u003E00:25:25\u003Cbr\u003E\r\nBurair Al Lawati\u003Cbr\u003E\r\nThe total number of EV charging points has reached 15, which is also in support of all the stakeholders, especially the government to decarbonize the mobility sector and help with the 2050 targets.\u003C/p\u003E\r\n\u003Cp\u003E00:25:43\u003Cbr\u003E\r\nBurair Al Lawati\u003Cbr\u003E\r\nA contract has been signed with the Omani SME for petroleum waste management services – and it provides petroleum waste management services and explores added value that can be generated from recycling waste.\u003C/p\u003E\r\n\u003Cp\u003E00:25:59\u003Cbr\u003E\r\nBurair Al Lawati\u003Cbr\u003E\r\nWe move now to low carbon products and sectors.\u003C/p\u003E\r\n\u003Cp\u003E00:26:03\u003Cbr\u003E\r\nBurair Al Lawati\u003Cbr\u003E\r\nSo this sector has been delivering successful and strong HSE performance. We have zero fuelling delays in all airports, in terms of aviation fuel despite the operational challenges.\u003C/p\u003E\r\n\u003Cp\u003E00:26:15\u003Cbr\u003E\r\nBurair Al Lawati\u003Cbr\u003E\r\nAnd we have completed that audit conducted by various airline companies with zero findings. Securing and signing of new contracts in the power and construction industries has been our focus when it comes to bulk volume.\u003C/p\u003E\r\n\u003Cp\u003E00:26:28\u003Cbr\u003E\r\nBurair Al Lawati\u003Cbr\u003E\r\nAnd we have renewed existing contracts with the airline companies in both Muscat and Salalah Airports.\u003C/p\u003E\r\n\u003Cp\u003E00:26:35|\u003Cbr\u003E\r\nBurair Al Lawati\u003Cbr\u003E\r\nOur plans will be to continue our strong HSE performance and building on our zero tolerance to any type of compromise.\u003C/p\u003E\r\n\u003Cp\u003E00:26:43\u003Cbr\u003E\r\nBurair Al Lawati\u003Cbr\u003E\r\nWe are also working on securing new long term government contracts through upcoming tenders and we'll work on expanding our bunker activities in multiple ports in the Sultanate.\u003C/p\u003E\r\n\u003Cp\u003E00:26:54\u003Cbr\u003E\r\nBurair Al Lawati\u003Cbr\u003E\r\nBack to you, Mahmoud.\u003C/p\u003E\r\n\u003Cp\u003E00:26:56\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nThank you, Burair.\u003C/p\u003E\r\n\u003Cp\u003E00:26:57\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nIn terms of Corporate Social Responsibility, as being a responsible Company as always, we are assigning a yearly budget for CSR as well as for donation activities.\u003C/p\u003E\r\n\u003Cp\u003E00:27:07\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nAnd our strategy is always to attend to the community needs as well as to look for the priority of the nation in terms of Oman Vision 2040 as well as for Powering Progress as a Shell strategy.\u003C/p\u003E\r\n\u003Cp\u003E00:27:19\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nAnd over the last couple or number of months, there were some highlight in terms of CSR activities. We have been continuously supporting the Oman Charitable Organization in terms of donations, we have signed a couple of MOUs with Outward Bound Oman to enhance the capacity of youth in Oman in general.\u003C/p\u003E\r\n\u003Cp\u003E00:27:41\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nAlso, we have a partnership with the Ministry of Social Development to support different NGOs in Oman.\u003C/p\u003E\r\n\u003Cp\u003E00:27:48\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nWe have continued our effort in terms of training and internship opportunities to students and graduates in the Sultanate.\u003C/p\u003E\r\n\u003Cp\u003E00:27:56\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nAlso we have a partnership with Onsor for donating different laptops to childhood centre, specifically at the Al WAFA Centre.\u003C/p\u003E\r\n\u003Cp\u003E00:28:05\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nAnd finally, we have installed the VRS power recovery system in some Shell service stations to mitigate environmental impact.\u003C/p\u003E\r\n\u003Cp\u003E00:28:15\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nI think with this we have covered almost 27-28 minutes of highlighting the different initiatives, different milestones of different businesses of some as well as the plans.\u003C/p\u003E\r\n\u003Cp\u003E00:28:26\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nNow we'll open the window for any for any question from the team.\u003C/p\u003E\r\n\u003Cp\u003E00:28:45\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nSo team, you can ask questions, please.\u003C/p\u003E\r\n\u003Cp\u003E00:28:47\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nYou can unmute yourself, introduce yourself and you can ask the question.\u003C/p\u003E\r\n\u003Cp\u003E00:28:59\u003Cbr\u003E\r\nBishen Bhalla\u003Cbr\u003E\r\nHello.\u003C/p\u003E\r\n\u003Cp\u003E00:29:00\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nYeah, we can hear you. Go ahead.\u003C/p\u003E\r\n\u003Cp\u003E00:29:02\u003Cbr\u003E\r\nBishen Bhalla\u003Cbr\u003E\r\nHi, good morning team. Thank you for the presentation.\u003C/p\u003E\r\n\u003Cp\u003E00:29:06\u003Cbr\u003E\r\nBishen Bhalla\u003Cbr\u003E\r\nThis is Bishen Bhalla from Vision Capital.\u003C/p\u003E\r\n\u003Cp\u003E00:29:09\u003Cbr\u003E\r\nBishen Bhalla\u003Cbr\u003E\r\nYou know you had, you had mentioned in one of the slides… let me just exactly refer to which slide you're talking about… sort of these one off course that you know you had associated with adding new stations et cetera, licensing cost and I think you mentioned that for the 7% increase in cost, 22% is attributed to one-off cost, right. Is that is that a correct assessment?\u003C/p\u003E\r\n\u003Cp\u003E00:29:35|\u003Cbr\u003E\r\nLamees Al Lawati \u003Cbr\u003E\r\nSo we said a big chunk of the cost, so 22% was related to maintenance activities and although they might be one-off for the scope of the assets that we have implemented them on.\u003C/p\u003E\r\n\u003Cp\u003E00:29:48\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nBut then we have an a road map for maintenance and a kind of you know a multi-year plan to cover different span of assets, services and facilities that we have.\u003C/p\u003E\r\n\u003Cp\u003E00:30:00\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nSo although for this particular asset it might be viewed as one-off sort of cost, but then you know starting next year we will be rolling over the same scope and span on other facilities as well.\u003C/p\u003E\r\n\u003Cp\u003E00:30:13\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nAnd we have also mentioned that maintenance is a core cost category for us not only on a reactive basis but on a preventive and proactive basis as well.\u003C/p\u003E\r\n\u003Cp\u003E00:30:25\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nSo we do have a multi-year plan to cover you know the entire asset base that we have.\u003C/p\u003E\r\n\u003Cp\u003E00:30:32\u003Cbr\u003E\r\nBishen Bhalla\u003Cbr\u003E\r\nUnderstood, understood. You know where I am coming from is you know we've seen an improvement in sort of margins for the for the company this year compared to in the first two quarters. There's a significant improvement – and I'm just trying to understand you know with the reality where things stand. What sort of margins do you think the company can generate on a sustainable basis on a net-profit level like you said… you know there's some maintenance of course they may be seen as one-off but it's something you’ll continue doing going forward as well?\u003C/p\u003E\r\n\u003Cp\u003E00:31:01\u003Cbr\u003E\r\nBishen Bhalla\u003Cbr\u003E\r\nSo I'm just trying to get a sense of what margins the company can do, you know removing all sort of one-off cost or one-off activities on either side on the income side as well as on the cost side. So like you mentioned you know you had some stocking last year the same, which was lower this year and you had some proactive maintenance this year. So I'm just trying to get a sense of what kind of margins or what sort of bottom line the company gets to generate on a sustainable basis for the foreseeable future. That's where I'm coming from.\u003C/p\u003E\r\n\u003Cp\u003E00:31:30\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nYeah.\u003C/p\u003E\r\n\u003Cp\u003E00:31:31\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nSo, let me let me address this question by perhaps tackling two different dimensions.\u003C/p\u003E\r\n\u003Cp\u003E00:31:37\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nSo, the cost element is one and then probably the margin is another one.\u003C/p\u003E\r\n\u003Cp\u003E00:31:41\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nAnd now whilst we acknowledge obviously that the impact of the cost increases, we are also confident in our ability to manage the business and our cost effectively to ensure the profitability of this company going forward. We are continuously looking at our cost base and we are you know, finding optimization opportunities across the value chain, whether it's from the product supply perspective or from managing operating expenses as well.\u003C/p\u003E\r\n\u003Cp\u003E00:32:08\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nAnd once we are committed on maintaining our growth trajectory and on taking this business into new heights. So the cost story is acknowledged. We will continue to invest in cost where we deem appropriate and where we feel it's beneficial for the business.\u003C/p\u003E\r\n\u003Cp\u003E00:32:23\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nWe might need to incur some cost at an early stage for us to shape the path, you know, for our growth going forward and we will continue to do that. When it comes to the margin aspect, you're aware that the downstream businesses in Oman operate in a regulated business.\u003C/p\u003E\r\n\u003Cp\u003E00:32:43\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nSo, majority of the volume that we sell about perhaps 2 billion or more of the volume that we sell is actually coming from the business line which is which is a regulated market.\u003C/p\u003E\r\n\u003Cp\u003E00:32:53\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nSo to manage the profitability in that segment is not necessarily in the hands of the oil marketing companies.\u003C/p\u003E\r\n\u003Cp\u003E00:33:01\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nAnd what we can work on obviously and what matters at the end of the day is the bottom line impact and hence our, you know, focus on expanding the revenue streams, on expanding our B2B presence whilst the majority of the B2C segment remains to be somehow tied up with the regulated market.\u003C/p\u003E\r\n\u003Cp\u003E00:33:19\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nSo our focus would be to expand our footprint on the B2B segment as one, whilst focusing as well on our other revenue stream, which is a big, big focus area for us this year and as well as an integrated pillar in our strategy.\u003C/p\u003E\r\n\u003Cp\u003E00:33:38\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nAnd if I may add, Bishen. So thanks for the question on it. I think it's a very good one.\u003C/p\u003E\r\n\u003Cp\u003E00:33:44\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nI think in addition to what Lamees has said and the realities in this market which is mainly regulated.\u003C/p\u003E\r\n\u003Cp\u003E00:33:50\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nI think one element that Suresh and the team are actually working on is, is basically to increase our non-fuel retailing business, which will not only add more offers to the customers who are coming to our mobility station, but also going back to your question will enable us to make more basically businesses and margins from every customer's visit here. In addition to ensuring that we work on the efficiency aspects when it comes not only from a cost element in terms of reducing our operating cost, but also optimising the resources that we have – and enhancing the offers that we have in the B2B segment, which would allow us of course to get good businesses, which unfortunately due to COVID and the tight sort of liquidation in the market, has become a challenge in terms of customers… it's natural [they] would love to get a very reduced kind of offers for the fuel businesses that they have from B2B and for us how we do that in a sustainable manner… that will ensure that we provide the customer value proposition in a way that will allow us to do a sustainable and a profitable business. (sic.)\u003C/p\u003E\r\n\u003Cp\u003E00:35:22\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nSo all these pockets are being looked into and they're definitely part of our strategy and our [inaudible] you know regardless of one of items that comes here and there.\u003C/p\u003E\r\n\u003Cp\u003E00:35:35\u003Cbr\u003E\r\nBishen Bhalla\u003Cbr\u003E\r\n[Audio Levels Low] Noted team, thank you for that answer. The next question is in regards to your… let's say… market share or your presence across the country. You know we've seen over the last at least 3-4 years sort of muted growth in number of stations, whereas you know your peers have sort of been a bit more aggressive in opening new stations. Going forward, do you sort of see a more aggressive approach towards that or is it sort of cost benefit analysis where you would prefer opening stations where it makes economic sense from a profitably [inaudible] station or sort of investment per station perspective?\u003C/p\u003E\r\n\u003Cp\u003E00:36:13\u003Cbr\u003E\r\nBishen Bhalla\u003Cbr\u003E\r\n[Audio Levels Low] Or would it be that there are some areas that you just happen to [inaudible] irrespective of sort of the financial metrics?\u003C/p\u003E\r\n\u003Cp\u003E00:36:19\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nYeah, with your views on that. Thanks again, another very good question. Probably would leave a few minutes for Suresh to also comment, but the focus has always been on the quality of the size rather than the number of the size or the quantity. Yeah (?) We would love to invest in areas where basically it's required investment. But going back to the point that Lamees was mentioning a while ago – a lot of our OPEX actually goes in terms of enhancing and improving our existing sites and make even more of offerings into them.\u003C/p\u003E\r\n\u003Cp\u003E00:37:01\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nSo, it has always been trying to have both, but I think as a rule of thumb we haven't been behind network share as such, but more of a quality locations, quality offerings and quality number of sites.\u003C/p\u003E\r\n\u003Cp\u003E00:37:19\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nSo, hence we haven't been really going into… “OK, how many sites” or “the more sites we deliver at the end of the year is better for us”.\u003C/p\u003E\r\n\u003Cp\u003E00:37:27\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nIt has always been what kind of you know return on capital or return on investments that those sites would provide to the to the shareholders at the end of the day. Suresh…\u003C/p\u003E\r\n\u003Cp\u003E00:37:43\u003Cbr\u003E\r\nSuresh Nair\u003Cbr\u003E\r\nYeah, a couple more points to add, Bishen. So one - the focus moving forward and it always has been as well [sic.], but more so necessary in this environment where organic growth is slow will be around our operational excellence.\u003C/p\u003E\r\n\u003Cp\u003E00:37:57\u003Cbr\u003E\r\nSuresh Nair\u003Cbr\u003E\r\nSo this effectively is… you are asking whether it's the former or the latter later… the answer is the latter.\u003C/p\u003E\r\n\u003Cp\u003E00:38:03\u003Cbr\u003E\r\nSuresh Nair\u003Cbr\u003E\r\nSo, it's about trying to maximize the delivery potential for each one of our 211 sites. Inorganically as and when opportunity does present itself, we will weigh it. And in both cases whether organic or inorganic, we will weigh basically on, on the estimated returns based on our best knowledge at the time.\u003C/p\u003E\r\n\u003Cp\u003E00:38:27\u003Cbr\u003E\r\nSuresh Nair\u003Cbr\u003E\r\nLastly on the building of new sites, actually even in the nearer term, we are actively re-looking at our investments and the track record of delivery.\u003C/p\u003E\r\n\u003Cp\u003E00:38:42\u003Cbr\u003E\r\nSuresh Nair\u003Cbr\u003E\r\nBut more importantly what have we learnt from the location, the estimates, the actual delivery and so [is that] essentially we can be sharper and maximize on our returns and apply those learnings quicker every time we build a new, a new site.\u003C/p\u003E\r\n\u003Cp\u003E00:39:00\u003Cbr\u003E\r\nSuresh Nair\u003Cbr\u003E\r\nSo what we're not trying to do is look back at maybe the last 50 investments and try to broad brush and calibrate our adjustments moving forward, but on an every site basis… so I mentioned in the start we built 6… we are taking our recent station, seeing quickly what we can learn and making sure that the very next station that we do build, we implement those learnings as quick as possible… and can… and not be ashamed of calibrating in almost real time.\u003C/p\u003E\r\n\u003Cp\u003E00:39:29\u003Cbr\u003E\r\nBishen Bhalla\u003Cbr\u003E\r\nThank you. Thank you for that answer gentlemen. And if someone else is, I can always come back and wait in queue, but if not I'll just go ahead and ask.\u003C/p\u003E\r\n\u003Cp\u003E00:39:41\u003Cbr\u003E\r\nBurair Al Lawati\u003Cbr\u003E\r\nYou know, I think there is there is a hand there.\u003C/p\u003E\r\n\u003Cp\u003E00:39:43\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nYeah, there is Mohammed. Bishen, we will come back to you once we… yeah. Go ahead.\u003C/p\u003E\r\n\u003Cp\u003E00:39:52\u003Cbr\u003E\r\nMuhammad Daniyal Kanani\u003Cbr\u003E\r\nThank you. I'll tell you before taking this, there are two questions from my side.\u003C/p\u003E\r\n\u003Cp\u003E00:39:58\u003Cbr\u003E\r\nMuhammad Daniyal Kanani\u003Cbr\u003E\r\nThe first one pertains to fuel consumption patterns in in the country, how do you see that going forward in 2024 and 2025… like what, what are the drivers, what radical changes are you seeing in the consumption going into the first, sorry, I mean first quarter of 2024 and then going forward. So that's my first question.\u003C/p\u003E\r\n\u003Cp\u003E00:40:22\u003Cbr\u003E\r\nMuhammad Daniyal Kanani\u003Cbr\u003E\r\nAnd the second question is more like a structural thing. So could you like briefly go through the dynamics, the regulatory mechanism, the dynamics of pricing and margin, like just briefly go through, how much do you get on? Is it like on a per liter basis or a gallon basis or how much, how does it work? Thank you so much.\u003C/p\u003E\r\n\u003Cp\u003E00:40:44\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nThe first question was on the fuel consumption and how what is our prediction our… [cut off by Muhammad Daniyal Kanani]\u003C/p\u003E\r\n\u003Cp\u003E00:40:54\u003Cbr\u003E\r\nMuhammad Daniyal Kanani, Mahmoud Al Abri\u003Cbr\u003E\r\nFirst question is about the fuel forecast… [Cut off by Mahmoud Al Abri]\u003Cbr\u003E\r\nDid I get your question correct, Kanani? That you your question is more about how do we foresee [Cut off by Muhammad Daniyal Kanani] \u003Cbr\u003E\r\nYes, exactly. Not exactly fourth quarter, I'm just talking about like 2024 in general. How do you see the factor? What are the main trends?\u003C/p\u003E\r\n\u003Cp\u003E00:41:16\u003Cbr\u003E\r\n[Unidentified Speaker from Main Panel]\u003Cbr\u003E\r\nDo you want me to?\u003C/p\u003E\r\n\u003Cp\u003E00:41:18\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nYeah. No, let me start with [inaudible] and you can chip in. Thank you for the question.\u003C/p\u003E\r\n\u003Cp\u003E00:41:23\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nSo the assumptions that we build our plan and our, you know, growth on are largely correlated with the, you know, with the macroeconomic indicators that we see from the market outside.\u003C/p\u003E\r\n\u003Cp\u003E00:41:38\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nIn general, a rule of thumb obviously we have seen a bit of a shift in that in the years of COVID and post that.\u003C/p\u003E\r\n\u003Cp\u003E00:41:44\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nA bit of a slower start and slower recovery in the first year post-COVID, but then we are seeing different segments across different businesses are expanding and are growing.\u003C/p\u003E\r\n\u003Cp\u003E00:41:55\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nOur assumptions around the growth are very much linked to the GDP growth in country, the power of consumption. But there are certain other factors that we take into account as well.\u003C/p\u003E\r\n\u003Cp\u003E00:42:07\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nPopulation increase in country. Although we have always assumed that population in country was in the range to of 4 to 4.5 million in Oman, we have seen the drastic shift during the years of COVID, half a million reduction in [the] country. That percentage of them picking up and increasing gradually and looking forward, we base a lot of our indications and our assumptions on the, you know, publicly available statistics that are shared by the government, either NCSI or IMF.\u003C/p\u003E\r\n\u003Cp\u003E00:42:36\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nSo that's the… you know… main assumptions that we apply; GDP growth population in country and then we obviously look at it from segment to segment. So the growth assumption that we apply in B2C is different than the growth assumptions that we factor in for B2B segments which are largely driven by the investments that we see in the country and government spending.\u003C/p\u003E\r\n\u003Cp\u003E00:43:00\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nSo all the assumptions that we apply are, you know, largely driven and based from the assumptions that we see from the wider economic factors in the country.\u003C/p\u003E\r\n\u003Cp\u003E00:43:09\u003Cbr\u003E\r\nMuhammad Daniyal Kanani\u003Cbr\u003E\r\nAlright great. So I mean do you like think that 2024 is going to be a conducive environment for fuel consumption given that the return of expats, more increase in population, GDP growth is going to be like decent?\u003C/p\u003E\r\n\u003Cp\u003E00:43:26\u003Cbr\u003E\r\nMuhammad Daniyal Kanani\u003Cbr\u003E\r\nSo and if there are any risk factors that you can identify like these could be the major risks in consumption.\u003C/p\u003E\r\n\u003Cp\u003E00:43:33\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nYou know what – I can comment on it. It is a positive landscape indeed. We are looking at the period that looks, you know, good in terms of growth, in terms of the assumptions that we can apply… which serve as a base as well for us to continue investing going forward.\u003C/p\u003E\r\n\u003Cp\u003E00:43:51\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nAnd then again, the question whether we want to invest in number or we want to enhance the quality… and you know the operational excellence elements across our facilities and our service stations.\u003C/p\u003E\r\n\u003Cp\u003E00:44:03\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nSo, we expect the growth assumptions to continue. We expect the landscape to continue being positive going forward – and we will continue to leverage all the opportunities that will be associated with that.\u003C/p\u003E\r\n\u003Cp\u003E00:44:15\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nThe risk element… obviously operating in a downstream company, we will always be largely depend dependent on consumer demand. So any factors that might influence consumer demand will have a direct impact on us, whether you know it's any shift that we would see in employment rate and inflation in country as well as the purchasing power in general.\u003C/p\u003E\r\n\u003Cp\u003E00:44:39\u003Cbr\u003E\r\nSuresh Nair\u003Cbr\u003E\r\nDaniyal, if I may add also to Lamees. One aspect moving forward which will be always there is the advancement in technology as well. So with the introduction of newer and more modern vehicles as well, we are seeing a pattern technologically in terms of improved fuel consumption.\u003C/p\u003E\r\n\u003Cp\u003E00:45:03\u003Cbr\u003E\r\nSuresh Nair\u003Cbr\u003E\r\nSo that that's another element taken into account when we, when we analyze or look at the at the future prospects. And that being said, we are in the mobility business and this was rebranded from being just the traditional fuel business. So we'll continue to position ourselves in terms of meeting the societies mobility needs, and that's where in this case as well, NFR plays a key part.\u003C/p\u003E\r\n\u003Cp\u003E00:45:35\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nAnd I think in addition to what Suresh has mentioned on the other non-conventional fuel lines. We are now embarking into a new journey into energy transition. So, as the new streams are, you know, being defined being opened, we will continue to position ourselves at the forefront of how we want to be part of this energy transition journey of the country. Burair has mentioned earlier that we have already started investments in certain areas. So we have 15 charging points already across these service stations.\u003C/p\u003E\r\n\u003Cp\u003E00:46:05\u003Cbr\u003E\r\nLamees Al Lawati\u003Cbr\u003E\r\nWe continue to advocate and continue to have the dialogue very closely with the, with the authority and with the regulations on how we can be part of this journey and how we can together shape the future of energy transition in the country.\u003C/p\u003E\r\n\u003Cp\u003E00:46:23\u003Cbr\u003E\r\nMuhammad Daniyal Kanani\u003Cbr\u003E\r\nThank you so much.\u003C/p\u003E\r\n\u003Cp\u003E00:46:23\u003Cbr\u003E\r\nMuhammad Daniyal Kanani\u003Cbr\u003E\r\nAnd then then second question regarding regulatory mechanism and the margins on per later basis or based on a percentage basis – how does that work?\u003C/p\u003E\r\n\u003Cp\u003E00:46:36\u003Cbr\u003E\r\nSuresh Nair\u003Cbr\u003E\r\nYeah, you're talking about the regulated margins?\u003C/p\u003E\r\n\u003Cp\u003E00:46:39\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nPrices and margins.\u003C/p\u003E\r\n\u003Cp\u003E00:46:41\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nSo what's, what's the question? Sorry, do I call you Daniyal or Kanani? \u003C/p\u003E\r\n\u003Cp\u003E00:46:41\u003Cbr\u003E\r\nMuhammad Daniyal Kanani\u003Cbr\u003E\r\nHa ha ha. Whatever, Whatever you like.\u003C/p\u003E\r\n\u003Cp\u003E00:46:49\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nHa ha ha.\u003C/p\u003E\r\n\u003Cp\u003E00:46:49\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nSorry, I missed… you know… you're talking about the margin and the regulation, but what's the question, I didn't get that.\u003C/p\u003E\r\n\u003Cp\u003E00:46:56\u003Cbr\u003E\r\nMuhammad Daniyal Kanani\u003Cbr\u003E\r\nOK. So in particular I'm asking about how does the regulatory mechanism work in Oman? Are the margins based on per liter basis, per gallon basis or do you get like some percentage of the price at which the fuel is sold? How does that work here? Or is it like an unregulated market… that you can sell at whatever price you want?\u003C/p\u003E\r\n\u003Cp\u003E00:47:16\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nWell, probably, I would say it's straightforward here. So pump prices are regulated. So whatever prices are being sold at the pump level, they're regulated by the government. They set the price every month.\u003C/p\u003E\r\n\u003Cp\u003E00:47:36\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nThere is a pricing committee… government pricing committee… that actually identify or list the prices. They meet before the end of every month and they set the price for the next month.\u003C/p\u003E\r\n\u003Cp\u003E00:47:48\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nWe haven't seen a change in the price for the last few months now. It has been fixed but whatever is there, it gets fixed by, it gets regulated by the government. The other bit is the margin. So regardless of the price, the pump price, whether it's 250 baisa or 120 baisa or even 1 Riyal – God forbid.\u003C/p\u003E\r\n\u003Cp\u003E00:48:21\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nThe margin for the oil marketing company is fixed and the margin for the operator is fixed. So that's how the equation of the regulated margin is done here.\u003C/p\u003E\r\n\u003Cp\u003E00:48:34\u003Cbr\u003E\r\nMuhammad Daniyal Kanani\u003Cbr\u003E\r\nWould you be able to share that fixed margin?\u003C/p\u003E\r\n\u003Cp\u003E00:48:38\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nYes, of course. There is no… basically the margins for the oil marketing companies are on average of basically six-and-a-half baisa and it's about, it's not about (sic.) it's on average of seven baisa for the for the operator.\u003C/p\u003E\r\n\u003Cp\u003E00:49:01\u003Cbr\u003E\r\nMuhammad Daniyal Kanani\u003Cbr\u003E\r\nPerfect. Thank you so much.\u003C/p\u003E\r\n\u003Cp\u003E00:49:05\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nThank you, Muhammad.\u003C/p\u003E\r\n\u003Cp\u003E00:49:09\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nAnyone else’s team would like to ask? Bishen, you were actually… I think you were having another question before we move to Muhammad? You are on mute.\u003C/p\u003E\r\n\u003Cp\u003E00:49:34\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\n[No response] OK. Anyone else?\u003C/p\u003E\r\n\u003Cp\u003E00:49:41\u003Cbr\u003E\r\nBurair Al Lawati\u003Cbr\u003E\r\nNo, no more questions I think.\u003C/p\u003E\r\n\u003Cp\u003E00:49:50\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nGreat. So team, if there is no more question, I think we will come to a closure for this session. We would like to thank you again for attending participating. It was very engaging sessions and I'm looking forward to again see you next year Insha’Allah with our next IR session 2024 for that.\u003C/p\u003E\r\n\u003Cp\u003E00:50:12\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nThanks for that. Have a good day.\u003C/p\u003E\r\n\u003Cp\u003E00:50:14\u003Cbr\u003E\r\nDr. Mohammed Al Balushi\u003Cbr\u003E\r\nThank you.\u003C/p\u003E\r\n\u003Cp\u003E00:50:16\u003Cbr\u003E\r\nBurair Al Lawati\u003Cbr\u003E\r\nThank you.\u003C/p\u003E\r\n\u003Cp\u003E00:50:17\u003Cbr\u003E\r\nSuresh Nair\u003Cbr\u003E\r\nYou thank you guys.\u003C/p\u003E\r\n\u003Cp\u003E00:50:19\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nThank you very much.\u003C/p\u003E\r\n\u003Cp\u003E00:50:21\u003Cbr\u003E\r\nMahmoud Al Abri\u003Cbr\u003E\r\nBye.\u003C/p\u003E\r\n"}}],"id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/main/section/revealer_copy_122459","model":{}},{"organism":"StandaloneAsset","color":"inherited","colspan":8,"colstart":3,"id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/main/section/standalone_asset_cop","model":{"title":"جلسة مناقشة علاقات المستثمرين للربع الرابع من 2022","video":{"src":"https://www.youtube-nocookie.com/embed/ZRUPQwo4AkE?si=OkGOMyD9FlH4Z9Bh","caption":"جلسة مناقشة علاقات المستثمرين للربع الرابع من 2022"}}},{"organism":"Container.List","colspan":8,"colstart":3,"children":[{"organism":"AccordionItem","color":"inherited","id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/main/section/revealer_copy_122459_1458719179/revealer_item","model":{"title":"أقرأ النص","text":"\u003Cp\u003E\u003Cb\u003EShell Oman Marketing SAOG Q4 Investor Relations - MSX Engagement Session\u003C/b\u003E\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EDuration:\u003C/b\u003E 59.48\u003C/p\u003E\r\n\u003Cp\u003E0:00 – The video starts with a welcome screen. Audio begins at 0:20\u003C/p\u003E\r\n\u003Cp\u003E0:20\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nBismillah Rahman Rahim, Asalamualaikum, welcome everyone to our quarterly event\u003C/p\u003E\r\n\u003Cp\u003E0.30\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nThank you for attending our second session with the Muscat Stock Exchange.\u003C/p\u003E\r\n\u003Cp\u003E0.43\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nAddressing the investors and the financial analysts and inviting you to participate in this virtual session,\u003C/p\u003E\r\n\u003Cp\u003E0.50\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nwhich is held in compliance with resolution number E/109/2022 by CMA.\u003C/p\u003E\r\n\u003Cp\u003E0.57\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nThe main aim of this session is to discuss Shell Oman Marketing Company’s financial results for the 12 months ended 31st December 2022.\u003C/p\u003E\r\n\u003Cp\u003E1:07\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EAs you know the results were disclosed in MSX on 15th of February and subsequently published following the board's meeting by the end of the last month.\u003C/p\u003E\r\n\u003Cp\u003E1.15\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThis was also discussed in our AGM that was held on March 9th which will be\u003Cbr\u003E\r\nhighlighted by our CFO.\u003C/p\u003E\r\n\u003Cp\u003E1.22\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThe financial statements and annual report have been uploaded on MSX and Shell Oman website last week, and our financial reports and directory reports were also published in the newspapers.\u003C/p\u003E\r\n\u003Cp\u003E1.34\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThe agenda for the day is at on the screen, we will start with introducing the presentation from the company so if you can go please, Lamees.\u003C/p\u003E\r\n\u003Cp\u003E1.43\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EHi everyone, Asalamualaikum and thank you so much for joining our second investors relations session.\u003C/p\u003E\r\n\u003Cp\u003E1.49\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EI am Lamees Al Lawati and I'm the Chief Financial Officer of Shell Oman marketing.\u003C/p\u003E\r\n\u003Cp\u003E1.54\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003EHi everybody thank you for your attendance as well, am Sultan Al Shidi, am incharge of people agenda HR facilities…facilities and services as well, in the capacity of a GM.\u003C/p\u003E\r\n\u003Cp\u003E2.06\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThank you, thank you Sultan. So if we go next to our HSSE brief, as you know HSSE is our number one priority in Shell.\u003C/p\u003E\r\n\u003Cp\u003E2.15\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThat is why we request you to make sure that you are safe and secure throughout this session and you can hear any potential alarms around you and evacuate if that happens.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n2.25\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EPlease get familiar with your surroundings and including the emergency exits, assembly points and be careful about any hot drinks around you…\u003C/p\u003E\r\n\u003Cp\u003E2.33\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…that may damage your laptop in case of a spill or can be hazardous to you.\u003C/p\u003E\r\n\u003Cp\u003E2.38\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EWe would also like to request all the audience to wait until the Q and A session, to present their questions…\u003C/p\u003E\r\n\u003Cp\u003E2.44\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…if you think of one during the session please feel free to target in the chat box and we'll come back to it in the Q and A time frame.\u003C/p\u003E\r\n\u003Cp\u003E2.51\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EWe request everyone to be on mute obviously, unless in the Q and A session when we'll go around the audience to take questions.\u003C/p\u003E\r\n\u003Cp\u003E2.59\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EEveryone is welcome to share their questions and feedback.\u003C/p\u003E\r\n\u003Cp\u003E3.03\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EBut also we likely to request you actually to stick to the agenda of the day…\u003C/p\u003E\r\n\u003Cp\u003E3.08\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…in case of questions that are not relevant to the agenda items to them we will note them down and get back to you as soon as we have the answers.\u003C/p\u003E\r\n\u003Cp\u003E3.16\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThank you and now let's start with the HSSE results for 2022.\u003C/p\u003E\r\n\u003Cp\u003E3.22\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EAs you can see Shell Oman Marketing Company ended 2022 with 365 days without loss of primary containment and 314 days without harm…\u003C/p\u003E\r\n\u003Cp\u003E3.33\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…which reflects about continued commitment which is strong to HSSE.\u003C/p\u003E\r\n\u003Cp\u003E3.38\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EUnfortunately, we had one incident of lost time injury earlier in 2022 as shown in the screen.\u003C/p\u003E\r\n\u003Cp\u003E3.45\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThe company invested in various initiatives to ensure HSSE Readiness…\u003C/p\u003E\r\n\u003Cp\u003E3.49\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…including emergency drills, seminars on worker’s well-being, security and process safety environmental Management, Health, road safety…\u003C/p\u003E\r\n\u003Cp\u003E3.59\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…and many other areas of HSSE that strengthen our culture of safety…\u003C/p\u003E\r\n\u003Cp\u003E4.05\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…and also continue to improve our leadership as a HSSE partner in the society.\u003C/p\u003E\r\n\u003Cp\u003E4.13\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ENow let's move to my colleague, let me switch to Lamees, who is the CFO but also today as the Acting CEO to present the AGM and the financials from here.\u003C/p\u003E\r\n\u003Cp\u003E4.23\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ESure, thank you Burair. Taking from Burair, just a confirmation to the investors who were able to attend and for the ones who are not able to…\u003C/p\u003E\r\n\u003Cp\u003E4.31\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…so just quickly run through the AGM that was held on the 9th of March, in the Intercontinental Hotel…\u003C/p\u003E\r\n\u003Cp\u003E4.37\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…and also virtually through the MCD's electronic platform to consider an approved agenda items.\u003C/p\u003E\r\n\u003Cp\u003E4.43\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ENow the summary announced that all the agenda items were approved including the board of directors report regarding the company's activities and financial position.\u003C/p\u003E\r\n\u003Cp\u003E4.51\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThe corporate governance report for the year, the Auditors report including financial statements as well for the financial year and the 31st of December 2022.\u003C/p\u003E\r\n\u003Cp\u003E5:00\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EIn addition to that the proposed cash dividend of 57 baiza per share was approved and supported by the shareholders,\u003C/p\u003E\r\n\u003Cp\u003E5.06\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EAs well as the sitting fees remunerations of the directors for the year ended 31st of December 2022, as well as the proposed remuneration fees for the upcoming year.\u003C/p\u003E\r\n\u003Cp\u003E5:16\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThe related party transactions and expenditures in support of Social Services are also considered by the shareholders and supporters.\u003C/p\u003E\r\n\u003Cp\u003E5.24\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EFinally the shareholders elected two board members to fill in the back room seats who are Ms. Asma Al Ghabshi and Mr Moosa Al Sharyani.\u003C/p\u003E\r\n\u003Cp\u003E5.33\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EBoth are seasoned professionals who are part of the wider Shell Group organization and who come and join our board…\u003C/p\u003E\r\n\u003Cp\u003E5.39\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…with a wealth of experience in the areas of Human Resources, Talent Development, as well as Contracting and procurement and business Improvement.\u003C/p\u003E\r\n\u003Cp\u003E5:50\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThe disclosures related to the resolutions that were approved by the shareholders during the AGM were immediately published on the MSX website following the AGM.\u003C/p\u003E\r\n\u003Cp\u003E6:03\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ENow, if we go through the financial performance of the company for the… for the last Financial year, and as Burair has mentioned…\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n6.12\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…the financial results were actually published and are available the detailed financials are available in our website as well as in the MSX platform.\u003C/p\u003E\r\n\u003Cp\u003E6.20\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EAnd the financial performance for the ones who had an opportunity to go through them have actually reflected growth…\u003C/p\u003E\r\n\u003Cp\u003E6.26\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…like you have seen in the numbers in comparison to the same period last year influenced by the overall recovery that we have seen in the market in… in 2022.\u003C/p\u003E\r\n\u003Cp\u003E6:35\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ENow, our Top Line has reflected a growth of 25 per cent and our gross profit at 35.3 million riyals, was 18 per cent higher than the same period last year.\u003C/p\u003E\r\n\u003Cp\u003E6.46\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EWe saw the volume growing gradually and towards the end of the year we had reported volume growth of about 16 percent.\u003C/p\u003E\r\n\u003Cp\u003E6.53\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EWe have started slightly slower than expectation at the beginning of the year as the market was adjusting and was recovering post the pandemic…\u003C/p\u003E\r\n\u003Cp\u003E7.00\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…but then we have seen gradual uplift and picking in a volume as the [inaudible] progress with a high speed reported in the third quarter of the year…\u003C/p\u003E\r\n\u003Cp\u003E7.07\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…and afterwards in Q4 we have seen the volume and the market slightly flat I think.\u003C/p\u003E\r\n\u003Cp\u003E7:12\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EWe have seen the demand picking in… in both segments of the business and the B2C and the B2B segments as well at different scales.\u003C/p\u003E\r\n\u003Cp\u003E7.21\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ewe have supported the growth that we have seen in the B2C segment through investing in across the various segments that we are operating in…\u003C/p\u003E\r\n\u003Cp\u003E7.30\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…a nd we have invested in six service stations six new service stations in strategic locations in the country during the year.\u003C/p\u003E\r\n\u003Cp\u003E7:38\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EAnd obviously these service stations contributed positively and to the growth of the business and to the higher volume that we have reported during the year.\u003C/p\u003E\r\n\u003Cp\u003E7.48\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ENow as… as the obviously the business picks and as the profitability fixed we obviously would expect classically for the cost to be picking as well.\u003C/p\u003E\r\n\u003Cp\u003E7.59\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ESo we continued investing in… in good costs that are part of the overall strategic growth direction of the company,\u003C/p\u003E\r\n\u003Cp\u003E8.06\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EYou would see costs like manpower have gone probably higher this year and consciously by the organization.\u003C/p\u003E\r\n\u003Cp\u003E8.12\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ECosts that are directly related to supplying and servicing the volumes that we have delivered during the year have also gone higher…\u003C/p\u003E\r\n\u003Cp\u003E8.17\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ESo, things like operational costs, Logistics, Transportation costs and we have consciously also invested or picked up our marketing activities and our promotion and activities during the year.\u003C/p\u003E\r\n\u003Cp\u003E8.28\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ENow the cost of financing have also gone higher, part of it reflects the interest element related to the long-term leases that we're reporting on in our balance sheet.\u003C/p\u003E\r\n\u003Cp\u003E8.39\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ESo, a significant amount of the interest of financing costs that we have reported during the year is actually related to that.\u003C/p\u003E\r\n\u003Cp\u003E8.46\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EBut we have also seen the interest cost picking for borrowing like we have seen probably and like you have noticed in the industry in general.\u003C/p\u003E\r\n\u003Cp\u003E8:54\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EWe have reported a net income of 5.7 million Omani Riyal and that was 58 percent higher than the same period last year.\u003C/p\u003E\r\n\u003Cp\u003E9:03\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ENow, Shell has the highest brand awareness and capability as a brand to the community in Oman through interactions…\u003C/p\u003E\r\n\u003Cp\u003E9.08\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…with hundreds of thousands of customers and a network of over 200 branded sites with the material turnover and consistently profitable business performance,\u003C/p\u003E\r\n\u003Cp\u003E9.16\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ESome also contributes to the National economy through dividends, paying taxes, fees and loyalty while continuously investing for growth…\u003C/p\u003E\r\n\u003Cp\u003E9.24\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…and help to create jobs as well as business opportunities and the value chain of the company.\u003C/p\u003E\r\n\u003Cp\u003E9:30\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EWe also realized that the industry is now rapidly transforming through digitalization and new business models…\u003C/p\u003E\r\n\u003Cp\u003E9:36\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…and that has also reflected in a lot of investments that we have done across the different segments uplifting the… the…\u003C/p\u003E\r\n\u003Cp\u003E9:42\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…technological platforms that we're operating in and creating value propositions for our customers across…\u003C/p\u003E\r\n\u003Cp\u003E9:48\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…the value chain we'll cover part of that during our business update later today and the company obviously remains…\u003C/p\u003E\r\n\u003Cp\u003E9:53\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…committed to pursuing all opportunities within you to maintaining the company's growth and enhancing shareholder’s value at all times.\u003C/p\u003E\r\n\u003Cp\u003E10.00\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThank you, thank you Lamees and now we'll move to Sultan for the people in part and the HR updates\u003C/p\u003E\r\n\u003Cp\u003E10.06\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003EThank you, Burair.\u003C/p\u003E\r\n\u003Cp\u003E10.08\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003ESo, honestly one of the critical changes we brought last year is to restructure our company that was successfully managed and delivered so…\u003C/p\u003E\r\n\u003Cp\u003E10.18\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003E…we welcome our new management team.\u003C/p\u003E\r\n\u003Cp\u003E10:22\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003EThe objective of that restructuring was the matter of the global structure we were we are similar linear with the customer-first mindset so it's not only\u003C/p\u003E\r\n\u003Cp\u003E10:33\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003EFor just the existing business but to create new business and approaches which is competitive and agile from the outset…\u003C/p\u003E\r\n\u003Cp\u003E10.42\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003E…as well we were we are like willing to deliver the world-class asset management and the most integrated value for some so honestly we would like to make sure…\u003C/p\u003E\r\n\u003Cp\u003E10:53\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003E…that we make the best of the core capabilities and create and integrated teams with clear accountabilities enable quick decision making,\u003C/p\u003E\r\n\u003Cp\u003E11.02\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003EWe would use the overlap and simplify and improve… simplify and improve the support so and…\u003C/p\u003E\r\n\u003Cp\u003E11:10\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003E…even we are like distributing the profit centre in a more spread manner at the\u003Cbr\u003E\r\nprofit centre and…\u003C/p\u003E\r\n\u003Cp\u003E11.18\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003E…we are managing cost because this is one of the main objective is it's a one about sustainability using the operating expansion…\u003C/p\u003E\r\n\u003Cp\u003E11.27\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003E…and the combination of simplifying your organizational ways of working,\u003C/p\u003E\r\n\u003Cp\u003E11.31\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003ESo, on top of the restructuring as well we managed to Resource all those capabilities that we are looking for…\u003C/p\u003E\r\n\u003Cp\u003E11.38\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003E…and willing to ensure that those capabilities are developed and are ready for the future.\u003C/p\u003E\r\n\u003Cp\u003E11.44 - 11.53 (INAUDIBLE)\u003C/p\u003E\r\n\u003Cp\u003E11:53\u003Cbr\u003E\r\n(Sultan Al Shidi)\u003C/p\u003E\r\n\u003Cp\u003EAs when the company has demonstrated its commitment to maintaining a value proposition and attraction retains the best talent…\u003C/p\u003E\r\n\u003Cp\u003E11.59\u003Cbr\u003E\r\n(Sultan Al Shidi)\u003C/p\u003E\r\n\u003Cp\u003EProviding them with the meaningful challenging rewarding roles and grooming them to become future leaders.\u003C/p\u003E\r\n\u003Cp\u003E12:05\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003ENumber of staff is 232 as of today and, we crossed the year with an Omanisation rate of above 96,\u003C/p\u003E\r\n\u003Cp\u003E12.15\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003EThere was a very healthy staff turnover rate and 2022, as well we inaugurated the new head office…\u003C/p\u003E\r\n\u003Cp\u003E12:24\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003E…in a… from a sustainability view the new building has been designed taken to consideration the building research establishment environment assessment method.\u003C/p\u003E\r\n\u003Cp\u003E12.34\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003EIt's an international certification requirements with an approach to energy and efficient design following mean lean green structure.\u003C/p\u003E\r\n\u003Cp\u003E12:42\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003EOther energy saving and sustainable measures considered during the construction phase as well including…\u003C/p\u003E\r\n\u003Cp\u003E12.49\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003E…sourcing thicker materials, recycle- recyclable material made carpets, electric car charge points and solar power.\u003C/p\u003E\r\n\u003Cp\u003E13.02\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003EFurther investment were made in upgrading our parking with the solar… solar panel to reduce carbon emissions from our operations…\u003C/p\u003E\r\n\u003Cp\u003E13.09\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003E…and reduce our power winds creating long… long-term added value for our shareholders.\u003C/p\u003E\r\n\u003Cp\u003E13.15\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003EOn top of that 23 tonnes of waste from the old building were recycled and they were given to make different boxes.\u003C/p\u003E\r\n\u003Cp\u003E13.25\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003EIn addition, we worked in introducing recycled and waste protection initiatives in our facilities and when it comes to powering lives…\u003C/p\u003E\r\n\u003Cp\u003E13:36\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003EWe introduce a comprehensive insurance and healthy support by creating to the needs of the diverse workforce…\u003C/p\u003E\r\n\u003Cp\u003E13.43\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003E…ensuring care well-being and inclusion is admitted in everything we do.\u003C/p\u003E\r\n\u003Cp\u003E13.48\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003EFinally, we are like allowing the opportunities to our use job-seekers students from colleges to come and join us on this journey of success.\u003C/p\u003E\r\n\u003Cp\u003E14.00\u003Cbr\u003E\r\n[Sultan Al Shidi]\u003C/p\u003E\r\n\u003Cp\u003ETherefore, we boarded seven adult interns, 33 Summer interns and all of them were like given the opportunity to learn and contribute to our agenda.\u003C/p\u003E\r\n\u003Cp\u003E14:12\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThank you, Sultan for the HR updates and now let's move to the business update which will be covered by me.\u003C/p\u003E\r\n\u003Cp\u003E14:20\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ESo, in terms of Mobility the business continued to its commitment to offer world-class customer experience and operational excellence.\u003C/p\u003E\r\n\u003Cp\u003E14.27\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EWith at most commitment to HSSE being the core Focus in term as Lamees mentioned earlier,\u003C/p\u003E\r\n\u003Cp\u003E14:33\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThe company invested in increasing its Network by adding six new service stations in… including in the Batinah Expressway as you may have might have seen.\u003C/p\u003E\r\n\u003Cp\u003E14.42\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EWhich brings the total service stations to 206. In the same time we continue to focus on our differentiated fuels which is the Shell V-Power or unbeatable clean performance fuel…\u003C/p\u003E\r\n\u003Cp\u003E14:53\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…and introduced also night shops in 2022, as well as converting three other shops to Shell Select brands.\u003C/p\u003E\r\n\u003Cp\u003E15.03\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EIn… in addition we continue to leverage our partnership in contract management to maximize the return from our integrated and diverse offering across our network.\u003C/p\u003E\r\n\u003Cp\u003E15:13\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EAs for energy transition we have already as a business into Mobility we have already started embarking that journey a while ago.\u003C/p\u003E\r\n\u003Cp\u003E15:21\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EIncluding through Innovative and Sustainable Solutions to reduce carbon footprint in our substations.\u003C/p\u003E\r\n\u003Cp\u003E15.29\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThis has been also showcased through the introduction of EV chargers for our E-mobility investments…\u003C/p\u003E\r\n\u003Cp\u003E15.36\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…and earlier in… in 2022 we also launched a number of or installed a number of solar panels, LED lights and high efficient appliances that help upgrading the efficiency of our sites.\u003C/p\u003E\r\n\u003Cp\u003E15.51\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EFrom the fleet solution point of view it is focusing on increasing customer portfolio and strengthening its customer value proposition through digitalization and operational excellence.\u003C/p\u003E\r\n\u003Cp\u003E16.01\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EIt's worth mentioning that this is the actual 25th… 25th anniversary of the Shell Fuel Cards in Oman.\u003C/p\u003E\r\n\u003Cp\u003E16.08\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ESo, Shell Oman was the first to launch Fuel Cards in Oman back in the in those days. We were also the first to launch a vehicle recognition system a few years ago.\u003C/p\u003E\r\n\u003Cp\u003E16:18\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EAnd we have a number of exciting plans in this area to enhance our customer’s experience make it more secure more efficient and contribute to their Fleet Management efficiency…\u003C/p\u003E\r\n\u003Cp\u003E16:32\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…as was as well as profitability, you may notice also some of them will be crossover into the B2C sector in a SME sector as well.\u003C/p\u003E\r\n\u003Cp\u003E16.41\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EFrom lubricants point of view, the business witnessed positive recovery in the overall market of… in terms of demand despite the ongoing supply chain constraints and logistical challenges…\u003C/p\u003E\r\n\u003Cp\u003E16:52\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…which had impacted our overall cost in the finished lubricants and its profitability however the commercial lubricant segments not maintain its Market leadership…\u003C/p\u003E\r\n\u003Cp\u003E17:03\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…And grew volumes by winning extra market share with B2B customers as well as growing its B2C distributors volumes…\u003C/p\u003E\r\n\u003Cp\u003E17.11\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…and maintain strong footprints in the oil and gas sector and renewed this long-term partnership with valuable existing accounts.\u003C/p\u003E\r\n\u003Cp\u003E17.19\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EIn terms of export, we have increased our volumes in export market compared to their previous year…\u003C/p\u003E\r\n\u003Cp\u003E17.26\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…and we continue to leverage our ISO:9001 Certified Shell Lubricants blending plants (Inaudible)\u003C/p\u003E\r\n\u003Cp\u003E17.33\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E… the only… actually it's the only ISO-certified lubricant blending plant of its kind in Oman.\u003C/p\u003E\r\n\u003Cp\u003E17.38\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ESo we promote ICV – In-Country Value through meeting the local demands, the needs of the local demands as well as exports and increasing our production for both markets.\u003C/p\u003E\r\n\u003Cp\u003E17.52\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EShell lubricants has also retained number one position globally as the leading supplier of automotive and industrial lubricants for 16 years.\u003C/p\u003E\r\n\u003Cp\u003E18.02\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EAnd in terms of energy transition we have introduced a comprehensive Waste Management solution…\u003C/p\u003E\r\n\u003Cp\u003E18.06\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…that offers customers ability to treat waste in the most efficient and compliant manner legally and HSSE wise and also offer potential recycling ability.\u003C/p\u003E\r\n\u003Cp\u003E18:15\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EIn addition to carbon-neutral products we introduced to recycle plastic in our bottles which also helps our carbon footprint and respect for nature aspirations.\u003C/p\u003E\r\n\u003Cp\u003E18.29\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EFrom Trade and supply point of view, HSE as well… continue to be a top priority with a focus on road transport safety and process safety to ensure goal zero.\u003C/p\u003E\r\n\u003Cp\u003E18.41\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ETo improve and Road Transport standards, artificial intelligence has been used…\u003C/p\u003E\r\n\u003Cp\u003E18.46\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…which in the system is called fatigue detection devices which were installed in our fleets of tankers, contracted fleets.\u003C/p\u003E\r\n\u003Cp\u003E18.55\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EWe have also worked with our partners to introduce a new Fleet of trucks that feature aluminium tankers and that helps the weight of the trucks…\u003C/p\u003E\r\n\u003Cp\u003E19.02\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…and as a result increase fuel efficiency and reduce both cost and carbon footprint.\u003C/p\u003E\r\n\u003Cp\u003E19.07\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EWe were able to achieve 12 percent increase in fuel efficiency leading to reduction fuel consumption and carbon footprint.\u003C/p\u003E\r\n\u003Cp\u003E19:14\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EIn terms of respect in nature and shareholder value we have worked to reduce waste by recycling products instead of disposing…\u003C/p\u003E\r\n\u003Cp\u003E19.20\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…which helped recovery of course and recycled also Old Stock to high standards of products which created additional savings.\u003C/p\u003E\r\n\u003Cp\u003E19.31\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EYou might have noticed from the structure that was presented by HR that there is a new business GM called low-carbon products and sectors.\u003C/p\u003E\r\n\u003Cp\u003E19.39\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThis has been introduced as explained by a chart before to help our customers find ways to reduce their overall carbon footprint including in sectors that are difficult to decarbonize such as aviation, shipping or both freight and industry.\u003C/p\u003E\r\n\u003Cp\u003E19.53\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ETo help accelerate the transition to net-zero emissions, we built our own existing relationship with our stakeholders…\u003C/p\u003E\r\n\u003Cp\u003E20:00\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E… such as energy suppliers, policy makers, infrastructure owners and consumers to support a sector-based approach.\u003C/p\u003E\r\n\u003Cp\u003E20.09\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThis may have started with us little as going green in terms of paper use, invoicing and digitalization but also building on the existing businesses,\u003C/p\u003E\r\n\u003Cp\u003E20:18\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ESo in commercial views business experience growth in volumes despite challenging B2B Market environment and…\u003C/p\u003E\r\n\u003Cp\u003E20:23\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…marine business committed continue to commit to HSE and operation excellence and leveraging Global expertise to provide bunkering solutions to local and International customers.\u003C/p\u003E\r\n\u003Cp\u003E20.33\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EWe are also leveraging our retracted vessel which is also serving our customers in various ports in Oman…\u003C/p\u003E\r\n\u003Cp\u003E20:43\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EIn aviation business, compared to the last two years, the global Aviation and tourism sector experience increase in air travel.\u003C/p\u003E\r\n\u003Cp\u003E20.50\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThe Company focused on retaining key contracts on Muscat International Airport and Salalah Airport who are continuing to apply efficiency and cost optimization solutions to its operation\u003C/p\u003E\r\n\u003Cp\u003E21.00\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ETo improve its profitability and continue to serving customers safely and reliably.\u003C/p\u003E\r\n\u003Cp\u003E21:05\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EYou remember that we had the disclosure back in November about Muscat International Airport but recently maybe two weeks ago only we disclosed the fact that…\u003C/p\u003E\r\n\u003Cp\u003E21:16\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…we won 33 percent of Oman Air volumes in this in Muscat International Airport which shows the positive trajectory in the business and the value we are bringing to our shareholders and customers.\u003C/p\u003E\r\n\u003Cp\u003E21:28\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EAnd finally I'd like to talk about CSR.\u003C/p\u003E\r\n\u003Cp\u003E21.33\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThe Company is actually in the process of updating CSR strategy and alignment with this vision and public strategy.\u003C/p\u003E\r\n\u003Cp\u003E21.39\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ETaking into account consideration that are related to the pillars and directives of Oman Vision 2040 and the…\u003C/p\u003E\r\n\u003Cp\u003E21:47\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…local community requirements as well as the 2030 United Nations sustainable development goals (SDG).\u003C/p\u003E\r\n\u003Cp\u003E21.54\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThe new CSR strategic themes would be Community Systems and Enterprise development, environment and energy transition, and people well-being.\u003C/p\u003E\r\n\u003Cp\u003E22.02\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EAs approved by AGM this year for 2023 we have earmarked 75000 Omani Riyals towards supporting social services.\u003C/p\u003E\r\n\u003Cp\u003E22.11\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EAnd you can see in 2022 what we have spent our CSR Budget.\u003C/p\u003E\r\n\u003Cp\u003E22.18\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EAlright so with this we end our actual presentation for in terms of what we have to present here, but we are ready to take questions…\u003C/p\u003E\r\n\u003Cp\u003E22.30\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E...please feel free to post them in the chat box so if you want to raise the hand and we will unmute you to ask your questions\u003C/p\u003E\r\n\u003Cp\u003E(SILENT ENSUES)\u003C/p\u003E\r\n\u003Cp\u003E22:46\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EOkay… okay we have one question here it's…\u003C/p\u003E\r\n\u003Cp\u003E22:49\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…can you scroll up, yeah that's right okay, so let me read.\u003C/p\u003E\r\n\u003Cp\u003E22:54\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EShell Global has declared that they have reached Peak production to 2019 the world production reduced by one to two percent to 2030. They've also guided you know and then in addition to fill in filling stations… (inaudible)… more aggressive it is a valid observation so what would be your guidance thoughts on… on the way forward?\u003C/p\u003E\r\n\u003Cp\u003E23.17\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EOkay, so I think this question just to, it's on the chatbox from… is it from Deepak?\u003C/p\u003E\r\n\u003Cp\u003E23:27\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EFrom Deepak, Yes.\u003C/p\u003E\r\n\u003Cp\u003E23.28\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ESo, I would...what I would say is that while some of the… the notes that have been shared there is to do with the Upstream business.\u003C/p\u003E\r\n\u003Cp\u003E23.36\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ESo, obviously Shell Oman marketing company is a player in the downstream business and you know leave any question to do with upstream…\u003C/p\u003E\r\n\u003Cp\u003E23:45\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…to them and upstream to them. In Upstream you can reach out to Shell Development Oman. But what we have in downstream is that we…\u003C/p\u003E\r\n\u003Cp\u003E23:53\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…have a long-term investment plan to increase our expansion and network of service stations as you can see from our presentation…\u003C/p\u003E\r\n\u003Cp\u003E24.00\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…in 2022 we increased the number of service stations to 206. and these are in fact a very strategic locations\u003C/p\u003E\r\n\u003Cp\u003E24:10\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EBatinah expressway and many other in fact even in one location in Muscat and others so…\u003C/p\u003E\r\n\u003Cp\u003E24:15\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ethat...that is a demonstration to our commitment to continue investing and expanding our Network what… what matters\u003C/p\u003E\r\n\u003Cp\u003E24:23\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eis that we continue being profitable, feasible with I don't know the long-term shareholder value that we can create\u003C/p\u003E\r\n\u003Cp\u003E21.31\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eand also with the kind of integrated model that also answers to future needs of Motors so it's not only fuels that we focus on there's what we\u003C/p\u003E\r\n\u003Cp\u003E24:41\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ECall non-fuel retail, there's also the EV charging capabilities in network that we want to integrate in the sustainable mobility of the world…\u003C/p\u003E\r\n\u003Cp\u003E24.51\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…if we would like to talk about it so some of our…our commitment to Oman and to expanding and investing Oman\u003C/p\u003E\r\n\u003Cp\u003E25.00\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EHas not gone anywhere lower than before in fact we are more committed to it than ever to this area.\u003C/p\u003E\r\n\u003Cp\u003E25.09\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ESo, let's take another question here, any other question please feel free to raise the hands…\u003C/p\u003E\r\n\u003Cp\u003E25.17\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ECan we (inaudible)…\u003C/p\u003E\r\n\u003Cp\u003E(INAUDIBLE)\u003C/p\u003E\r\n\u003Cp\u003E25.31\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EJoice Mathew, Can you hear us?\u003C/p\u003E\r\n\u003Cp\u003E25:38\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ECan you unmute yourself please?\u003C/p\u003E\r\n\u003Cp\u003E(INAUDIBLE)\u003C/p\u003E\r\n\u003Cp\u003E25:46\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EPerhaps you can type the question in the chat box if there is there are audio issues\u003C/p\u003E\r\n\u003Cp\u003E(INAUDIBLE)\u003C/p\u003E\r\n\u003Cp\u003E26:03\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003EHello…hello, am I audible?\u003C/p\u003E\r\n\u003Cp\u003E26.08\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ECan you hear us Joice?\u003C/p\u003E\r\n\u003Cp\u003E26.10\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003EYes\u003C/p\u003E\r\n\u003Cp\u003E26.11\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EYes, go ahead.\u003C/p\u003E\r\n\u003Cp\u003E26.13\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003EThank you very much for the presentation.\u003C/p\u003E\r\n\u003Cp\u003E26:17\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003EI have a few questions now primarily the first… first ones are related to your operational aspects.\u003C/p\u003E\r\n\u003Cp\u003E26.25\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Ecould you share some details about what's your average throughput persuasion on the retail side,\u003C/p\u003E\r\n\u003Cp\u003E26.31\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003EThe capacity of your blending Plant, your number of COCO CODO DODO split up of the sites these things…\u003C/p\u003E\r\n\u003Cp\u003E26.40\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003E…basically, an overview of the business that Shell is doing and what's the volume that we are delivering right now?\u003C/p\u003E\r\n\u003Cp\u003E26.50\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EOh the last one being what sorry?\u003C/p\u003E\r\n\u003Cp\u003E26.53\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003EThe volume that we are delivering on different … different segments.\u003C/p\u003E\r\n\u003Cp\u003E27:02\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EOkay, thanks Joice for the question but I think you may probably understand that while these questions are important in terms of volume to us…\u003C/p\u003E\r\n\u003Cp\u003E27.13\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…but these are actually very classified numbers because they would be putting our company in a… in a competitively disadvantage way.\u003C/p\u003E\r\n\u003Cp\u003E27.23\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EHowever what I can say to you is that currently what we…we… we wouldn't build any stations\u003C/p\u003E\r\n\u003Cp\u003E27.32\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EWithout having a long-term plan and feasibility that meets our expectations.\u003C/p\u003E\r\n\u003Cp\u003E27.37\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThere are things that are to do with volumes but also to do with what we call non-fuel retail so…\u003C/p\u003E\r\n\u003Cp\u003E27:42\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…including our the Select shop, the convenience retailing, Car Wash, lubricant sales and… and other incomes so… so…\u003C/p\u003E\r\n\u003Cp\u003E27:51\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…average throughput per site may not be indicative of you know how well the site is doing and that's why we wouldn't want to put it there out without context\u003C/p\u003E\r\n\u003Cp\u003E28.01\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ethe other thing is the COCO CODO DODO (sic.) model is not something that the two options that we have in our business being in shell company we have different ways of\u003C/p\u003E\r\n\u003Cp\u003E28:09\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eoperating and again uh… very internal and that's subject to a lot of confidential contracts with the landlords…\u003C/p\u003E\r\n\u003Cp\u003E28.16\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…but what we have been working lately what I'd like to give you is that late in the last year or so we have been looking at\u003C/p\u003E\r\n\u003Cp\u003E28.25\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eintegrating our business model more than ever so that means you know we look as I said earlier looking at one side integrated (ly)\u003C/p\u003E\r\n\u003Cp\u003E28:33\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EIn terms of the income in terms of source of income and linking it to the experience of the motorists…\u003C/p\u003E\r\n\u003Cp\u003E28.41\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E….and through the apps through the offerings that we have rather than having separate operators…\u003C/p\u003E\r\n\u003Cp\u003E28:46\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…in each site and for in terms of overall volume and each business as I said earlier that you know there are…there are\u003C/p\u003E\r\n\u003Cp\u003E28.56\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eagencies in the market that would charge millions to give that those but unfortunately we are also restricted by the regulators…\u003C/p\u003E\r\n\u003Cp\u003E29.04\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…and what we can provide so I would… I would refer you to ORPIC and National… also in a statistics Centre…\u003C/p\u003E\r\n\u003Cp\u003E29:10\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…that gives the overall volumes in each sector rather than a business for each company which I understand would be very difficult to share publicly.\u003C/p\u003E\r\n\u003Cp\u003E29.20\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EAnd I think Burair on what you have just answered regarding the split or the volume contribution by the line of business it's commercially sensitive\u003C/p\u003E\r\n\u003Cp\u003E29:29\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Einformation so you would notice that in a lot of our publications and a lot of our press conferences and all we don't\u003C/p\u003E\r\n\u003Cp\u003E29:35\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eactually go into the actual number per litre but then if it helps in our financial statements\u003C/p\u003E\r\n\u003Cp\u003E29.42\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ein node number 19 we provide a bit more of a narrative and a disclosure on the actual revenue split across the two big sectors that we have\u003C/p\u003E\r\n\u003Cp\u003E29.51\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eand you know you could… you could refer to that if it helps so out of the 499 million revenue that we have reported we have declared at 441 million…\u003C/p\u003E\r\n\u003Cp\u003E30:00\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…out of that was related to the mobility segment and you know if it helps build some sort of a context that on the numbers I think\u003C/p\u003E\r\n\u003Cp\u003E30:06\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ethere was a question about the lubricants blending plant capacity as well\u003C/p\u003E\r\n\u003Cp\u003E30.10\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EYes, a capacity of throughput in both cases I think we wouldn't be able to share the volumes as well. I think that's also sensitive, right?\u003C/p\u003E\r\n\u003Cp\u003E30:21\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EWe might not necessarily quote actual numbers in here but just to provide a bit of context on where do we supply the lubricants,\u003C/p\u003E\r\n\u003Cp\u003E30.29\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eso majority of our lubricant supplies are actually blended and lubricants blending plants – the only one that we have in the country…\u003C/p\u003E\r\n\u003Cp\u003E30.35\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\n…and the one that is next doors here Mina Fahal the… the supplies and the production of that lubricants blending plant is…\u003C/p\u003E\r\n\u003Cp\u003E30:43\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…serving the local market at 40 percent split and 60 percent of that goes to the export market so it covers the regional demand in neighbouring countries as well.\u003C/p\u003E\r\n\u003Cp\u003E30.53\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EAnd just for your information also so in addition to retaining number one brand positioning as a lubricant supplier or producing company\u003C/p\u003E\r\n\u003Cp\u003E31:03\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EWe also believe that we have the market leadership in terms of lubricants so that helps.\u003C/p\u003E\r\n\u003Cp\u003E31.10\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EI hope that answers your questions.\u003C/p\u003E\r\n\u003Cp\u003E31:13\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EAnyone else or Joice do you have any other questions or anyone else would like to ask any other questions, please feel free?\u003C/p\u003E\r\n\u003Cp\u003E31:19\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003EYes I have a follow-up question, you just said see one… one comment that I have…\u003C/p\u003E\r\n\u003Cp\u003E31:25\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003E…is it's only in the last three to five years that shell has… has not been disclosing these numbers if you refer\u003C/p\u003E\r\n\u003Cp\u003E31:32\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Eyour earlier financial statements and your annual reports or even your quarterly statements\u003C/p\u003E\r\n\u003Cp\u003E31.38\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Eall these numbers were given very clearly and in a detailed manner\u003C/p\u003E\r\n\u003Cp\u003E31.42\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EYeah.\u003C/p\u003E\r\n\u003Cp\u003E31.43\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003E…so… so now I don't know how when… when this has been started you know\u003Cbr\u003E\r\nthis has been classified…\u003C/p\u003E\r\n\u003Cp\u003E31.50\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003E…and all these things because as you as you've mentioned the NC size statistics give\u003Cbr\u003E\r\nthe total numbers…\u003C/p\u003E\r\n\u003Cp\u003E31.57\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003E…but there are only three players and it's a very open market it's only it's not open to The Outsiders but it's open internally for all the players,\u003C/p\u003E\r\n\u003Cp\u003E32.08\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003ESo my… my take on that is you know it's not so much classified an information but it's up to you know to decide whether to give it or not…\u003C/p\u003E\r\n\u003Cp\u003E32:20\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003E…and if you're being an, Shell being a you have a parentage of Shell Global Royal Dutch Shell and that company gives a lot of information to…\u003C/p\u003E\r\n\u003Cp\u003E32:31\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003E…the public shareholders and I would appreciate if you can follow the same you know the same culture in… in terms of addressing the shareholder request.\u003C/p\u003E\r\n\u003Cp\u003E32.44\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003ESo that’s…that’s just a comment and my follow up question is now you have said that there is no COCO or DODO.\u003C/p\u003E\r\n\u003Cp\u003E32:52\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003ESo am I to understand that DOCO is the only model that you're following?\u003C/p\u003E\r\n\u003Cp\u003E32.58\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EWell, see what I would say is that first of all thanks for your feedback and we'll take it into account and see how that goes.\u003C/p\u003E\r\n\u003Cp\u003E33.04\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EBut I would like to correct one thing is that the Royal Dutch Shell is no longer there it's called the… in fact, it’s referred to as… Group Shell…\u003C/p\u003E\r\n\u003Cp\u003E33.12\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…because it moved its headquarter to the UK for… for over a year now but anyways, in terms of the business model…\u003C/p\u003E\r\n\u003Cp\u003E33.24\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…we are as I said in the last year or a little bit more started to look at revising some of our contracts with… with a number of landlords…\u003C/p\u003E\r\n\u003Cp\u003E33.33\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…and operators to make it more integrated now whether that is called COCO or CODO or otherwise and\u003C/p\u003E\r\n\u003Cp\u003E33:40\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eprobably we are looking at new ways of doing business models especially with the new realities in the market\u003C/p\u003E\r\n\u003Cp\u003E33:45\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ewhether it's things to do with real estate or to do with the new… new business income or revenue streams\u003C/p\u003E\r\n\u003Cp\u003E33:53\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EFrom non-fuel retail or to do with even EV going forward and any others so I …I\u003C/p\u003E\r\n\u003Cp\u003E33:58\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ethink calling it COCO or CODO now externally would be undermining the actual reality so I will, what we… what we do is that we like to take this note\u003C/p\u003E\r\n\u003Cp\u003E34:10\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eand maybe in the next session share with you what is it that we are talking about a little bit more\u003C/p\u003E\r\n\u003Cp\u003E34:16\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eas you as we just as I said started embarking that journey and the integrated way of doing business but uh let me (inaudible)\u003C/p\u003E\r\n\u003Cp\u003E34.27\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eexcellent thank you Joice but thanks for your feedback and as I said we'll look into it yeah.\u003C/p\u003E\r\n\u003Cp\u003E34.32\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Eyeah ,sure can I…can I ask a few more questions\u003C/p\u003E\r\n\u003Cp\u003E34.35\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ESure… sure, shoot it…\u003C/p\u003E\r\n\u003Cp\u003E34.36\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003EYeah …yeah fine thank you uh so Lamees just mentioned about this segmental breakup\u003C/p\u003E\r\n\u003Cp\u003E34.44\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Eis that the only thing that you can provide or will you be able to provide us the revenue breakup for retail, commercial, lubricant, marine business and NFRs.\u003C/p\u003E\r\n\u003Cp\u003E34:54\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ESo if you if you are referring to the node that I just mentioned – node number 19 of the financials…\u003C/p\u003E\r\n\u003Cp\u003E35.01\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E… you would see those that a majority of the revenue breakdown is you know already provided as a split so we've provided Aviation and Mobility\u003C/p\u003E\r\n\u003Cp\u003E35.09\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ewhich together I think make more than 90 or 95 percent of the revenue breakdown\u003Cbr\u003E\r\nthe other businesses that you have mentioned\u003C/p\u003E\r\n\u003Cp\u003E35.16\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eare much smaller relatively and you know if you would observe the …the reporting that we have followed it's consistent with the industry reporting\u003C/p\u003E\r\n\u003Cp\u003E35.23\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eand it's aligned with the competition as well you've also mentioned that Shell Group probably provides much more disclosure.\u003C/p\u003E\r\n\u003Cp\u003E35.29\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ENow shell adopts different approaches in the different markets than they operate in\u003C/p\u003E\r\n\u003Cp\u003E35.33\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ESo we observe and we see what other markets are doing but we make or\u003C/p\u003E\r\n\u003Cp\u003E35:37\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ewe adopt what makes sense here for us locally in a way that doesn't jeopardize our competitive position.\u003C/p\u003E\r\n\u003Cp\u003E35:44\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003EYeah I understand… I understand so you have a classification called others…other Revenue 35 million so what …what are those items including\u003C/p\u003E\r\n\u003Cp\u003E35.53\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003EIs it only NFRs or is it something else or\u003C/p\u003E\r\n\u003Cp\u003E35:57\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003EDoes it include the marine or commercial business or lubricant business?\u003C/p\u003E\r\n\u003Cp\u003E36.01\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ESo NFRs as a revenue stream is classified as other income, it's not reported as Revenue as a headline number.\u003C/p\u003E\r\n\u003Cp\u003E36.09\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThe others that you see as part of the classification largely relates to the businesses that you have mentioned.\u003C/p\u003E\r\n\u003Cp\u003E36.14\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ESo, it's marine, fuel Marine lubricants, the lubricant segment itself as well as any other smaller businesses that we might be having.\u003C/p\u003E\r\n\u003Cp\u003E36:22\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003EOkay… okay thank you and would you be able to give us some you know indication on what the margins that you\u003C/p\u003E\r\n\u003Cp\u003E36:28\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Eare getting on the retail side for let's say the… the normal fuel, the super the V-Power and Diesel?\u003C/p\u003E\r\n\u003Cp\u003E36.37\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003EIf I understand, earlier I had some retail margins like 17… 17 Baizas for the M91 and for Super the same and then for diesel around 13 Baizas per liter\u003C/p\u003E\r\n\u003Cp\u003E36.50\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003ESo are they the same or is there are there any changes in… in the margins?\u003C/p\u003E\r\n\u003Cp\u003E36.57\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThere hasn't been any change in the margins and the margins, you know Joice, are regulated by the government\u003C/p\u003E\r\n\u003Cp\u003E37.03\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ethey are set by the authorities, they're not determined by the company.\u003C/p\u003E\r\n\u003Cp\u003E37:07\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EFor majority of the fuel grades that we supply except for the differentiated fuel that we have Shell V-Power\u003C/p\u003E\r\n\u003Cp\u003E37:13\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EWhich is set by company, but a majority of the… of the grades that you have mentioned follow the government guidelines in that regard\u003C/p\u003E\r\n\u003Cp\u003E37:19\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eand they have been the same like you know we have followed or the approach or\u003Cbr\u003E\r\nthe structure that has been mandated by the government.\u003C/p\u003E\r\n\u003Cp\u003E37.30\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Eis there any… any plans for of Shell\u003C/p\u003E\r\n\u003Cp\u003E(PHONE RINGS)\u003C/p\u003E\r\n\u003Cp\u003E37.34\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Eor the oil marketing companies of for the oil marketing companies all from the… the refineries the\u003C/p\u003E\r\n\u003Cp\u003E37:42\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003EAuthorities, that there could… be there could be any changes in the fuel margins in the future\u003C/p\u003E\r\n\u003Cp\u003E37:48\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Eis that something that you have ever thought about?\u003C/p\u003E\r\n\u003Cp\u003E37.53\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EActually I think even last meeting we had, there was a question of such and as we said you know\u003C/p\u003E\r\n\u003Cp\u003E38.00\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Esince we don't really control the margins really, we operate according to the regulations and the laws in the country\u003C/p\u003E\r\n\u003Cp\u003E38.07\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EAnd… but we make sure that we do share our views on this topic and others\u003C/p\u003E\r\n\u003Cp\u003E38.15\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Etransparently and openly through the right channels about our belief and how we would like to see in terms of\u003C/p\u003E\r\n\u003Cp\u003E38:23\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eadvocacy and policy making to grow together this sector and this business, not just for our shareholders benefit\u003C/p\u003E\r\n\u003Cp\u003E38.34\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ebut also for the overall society in the country so the so our channel… channels of communications will be relevant\u003C/p\u003E\r\n\u003Cp\u003E38:42\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Estakeholders are always open and very transparent… transparent in the most ethical way.\u003C/p\u003E\r\n\u003Cp\u003E38:48\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EYeah, but I wouldn't go into particulars about what… what really believe should the margins be on what\u003C/p\u003E\r\n\u003Cp\u003E38:55\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eshould there should be higher or lesser the answer is really left to be regulators to decide and we…we just you know operate as per the law.\u003C/p\u003E\r\n\u003Cp\u003E39.04\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003EOkay thank you and coming to… coming to…coming to your margins I've seen that now this year 2022 has been the lowest\u003C/p\u003E\r\n\u003Cp\u003E39:12\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Ein terms of EBITDA margins which you have reported and we haven't I agree that you know we haven't come out of\u003C/p\u003E\r\n\u003Cp\u003E39:19\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Ethis COVID issues but even during the COVID days we had higher margins and\u003Cbr\u003E\r\neven pre-covid we had better margins\u003C/p\u003E\r\n\u003Cp\u003E39.27\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Ebut this 2022 despite the revenue you know reaching very close to the pre-covid levels almost 90 percent we have recovered,\u003C/p\u003E\r\n\u003Cp\u003E39.37\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Estill the margins, the EBITDA margins are still at 3.5 per cent what are the reasons for this erosion in margins that you have that we\u003C/p\u003E\r\n\u003Cp\u003E39:47\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Eare seeing and what's our margin outlook as a management what are your actions that you have taken\u003C/p\u003E\r\n\u003Cp\u003E39.54\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Eto protect the margins for the shareholders\u003C/p\u003E\r\n\u003Cp\u003E39.57\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EOkay… okay Joice, as much as I enjoy the interview here okay but this will be the last question if you don't mind, I'm going to let the CFO for answer this and then…\u003C/p\u003E\r\n\u003Cp\u003E40:06\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E… give answer please yeah so Lamees please feel free to answer.\u003C/p\u003E\r\n\u003Cp\u003E40:10\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EYes, absolutely.\u003C/p\u003E\r\n\u003Cp\u003E40.12\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ESo the question around margins Joice and you probably have passionately been following our financial results\u003C/p\u003E\r\n\u003Cp\u003E40:18\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EAnd you've actually quoted numbers and Trends which is great and fantastic\u003C/p\u003E\r\n\u003Cp\u003E40.21\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ebut then if although we are referring to 2022 as a year of you know after COVID, we are still absorbing some of the\u003C/p\u003E\r\n\u003Cp\u003E40:30\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eaftermath related to the pandemic and you know for us to be able to gain our position again we had to take certain\u003C/p\u003E\r\n\u003Cp\u003E40:37\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ecalls to revise the…the margin across all in certain segments for us to be able to you know capture our position\u003C/p\u003E\r\n\u003Cp\u003E40:43\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eagain to grow our Network share the volume share. In addition to that you might have also closely\u003C/p\u003E\r\n\u003Cp\u003E40:49\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Emonitored the volatility that we have seen at the base oil prices so it's not only a fuel marketing company,\u003C/p\u003E\r\n\u003Cp\u003E40.56\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ea big segment that we operate with is actually or operate and is lubricants as well. Now the lubricant supply chain has absorbed a big hit\u003C/p\u003E\r\n\u003Cp\u003E41:03\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eespecially towards the beginning of the year when the base oil prices were reporting a continuous increase\u003C/p\u003E\r\n\u003Cp\u003E41:09\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ENow that volatility has impacted us proportionately and you know that impact has been absorbed within the\u003C/p\u003E\r\n\u003Cp\u003E41:14\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EGross Margin numbers that you have seen. Now as the year progressed and as the base oil prices stabilize to a certain extent,\u003C/p\u003E\r\n\u003Cp\u003E41:21\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ewe were able to improve our gross margin outlook as they get progressed but\u003C/p\u003E\r\n\u003Cp\u003E41:25\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ethat hit from the first quarter was… was something that we have accounted for.\u003C/p\u003E\r\n\u003Cp\u003E41.30\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ENow in the aviation segment you would also understand that you know… for a segment like that that is based or the\u003C/p\u003E\r\n\u003Cp\u003E41:38\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ethe hydrocarbon off is actually monitoring and reflecting and absorbing the international movement in prices\u003C/p\u003E\r\n\u003Cp\u003E41:46\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EIn certain parts of the year we have also reported negative price exposure related to the stock that we were holding in hand at that point in time\u003C/p\u003E\r\n\u003Cp\u003E41.55\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EIt wasn't… it wasn't significant or material in terms of value but important to share for… for completeness, yeah.\u003C/p\u003E\r\n\u003Cp\u003E42:04\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThank you, Lamees.\u003C/p\u003E\r\n\u003Cp\u003E42.05\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EIf I can go to and, thanks Joice again for your really interesting questions.\u003C/p\u003E\r\n\u003Cp\u003E42.11\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EIt will help us prepare later so thanks for that.\u003C/p\u003E\r\n\u003Cp\u003E(INAUDIBLE)\u003C/p\u003E\r\n\u003Cp\u003E42:15\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003EI will …I will take… I'll take you know exit the queue and go back side so no so that\u003Cbr\u003E\r\nothers will also will be asking then I'll come back, Thank you.\u003C/p\u003E\r\n\u003Cp\u003E42.24\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThank you Joice.\u003C/p\u003E\r\n\u003Cp\u003E42.25\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ESo, we have questions from Shaheen here in the chat box.\u003C/p\u003E\r\n\u003Cp\u003E42.28\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EOman has target… targeted 79 percent EVs on the road by 2035, how's your retail expansion strategy changed, with this objective could you expand?\u003C/p\u003E\r\n\u003Cp\u003E42.39\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EOkay so in terms of EV charging actually as you may know the Group Shell has already embarked on a very ambitious\u003C/p\u003E\r\n\u003Cp\u003E42:46\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EStrategy expanding the number of EV charging points across the world.\u003C/p\u003E\r\n\u003Cp\u003E42:52\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThere are targets by 2030… there are targets by 2025… and targets by 2030.\u003C/p\u003E\r\n\u003Cp\u003E42:59\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EIn…in terms of numbers of millions – yeah – here globally speaking however locally we have already started that journey as you\u003C/p\u003E\r\n\u003Cp\u003E43:06\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Emay have already done some research to see that we've already put a number of charging points so far in… in a few stations.\u003C/p\u003E\r\n\u003Cp\u003E43:15\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EThis year also we have a plan to expand that number but the difference is that we are doing it in a very strategic way rather than\u003C/p\u003E\r\n\u003Cp\u003E43:26\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\njust you know… you know just putting it there for the sake of EV we are… we\u003Cbr\u003E\r\nare studying the markets\u003C/p\u003E\r\n\u003Cp\u003E43.33\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EWe are talking to customers, we are talking to OEMs, talking to Partners in the government and non-government sectors as well\u003C/p\u003E\r\n\u003Cp\u003E43:42\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ETo see how we can build and support the infrastructure of EV in Oman and also how can we integrate that into our retail business\u003C/p\u003E\r\n\u003Cp\u003E43:51\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ETo be able to create value for the consumer as well as for the shareholder we also are looking at the best\u003C/p\u003E\r\n\u003Cp\u003E43:59\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Epractices in the group and Shell to see what are the things that are working in other markets whether it's in Europe…\u003C/p\u003E\r\n\u003Cp\u003E44:06\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…or Asia in America and other markets to see how can we make it most cost-effective model for this business\u003C/p\u003E\r\n\u003Cp\u003E44.16\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eand also to see how we can still create In-Country Value and support for our partners in Oman… maybe if you're working\u003C/p\u003E\r\n\u003Cp\u003E44:24\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ewith Omani SMEs or by bringing some of the technologies locally but we are exploring all these options\u003C/p\u003E\r\n\u003Cp\u003E44.33\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eand… and one of the reasons what you may see actually why I'm currently as… talking to you as GM of Strategy and Energy Transition\u003C/p\u003E\r\n\u003Cp\u003E44.45\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ewhile last time I was your GM of Public Relations and Business Development\u003C/p\u003E\r\n\u003Cp\u003E44.49\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ESo there will change in the structure of the company as well to you know to proactively\u003C/p\u003E\r\n\u003Cp\u003E44.58\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eaddress these changes yes, so EV is one of them but even other energy transition related topics as well.\u003Cbr\u003E\r\n\u003Cbr\u003E\r\n45.06\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EOkay, any other questions?\u003C/p\u003E\r\n\u003Cp\u003E45.10\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EOkay so, Shaheen also… are you looking at the costs of capital increases this is likely to affect your dividend payout\u003C/p\u003E\r\n\u003Cp\u003E45:16\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Estrategy or fuel station expansion going forward also are you considering expansion in the region?\u003C/p\u003E\r\n\u003Cp\u003E45.25\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ELamees?\u003C/p\u003E\r\n\u003Cp\u003E45.26\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EYeah and thank you for the question Shaheen and obviously we see dividend distribution as an important\u003C/p\u003E\r\n\u003Cp\u003E45: 32\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Evalue proposition for our investors, as we have demonstrated throughout the you know the dividend distribution history we had\u003C/p\u003E\r\n\u003Cp\u003E45.42\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ENow we cannot provide an accurate assumption on the direction of the company because the dividend the decision\u003C/p\u003E\r\n\u003Cp\u003E45.46\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eis based on a number of factors including the profitability of the company and the current financial year the cash requirements for operation and purposes\u003C/p\u003E\r\n\u003Cp\u003E45.54\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eas well as the long-term growth of strategy that we have as a company we… we tend to look at all of these\u003C/p\u003E\r\n\u003Cp\u003E46:02\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Edifferent components together to arrive at Define and Dividend Decision for the year which will obviously go to the\u003C/p\u003E\r\n\u003Cp\u003E46:08\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eboards for approval and then the… the shareholders through the AGM. So it's too soon to make any conclusions depending\u003C/p\u003E\r\n\u003Cp\u003E46:15\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eon how this financial year would be ended, how do we really prioritize our investments and we also observe what\u003C/p\u003E\r\n\u003Cp\u003E46:21\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Esort of regulations and how the market moves around competitively as well for us to arrive with the final dividend decisions\u003C/p\u003E\r\n\u003Cp\u003E46.28\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eor we find an investment decisions that we would like to adopt in any particular year.\u003C/p\u003E\r\n\u003Cp\u003E46.33\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eso just to answer the questions I think it's too soon to make any conclusions out of that but you know\u003C/p\u003E\r\n\u003Cp\u003E46:38\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ethey go hand in hand any Dividend Decision that we'll make will take into considerations all the factors that I've mentioned\u003C/p\u003E\r\n\u003Cp\u003E40.43\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eincluding the capital...Capital Department as well.\u003C/p\u003E\r\n\u003Cp\u003E46.47\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EOk, Thank you Lamees,\u003C/p\u003E\r\n\u003Cp\u003E46.48\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EI think there was a second part of the question, whether we are considering expansion in the region?\u003C/p\u003E\r\n\u003Cp\u003E46.53\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EOkay so actually you know, Shell Oman Marketing Company is licensed to operate in Oman but that doesn't mean\u003C/p\u003E\r\n\u003Cp\u003E46.59\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ethat we don't really have business in the region through our exports of products and services so in that sense\u003C/p\u003E\r\n\u003Cp\u003E47.08\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eif you're talking about the retail business of Mobility itself we're not really licensed to be playing in the region at the moment\u003C/p\u003E\r\n\u003Cp\u003E47.18\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Enor that we are exploring that but we have already for many, many years been exporting our lubricants from our blending plant in Mina Al Fahal\u003C/p\u003E\r\n\u003Cp\u003E47.28\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eto many Regional markets, 16 different countries…\u003C/p\u003E\r\n\u003Cp\u003E47.32\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…including markets in the GCC and others and we are always exploring ways to increase the and grow that segments\u003C/p\u003E\r\n\u003Cp\u003E47.40\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eand our that will be revenue stream.\u003C/p\u003E\r\n\u003Cp\u003E47.43\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EOkay any other ones?\u003C/p\u003E\r\n\u003Cp\u003E47:49\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003ECan I come again?\u003C/p\u003E\r\n\u003Cp\u003E47.51\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EJoyce, yeah sure.\u003C/p\u003E\r\n\u003Cp\u003E47.52\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003EYeah… yeah okay thank you and you know as a follow-up to your answer for the decline in margin…\u003C/p\u003E\r\n\u003Cp\u003E47.58\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003ESee we are contributing only the… the things that you have mentioned the lubricants and the NFRs and Aviation.\u003C/p\u003E\r\n\u003Cp\u003E48.08\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003EThese are contributing a total of only 11 percent of the total sales. So you know are we seeing\u003C/p\u003E\r\n\u003Cp\u003E48.13\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Ethat there's a significant erosion in margin\u003C/p\u003E\r\n\u003Cp\u003E48:17\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Ebecause you know as your gross contributions in the retail segment\u003C/p\u003E\r\n\u003Cp\u003E48:23\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Ethe fuel segment is almost stable\u003C/p\u003E\r\n\u003Cp\u003E48.26\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Eso does that mean that 2022 so significant volatility in… in… in the aviation prices and…and also on the lubricant side?\u003C/p\u003E\r\n\u003Cp\u003E48.39\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EYeah thank you for the follow-up question Joice.\u003C/p\u003E\r\n\u003Cp\u003E48.42\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EIt might not necessarily be proportionate and I've also mentioned in my… in my response earlier\u003C/p\u003E\r\n\u003Cp\u003E48.49\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ethat we have taken conscious calls as well to revise the margins in certain segments now when we say Mobility\u003C/p\u003E\r\n\u003Cp\u003E48.54\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eit's not necessarily only the B2C segment that we have which is the filling station.\u003C/p\u003E\r\n\u003Cp\u003E48.58\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Esimilarity is much broader in the definition of shell to include the fleet card business for example the home-based business\u003C/p\u003E\r\n\u003Cp\u003E49.04\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ewas part of the mobility segment as well in the year 2022 before it got reclassified this year as part of our low-carbon products and segments.\u003C/p\u003E\r\n\u003Cp\u003E49.14\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ESo in these other business areas it was a conscious goal that the company\u003C/p\u003E\r\n\u003Cp\u003E49.19\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ehas decided to you know it's a trade-off between actual volume, market share, market position as well\u003C/p\u003E\r\n\u003Cp\u003E49.24\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eas the margin that you'd like to retain within the organization. So, I think it's the combination of factors\u003C/p\u003E\r\n\u003Cp\u003E49:29\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EIncluding the ones I have mentioned in lubricants so although lubricants might not be so big in terms\u003C/p\u003E\r\n\u003Cp\u003E49.34\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eof the actual contribution to the revenue number but profitability wise the… the business is you know a big contributor as well.\u003C/p\u003E\r\n\u003Cp\u003E49.44\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003EOkay…okay all right thanks and I have another question on your market share\u003C/p\u003E\r\n\u003Cp\u003E49.50\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Eyour market share is continuously dropping. Earlier Shell used to be very aggressive in the market\u003C/p\u003E\r\n\u003Cp\u003E49.55\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Eand you know your market share was growing but recently we are seeing here market share is coming down\u003C/p\u003E\r\n\u003Cp\u003E50.02\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Eeven though your (inaudible) increasing but and the total number of stations are increasing\u003C/p\u003E\r\n\u003Cp\u003E50.07\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Ebut essentially we are seeing the market share dropping and that's… that's not a very favourable situation that we would anticipate as shareholders.\u003C/p\u003E\r\n\u003Cp\u003E50:18\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Eso what's… what's your call on the market share but will you be looking at the market share retention or will you\u003C/p\u003E\r\n\u003Cp\u003E50:25\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Ebe looking at them at you know growing at this at the current pace and maintaining the current margins?\u003C/p\u003E\r\n\u003Cp\u003E50.33\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EOkay so Joice, in terms of market share…\u003C/p\u003E\r\n\u003Cp\u003E50:36\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…obviously, a sector by sector to be a different kind of situation and really there are sometimes strategic\u003C/p\u003E\r\n\u003Cp\u003E50.44\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ekind of approach to whether to go for the volume or whether to go for the bigger margins, right?\u003C/p\u003E\r\n\u003Cp\u003E50.49\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003ESo depending on the business that we talk about and you know – and accordingly historically as we said historically,\u003C/p\u003E\r\n\u003Cp\u003E50.55\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Euntil the COVID years… although I don't want to go into details of that but you would say how as you said\u003C/p\u003E\r\n\u003Cp\u003E51.01\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ewe…we the market leadership was always on the side of Shell. Now when business realities change\u003C/p\u003E\r\n\u003Cp\u003E51.08\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eand when you go through business transformation as we mentioned a lot new Investments\u003C/p\u003E\r\n\u003Cp\u003E51.13\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Enew digital… digitalization while also taking into account that in order to with our business continuity throughout\u003C/p\u003E\r\n\u003Cp\u003E51.21\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ethe last two and a half years or three years with the pandemic, there were kind of reprioritization of what to go for\u003C/p\u003E\r\n\u003Cp\u003E51.32\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eand what you're saying is that us taken a little bit I would say kind of a small… a small pause to… to re-strategize and go for the bigger picture\u003C/p\u003E\r\n\u003Cp\u003E51.45\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ewhich is not about only tomorrow no we talk about a very long term\u003C/p\u003E\r\n\u003Cp\u003E51:49\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ecommitment to this to the shareholders, to the country, to the society so you see us now talking like\u003C/p\u003E\r\n\u003Cp\u003E51:55\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eyou can see our… our language has also changed while you know in the in\u003C/p\u003E\r\n\u003Cp\u003E52:00\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Egenerally speaking in the market it would be focused on you know bottom line, we talk about\u003C/p\u003E\r\n\u003Cp\u003E52:08\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eour energy transition explanations, net-zero carbon emissions, supporting decarbonization\u003C/p\u003E\r\n\u003Cp\u003E52.15\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eand we see the value in investing in these long-term approaches\u003C/p\u003E\r\n\u003Cp\u003E52:18\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eone also we don't mean like we are ignoring the actual bread and butter of the business. We still put our focus in\u003C/p\u003E\r\n\u003Cp\u003E52:24\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eit and make sure that we maximize value for the shareholder but… but the last two or three years picture is not\u003C/p\u003E\r\n\u003Cp\u003E52:31\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Enecessarily the result of the of a normal way of doing business it's more\u003C/p\u003E\r\n\u003Cp\u003E52:37\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eof the kind of long-term strategic… long-term decisions that we had to make\u003C/p\u003E\r\n\u003Cp\u003E52:44\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ewhich even Lamees mentioned earlier and certain decisions we had to make to protect the company and the shareholder value\u003C/p\u003E\r\n\u003Cp\u003E52:52\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eour employees, their also values and and go for a bigger Sprint… it's a marathon at the end of the day\u003C/p\u003E\r\n\u003Cp\u003E52.59\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eand…and again the example, the restructuring that we're making it so transparent to you as investors community\u003C/p\u003E\r\n\u003Cp\u003E53.07\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eand to our shareholders. This is one example of what we are planning for the future of this company.\u003C/p\u003E\r\n\u003Cp\u003E53.13\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EYou know we have been in this country for more than 65 years, right, so as Shell Oman Market… (sic.) as a downstream business.\u003C/p\u003E\r\n\u003Cp\u003E53.19\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EWe have been a publicly listed company from 1997. Our long-term high dividends payouts, our PE ratio, and our indicators\u003C/p\u003E\r\n\u003Cp\u003E53:30\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ehistorically speaking are actually what makes us even more motivated and excited to… to push and create this value\u003C/p\u003E\r\n\u003Cp\u003E53.42\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ethat you know are sort of seeking as a shareholder.\u003C/p\u003E\r\n\u003Cp\u003E53:45\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EYeah, that's what I can say about your question for now.\u003C/p\u003E\r\n\u003Cp\u003E53.50\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003EYeah, thank you.\u003C/p\u003E\r\n\u003Cp\u003E53.51\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003ENow that is that… that is primarily for from a modelling perspective to know what's your… you know… Capex plans and everything because of\u003C/p\u003E\r\n\u003Cp\u003E53:59\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Ethe last two years we have you know very stable Capex so just wanted to\u003C/p\u003E\r\n\u003Cp\u003E54:04\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Echeck you know whether your Capex will change significantly over the future\u003C/p\u003E\r\n\u003Cp\u003E54:09\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Eor should we be looking at you know on an average around six million …six million Riyals as Capex?\u003C/p\u003E\r\n\u003Cp\u003E54:18\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EUhh… Do we disclose of the Capex of the business in the last 3 years?\u003C/p\u003E\r\n\u003Cp\u003E54.23\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nWe do some part of our financial statements but I think the question is more on the long-term expansion…\u003C/p\u003E\r\n\u003Cp\u003E54:30\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EWe don't really disclose publicly right so I think Burair has covered it in the narrative mentioning that we continue to\u003C/p\u003E\r\n\u003Cp\u003E54:37\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ebe committed to growth, to you know being the pioneer in…\u003C/p\u003E\r\n\u003Cp\u003E54:42\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003E…introducing any or capitalizing on any new opportunity in the market but at this stage\u003C/p\u003E\r\n\u003Cp\u003E54.49\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ewe don't really share any absolute numbers in terms of where they really want to invest and how much the quantity of that investment will be.\u003C/p\u003E\r\n\u003Cp\u003E54.57\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003ESee that that again leads to… you know… another answer of your question to Shaheen about the dividends so you know?\u003C/p\u003E\r\n\u003Cp\u003E55:04\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003EWe …we've been seeing that there is earlier Shell had a high payout ratios\u003C/p\u003E\r\n\u003Cp\u003E55:10\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Eand in the meantime it was reduced and now you are now reaching back to 100 percent payout so now just wanted to gauge\u003C/p\u003E\r\n\u003Cp\u003E55:16\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Ehow much of the dividends and everything you know will come from the company see, the only thing is if the management gets\u003C/p\u003E\r\n\u003Cp\u003E55:23\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Eopened then only it will help us investors to gauge the potential of the company and gauge the real potential of the company.\u003C/p\u003E\r\n\u003Cp\u003E55.30\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003EOtherwise you know there will be a lot of mispricing and you know a lot of asymmetry about in the market.\u003C/p\u003E\r\n\u003Cp\u003E55.37\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003EOur Market itself is you know very inefficient in terms of trading liquidity especially for Shell… or companies like Shell…\u003C/p\u003E\r\n\u003Cp\u003E55.44\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003ESo you know what we are trying to do is to gauge the real… real potential of the company\u003C/p\u003E\r\n\u003Cp\u003E55:50\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Eand then communicate to the investors. If the management doesn't do that then you know we also are helpless people\u003C/p\u003E\r\n\u003Cp\u003E55.58\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Eso that's the reason why we are asking all these kind of questions – and you know usually managements are open and giving\u003C/p\u003E\r\n\u003Cp\u003E56:06\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Ethey open their plans, their strategy and everything but this is I'm very disappointed… know that you…\u003C/p\u003E\r\n\u003Cp\u003E56:13\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Eknow there is… there is no real takeaway for me in this call. I'm very sorry to say this, I can’t help… I can’t help not saying this…\u003C/p\u003E\r\n\u003Cp\u003E(Inaudible)\u003C/p\u003E\r\n\u003Cp\u003E56:29\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003EWhat…What will be the dividend payout that you will be looking at in the future you know. This question is\u003C/p\u003E\r\n\u003Cp\u003E56:38\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Eprimarily because you have now reached back to 100 per cent payout so this should this be a norm going forward or will there\u003C/p\u003E\r\n\u003Cp\u003E56:46\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003Ebe any further, should we be looking at a lower dividend payout?\u003C/p\u003E\r\n\u003Cp\u003E56:52\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EOkay Joyce you know I'm… I'm also disappointed that we feel that way that we haven't answered any you know your concerns…\u003C/p\u003E\r\n\u003Cp\u003E57.01\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EBut let me just comment on the dividends which I think earlier also it was commented on. Year-on-Year we\u003C/p\u003E\r\n\u003Cp\u003E57:09\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eprobably will analyze what is the dividends that will be paid – but it's not even us who will make that decision.\u003C/p\u003E\r\n\u003Cp\u003E57:15\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EIt’s the shareholders through the board members. And as you can see depending on the situation every year\u003C/p\u003E\r\n\u003Cp\u003E57:23\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ethat decision will be taken by the board – and of course we give our input, we share your kind of feedback\u003C/p\u003E\r\n\u003Cp\u003E57.31\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ealso with our with our board members and… and the leadership team but it really depends on multiple factors\u003C/p\u003E\r\n\u003Cp\u003E57.41\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EI mean if you look at as you said historically if you look at the payouts that gives you an indication\u003C/p\u003E\r\n\u003Cp\u003E57:46\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ewhat kind of company we have been but even in the long term it depends on whether we have a much aggressive Capex plan,\u003C/p\u003E\r\n\u003Cp\u003E57.54\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ewhat is the borrowing cost, what is the market conditions and many other things that before we can commit to a number\u003C/p\u003E\r\n\u003Cp\u003E58.02\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eyou know. What I can say that we'll be looking at maximizing the value that we can give to the shareholders.\u003C/p\u003E\r\n\u003Cp\u003E58.09\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EAs it's been the case for Shell Oman… you know… as a company in the public listed in MSX before now for ...for over 25 years.\u003C/p\u003E\r\n\u003Cp\u003E58.22\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EBut other than that we… do you think you know as a management team member, we can\u003C/p\u003E\r\n\u003Cp\u003E58.28\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Eoverride the board member’s decision-making authority on this (?) That's something probably I cannot give you more than this for now.\u003C/p\u003E\r\n\u003Cp\u003E58:39\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EBut …but not mistaken, let me see what we can I can get back to you also you had other questions in the past so let me see what\u003C/p\u003E\r\n\u003Cp\u003E58:45\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EI can do for you for other than this one. I'll reach out to you separately.\u003C/p\u003E\r\n\u003Cp\u003E58.50\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EWe have already reached the end of the call in terms of the timing, unfortunately, but I would like to again thank everyone\u003C/p\u003E\r\n\u003Cp\u003E59.00\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Efor the attending this session and for the questions that was raised\u003C/p\u003E\r\n\u003Cp\u003E59:05\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Emaking it very interactive and interesting for us. And at the end of this call I'd like to thank… I thank Sultan, Lamees and we have here Ahmed\u003C/p\u003E\r\n\u003Cp\u003E59:15\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Ewho's been also a soldier in this behind the scenes and of course everyone who attended this call\u003C/p\u003E\r\n\u003Cp\u003E59.22\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003Efor sharing your time valuable time with us. Looking forward to the next session\u003C/p\u003E\r\n\u003Cp\u003E59.28\u003Cbr\u003E\r\n[Burair Al Lawati]\u003C/p\u003E\r\n\u003Cp\u003EInsha’Allah and until then keep safe and take care.\u003C/p\u003E\r\n\u003Cp\u003E(Thankyou)\u003C/p\u003E\r\n\u003Cp\u003E59:36\u003Cbr\u003E\r\n[Joice Mathew]\u003C/p\u003E\r\n\u003Cp\u003EThank you very much\u003C/p\u003E\r\n\u003Cp\u003E59:44\u003Cbr\u003E\r\n[Music]\u003C/p\u003E\r\n"}}],"id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/main/section/revealer_copy_122459_1458719179","model":{}},{"organism":"StandaloneAsset","color":"inherited","colspan":8,"colstart":3,"id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/main/section/standalone_asset_cop_1364786805","model":{"title":"جلسة مناقشة علاقات المستثمرين للربع الثالث من 2022","video":{"src":"https://www.youtube-nocookie.com/embed/dq2e6EGQx0s?si=tJNufQt7QHnRjx2a","caption":"جلسة مناقشة علاقات المستثمرين للربع الثالث من 2022"}}},{"organism":"Container.List","colspan":8,"colstart":3,"children":[{"organism":"AccordionItem","color":"inherited","id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/main/section/revealer_copy_122459_1676975852/revealer_item","model":{"title":"أقرأ النص","text":"\u003Cp\u003E\u003Cb\u003ETITLE:\u003C/b\u003E Shell Oman Marketing SAOG Q3 Investor Relations - MSX Engagement Session\u003C/p\u003E\r\n\u003Cp\u003E\u003Cb\u003EDuration:\u003C/b\u003E 44.02 minutes\u003C/p\u003E\r\n\u003Cp\u003E0:00 – Video Starts with Welcome Screen. Audio Begins at 0:46\u003C/p\u003E\r\n\u003Cp\u003E0:46\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nGood morning, Asalamualaikum. Thank you for attending.\u003C/p\u003E\r\n\u003Cp\u003E0:53 – 0.57\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nWe’ll take one more minute just to wait for people to attend and then we will be shortly with you.\u003C/p\u003E\r\n\u003Cp\u003E[Silence Ensues]\u003C/p\u003E\r\n\u003Cp\u003E1:55 – 2:02\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nJust give people maybe one more minute and then we will get started.\u003C/p\u003E\r\n\u003Cp\u003E[Silence Ensues]\u003C/p\u003E\r\n\u003Cp\u003E2:26\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nAll right, so I guess we can start now.\u003C/p\u003E\r\n\u003Cp\u003E2:33\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nLet me just test my voice to make sure that you can hear us. If I can get a reaction\u003C/p\u003E\r\n\u003Cp\u003E2:39\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nin the chat box or from the tools on the top.\u003C/p\u003E\r\n\u003Cp\u003E2:45\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nAm I clear?\u003C/p\u003E\r\n\u003Cp\u003E2:49\u003Cbr\u003E\r\n[Sameer Kattiparambil]\u003Cbr\u003E\r\nYes, we can hear you.\u003C/p\u003E\r\n\u003Cp\u003E2:50\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nThank you very much. Okay…\u003C/p\u003E\r\n\u003Cp\u003E2:51\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nBismillah Ya Rahman Ya Rahim. Asalamualaikum everyone, This is… I am Burair Al Lawati – I am the General Manager of Corporate Relations and Business Development in\u003C/p\u003E\r\n\u003Cp\u003E3:02\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nShell Oman Marketing Company. Welcome to the Muscat Exchange (sic.)\u003C/p\u003E\r\n\u003Cp\u003E3:09\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nengagement session that we have prepared for Q3 of 2022.\u003C/p\u003E\r\n\u003Cp\u003E3:16\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nI would like to first introduce the panel. I have here Lamees… Lamees, could you\u003C/p\u003E\r\n\u003Cp\u003E3:24\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nintroduce yourself please?\u003C/p\u003E\r\n\u003Cp\u003E3.25\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nHi, Asalamualaikum everyone, good morning and it's great to host you today, although virtually\u003C/p\u003E\r\n\u003Cp\u003E3:29\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nMy name is Lamees Al Lawati, I am the Chief Financial Officer of Shell Oman Marketing Company.\u003C/p\u003E\r\n\u003Cp\u003E3:35\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nI’ve been in this role since April this year.\u003C/p\u003E\r\n\u003Cp\u003E3.37\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nBut prior to that I've spent my entire career with Shell, so over 15 years through various roles.\u003C/p\u003E\r\n\u003Cp\u003E3:43\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nMy background includes Management Information, Treasury, Corporate Controllership, Internal Audit Management\u003C/p\u003E\r\n\u003Cp\u003E3:48\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nand prior to taking over this role, I spent the last three-years-and-a-half in the Upstream office of shell as the Finance Manager of another joint venture\u003C/p\u003E\r\n\u003Cp\u003E3:55\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nYeah, and myself as I said, I’m Burair Al Lawati, I handle Corporate Communications and Business Development.\u003C/p\u003E\r\n\u003Cp\u003E4:01\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nSo IRO is also part of my role in this organization\u003C/p\u003E\r\n\u003Cp\u003E4:07\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nIn addition to CSR, media relations, internal-external Communications. So, I'm also the authorized spokesperson for Shell in Oman.\u003C/p\u003E\r\n\u003Cp\u003E4:15\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nAgain, welcome to this session, and as you have seen in the disclosed invitation to this session that was published on the 31st of October\u003C/p\u003E\r\n\u003Cp\u003E4:27\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nwe have invited the investors and the financial analysts to be participate in this virtual session\u003C/p\u003E\r\n\u003Cp\u003E4:33\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nin the compliance with the [EE109 2022] resolution by CMA. So welcome to you all again.\u003C/p\u003E\r\n\u003Cp\u003E4:41\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nIf we… I would like to, as you can see in the agenda, we have… We're [gonna] be going\u003C/p\u003E\r\n\u003Cp\u003E4:49\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nfirst through some HSE and ground rules and then we'll go to cover the Q3 Key financials and business highlights\u003C/p\u003E\r\n\u003Cp\u003E4:57\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nAfter that we'll talk about our Company's future strategy and plans\u003C/p\u003E\r\n\u003Cp\u003E5:01\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nBefore we can go for our Q and A.\u003C/p\u003E\r\n\u003Cp\u003E5:07:\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nPlease note that if you go to the HSSE section\u003C/p\u003E\r\n\u003Cp\u003E5:09\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nas you can… you know about Shell HSSE is very important.\u003C/p\u003E\r\n\u003Cp\u003E5:18\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nSo, we have our… go to the other… We have our colleague\u003C/p\u003E\r\n\u003Cp\u003E5:22\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nKhalid Al Awaisi who's just joined us. He's our General manager of Mobility\u003C/p\u003E\r\n\u003Cp\u003E5:28\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nDr. Khalid please feel free to introduce yourself.\u003C/p\u003E\r\n\u003Cp\u003E5.30\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nYeah… Definitely I don't know who's in the call but welcome, Asalamualaikum\u003C/p\u003E\r\n\u003Cp\u003E5:38\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nKhalid Al Awaisi, the Mobility GM…\u003C/p\u003E\r\n\u003Cp\u003E5:39:\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nBeing with Shell Oman Marketing for the last 15 years. In the first of October completed 15\u003C/p\u003E\r\n\u003Cp\u003E5:44\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nnow serving 16 years.\u003C/p\u003E\r\n\u003Cp\u003E5:47:\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nMabrook, mabrook. Congratulations. Thank you Khalid for joining and we were\u003C/p\u003E\r\n\u003Cp\u003E5:50\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\njust going through our HSSE guidelines. So we please request you to\u003C/p\u003E\r\n\u003Cp\u003E5:56\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nmaintain your safety and security throughout the session. Please be aware about the exit routes\u003C/p\u003E\r\n\u003Cp\u003E6:04\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nand the assembly points in where you are and in case of any alarm that you can be responding to such situations – go for this\u003C/p\u003E\r\n\u003Cp\u003E6:11\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nBut please in case of such a situation, feel free to exit the session and we can\u003C/p\u003E\r\n\u003Cp\u003E6:18\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nalways catch up. Also, in case of any liquids or hazardous stuff around you, just be\u003C/p\u003E\r\n\u003Cp\u003E6:24\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\ncareful about them. In terms of the Q and A and the questions\u003C/p\u003E\r\n\u003Cp\u003E6:29\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nwe will be taking them at the end of the session. We have some time for it. But throughout the session if you feel like\u003C/p\u003E\r\n\u003Cp\u003E6:35\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nyou would like to post your questions in the chat box, feel free to do so, and we'll be sharing\u003C/p\u003E\r\n\u003Cp\u003E6:41\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nthese questions and addressing them at the end of this meeting. We welcome all questions and feedback\u003C/p\u003E\r\n\u003Cp\u003E6:48\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nbut we kindly request you to stick to the agenda and the content of this session.\u003C/p\u003E\r\n\u003Cp\u003E6:54\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nIn case there is a question that we don't know the answer to, we will\u003C/p\u003E\r\n\u003Cp\u003E6:58\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\ntake note of them and then we'll get back to you soon by… you know… offline and make sure that you we do address\u003C/p\u003E\r\n\u003Cp\u003E7:04\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nthem the way we can. So let's move on now to our first agenda item which is our Q3 results. Lamees, please?\u003C/p\u003E\r\n\u003Cp\u003E7:13\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nYeah, thank you Burair. So Burair has already kindly shared the agenda and we\u003C/p\u003E\r\n\u003Cp\u003E7:17\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\naim today to cover as much as we can in the… you know… time that we have allocated today to cover and share with you the\u003C/p\u003E\r\n\u003Cp\u003E7:22\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nfinancial performance of the company which is of vital importance. Together with that we also place equal emphasis\u003C/p\u003E\r\n\u003Cp\u003E7:28\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nand importance in the other dimensions and the other levers, including our people our HSSE as well as our business\u003C/p\u003E\r\n\u003Cp\u003E7:34\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nupdates on an individual business [inaudible]. So in the time that we've allocated today we will try to cover as much as we\u003C/p\u003E\r\n\u003Cp\u003E7:41\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\ncan in the dimensions that I have mentioned together between or between myself and my colleagues here today and\u003C/p\u003E\r\n\u003Cp\u003E7:48\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nwe will start with the financial performance. So the financial results are published in the Muscat Stock Exchange\u003C/p\u003E\r\n\u003Cp\u003E7:54\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nfollowing the approval from our board of directors which endorse the results on a\u003C/p\u003E\r\n\u003Cp\u003E7:59\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nmeeting that was held on the 31st of October 2022. The numbers as you have seen have\u003C/p\u003E\r\n\u003Cp\u003E8:04\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nreflected growth versus the same period last year. We saw volumes improving generally in the market. A bit of a\u003C/p\u003E\r\n\u003Cp\u003E8:11\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nslower start at the beginning of the year as the market was adjusting and was recovering post the pandemic but with\u003C/p\u003E\r\n\u003Cp\u003E8:17\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nthe uplift of restrictions as the months were gradually progressing, the volumes picked up\u003C/p\u003E\r\n\u003Cp\u003E8:23\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nconsistently, and you know, progressed as the as the year progressed. We have seen\u003C/p\u003E\r\n\u003Cp\u003E8:28\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nvolumes picking up in the B2C segment as well as in other sectors like Aviation to a certain extent. We have seen healthy\u003C/p\u003E\r\n\u003Cp\u003E8:35\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nvolume growth in certain… certain segments, and we recognize and we appreciate that some of that volume\u003C/p\u003E\r\n\u003Cp\u003E8:40\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nmight have been seasonal, like the volume, or the height that we have seen, in the South Region during the Khareef season\u003C/p\u003E\r\n\u003Cp\u003E8:46\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nbut majority of the volume growth that we have reported in the period is expected to be sustainable growth.\u003C/p\u003E\r\n\u003Cp\u003E8:54\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nOur volumes grew generally by 17% this year versus the same period last year for the\u003C/p\u003E\r\n\u003Cp\u003E8:59\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nfirst nine months of the year. We have reflected a top-line growth and reported revenue of 373 million Riyals.\u003C/p\u003E\r\n\u003Cp\u003E9:06\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nThat was 30% higher than the same period last year. Our gross profit for the nine months was 27 million Riyals.\u003C/p\u003E\r\n\u003Cp\u003E9:13\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nIt was 19% higher than the same period last year. Now, as the volumes grow\u003C/p\u003E\r\n\u003Cp\u003E9:18\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nwe expect that the costs associated to servicing these volumes would go higher, so a big chunk of the cost growth that\u003C/p\u003E\r\n\u003Cp\u003E9:24\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nwe have reported – so out of the 22 million is costs that is directly attributed to\u003C/p\u003E\r\n\u003Cp\u003E9:30\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\ndelivering these products to the end customers. So, things like logistics costs, transportation costs, as well as\u003C/p\u003E\r\n\u003Cp\u003E9:37\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\noperational costs in certain business segments like aviation, like the mobility business…\u003C/p\u003E\r\n\u003Cp\u003E9:42\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\n…and we've continued to invest in our people as well, so the Manpower cost element has been reflected there.\u003C/p\u003E\r\n\u003Cp\u003E9:49\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nOn a quarter, on a standalone basis, you would say that the revenue growth and the gross profit growth is in line with the\u003C/p\u003E\r\n\u003Cp\u003E9:54\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\naverage that we have reported for the three quarters so 32% and 19%, respectively.\u003C/p\u003E\r\n\u003Cp\u003E10:00\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nThe other item perhaps that attracts attention here is cost so although on a YTD basis we have reported a cost growth of 10%...\u003C/p\u003E\r\n\u003Cp\u003E10:07\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\n…our costs spend for the third quarter on a standalone basis has been higher than the rest of the importers.\u003C/p\u003E\r\n\u003Cp\u003E10:15\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nWe are still operating within the plan that was approved and budgeted for the year; in fact we have we have optimized on\u003C/p\u003E\r\n\u003Cp\u003E10:22\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\ncosts and we have reported under-spend versus the budget that we have allocated. But there are certain business activities that we have allocated or\u003C/p\u003E\r\n\u003Cp\u003E10:30\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nphased for Q3, so it was part of the business plan and a lot of it was on the operational and promotional campaigns\u003C/p\u003E\r\n\u003Cp\u003E10:36\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nthat we had… we have… conducted in Q3. Now we also recognize that the\u003C/p\u003E\r\n\u003Cp\u003E10:42\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nindustry trend is moving towards digitalization, so we've spent quite a good amount of OpEx to upgrade our\u003C/p\u003E\r\n\u003Cp\u003E10:49\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nsystems, our infrastructures, our telecom infrastructure across the mobility network of 206 stations that we have, so…\u003C/p\u003E\r\n\u003Cp\u003E10:56\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nthat's a big spend that has that has been reported as well in this year, so these are good investments and good\u003C/p\u003E\r\n\u003Cp\u003E11:02\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\ncalls that we continue to invest in to improve the overall experience of the customers. Now, during the year as well, we\u003C/p\u003E\r\n\u003Cp\u003E11:08\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nhave approved the investment on a specific solution that we will\u003C/p\u003E\r\n\u003Cp\u003E11:15\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nbe launching soon in the mobility segment. I don't know, Khalid, maybe later you would like to shed some light on it. But not to hijack the discussion on the\u003C/p\u003E\r\n\u003Cp\u003E11:20\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nfinancials but just to give a bit of a perspective on where we have been investing in the in the period…\u003C/p\u003E\r\n\u003Cp\u003E11:27\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\n… for the nine months we have reported net income after tax of 4.96 million Riyals\u003C/p\u003E\r\n\u003Cp\u003E11:33\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nand it was 47% higher than the same period last year.\u003C/p\u003E\r\n\u003Cp\u003E[Silence ensues]\u003C/p\u003E\r\n\u003Cp\u003E11:39\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nAnd if we can move to HSSE perhaps… yeah…\u003C/p\u003E\r\n\u003Cp\u003E11:44\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nActually I’ll continue. So, on HSSE like we said, we placed equal\u003C/p\u003E\r\n\u003Cp\u003E11:50\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nemphasis on all the levers of our operational excellence including HSSE – so HSSE is an integral part of the way we\u003C/p\u003E\r\n\u003Cp\u003E11:56\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nrun the business and the way we manage the business – and we have consistently kept the records and the KPIs and the\u003C/p\u003E\r\n\u003Cp\u003E12:02\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nHSSE space excellent during the third quarter of the year. We have reported zero lost time injury, so total record…\u003C/p\u003E\r\n\u003Cp\u003E12:09\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\n…zero total recordable cases and zero loss of primary containment – so no leaks [were recorded]\u003C/p\u003E\r\n\u003Cp\u003E12:14\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nin the third quarter. Now during the quarter, we have invested in a lot of initiatives.\u003C/p\u003E\r\n\u003Cp\u003E12:19\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nParticularly in getting assurance on our ‘Readiness During Crisis’, we have conducted a number\u003C/p\u003E\r\n\u003Cp\u003E12:27\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nof drills across the different regions of the country and in different cities, including Dhofar, Muscat, Sur, as well as Nizwa,\u003C/p\u003E\r\n\u003Cp\u003E12:35\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nand these activities were done in collaboration with the wider network of stakeholders that we have, including our\u003C/p\u003E\r\n\u003Cp\u003E12:42\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nretailers as well as the authorities. Now, the main aim of this session is to focus on… or to give us assurance on our\u003C/p\u003E\r\n\u003Cp\u003E12:48\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nreadiness in case of any emergencies, as well as share good practices, best practices in that space so the impact of\u003C/p\u003E\r\n\u003Cp\u003E12:55\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nthat is not expected to be limited only to us as a company but to be shared and to be spread across the wider network\u003C/p\u003E\r\n\u003Cp\u003E13:01\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nDuring the period, we have also conducted various refresher sessions on health and well-being, worker welfare, and we have\u003C/p\u003E\r\n\u003Cp\u003E13:08\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nconducted a number of assurance activities – the line of defense sort of audit or assurance activities in the\u003C/p\u003E\r\n\u003Cp\u003E13:14\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nareas of road safety, process safety, environmental management, and other areas as well. Our LTI free record as you can\u003C/p\u003E\r\n\u003Cp\u003E13:21\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nsee in front of you on the screen is no harm for 265 days and no leap for\u003C/p\u003E\r\n\u003Cp\u003E13:27\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\n1826 days. We are very proud of the records and we keep continuing our efforts in\u003C/p\u003E\r\n\u003Cp\u003E13:33\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nthat space to continue and improve and sustain the programmes.\u003C/p\u003E\r\n\u003Cp\u003E13:38\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nJust a bit on the people's side as well… if we can move to the other slide, I'll cover that too.\u003C/p\u003E\r\n\u003Cp\u003E13:44\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nSo on the people space, Shell Oman Marketing, just a bit of an additive sharing in a few KPIs in that space\u003C/p\u003E\r\n\u003Cp\u003E13:50\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nbefore we talk about the number of initiatives that we are doing there as well. So the number of full-time employees that we\u003C/p\u003E\r\n\u003Cp\u003E13:57\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nhave on our payroll as of today is 250 staff. Our Omanisation rate is 97.2%\u003C/p\u003E\r\n\u003Cp\u003E14:04\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nwhich is at the top of the sector and I think worth mentioning that expectation from the sector is 60%.\u003C/p\u003E\r\n\u003Cp\u003E14:11\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nSo we have impressively exceeded that level and now this reflects our commitment to the in-country value.\u003C/p\u003E\r\n\u003Cp\u003E14:19\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nSo adding in-country value as well as our responsibility as a good corporate citizen. The turnover rate for the\u003C/p\u003E\r\n\u003Cp\u003E14:26\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nfirst nine months of the year was 3.97, which is pretty much within the limit that is acceptable and it's healthy for\u003C/p\u003E\r\n\u003Cp\u003E14:32\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nan organization like us. I think the low turnover rate\u003C/p\u003E\r\n\u003Cp\u003E14:38\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nalso indicates our position as an employer of choice in the market in this sector, as well\u003C/p\u003E\r\n\u003Cp\u003E14:45\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nas in the… generally in the… Omani market. During the period we have\u003C/p\u003E\r\n\u003Cp\u003E14:51\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nemployed around… or we have hired… around 36 interns from various colleges and\u003C/p\u003E\r\n\u003Cp\u003E14:56\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nuniversities in Oman. Giving… so through this we were aiming to give the interns an opportunity to develop their\u003C/p\u003E\r\n\u003Cp\u003E15:03\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nskills and their competencies and improve their chances in the employment market post completing these programmes –\u003C/p\u003E\r\n\u003Cp\u003E15:10\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\n– and it also gives us a chance as a company to participate in the national efforts to tackle employment\u003C/p\u003E\r\n\u003Cp\u003E15:17\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nchallenges and also support the government's Vision in this regard. Obviously we continue our relentless\u003C/p\u003E\r\n\u003Cp\u003E15:22\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nefforts to attracting, developing, promoting our local talents and supporting initiatives that encourage\u003C/p\u003E\r\n\u003Cp\u003E15:29\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nyouth to study in the areas like STEM – science, technology, engineering and Mathematics\u003C/p\u003E\r\n\u003Cp\u003E15:35\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nand we continue to enhance the cultural-political organization to promote diversity and\u003C/p\u003E\r\n\u003Cp\u003E15:41\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\ninclusion, whether it's gender or the background of people, and by creating an environment where people be respected.\u003C/p\u003E\r\n\u003Cp\u003E15:49\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nWe would also like to share that during the period, we have successfully participated in the Shell People Survey –\u003C/p\u003E\r\n\u003Cp\u003E15:55\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\n– it's an annual tool or an annual survey that is launched across the entire Shell Group.\u003C/p\u003E\r\n\u003Cp\u003E16:01\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nSo it's one of the tools that the Shell Group deploys to measure the… you know the engagement of employees\u003C/p\u003E\r\n\u003Cp\u003E16:07\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nthe motivation, the affiliation, and commitment to the Shell Group – and this is the tool where… while we're here…\u003C/p\u003E\r\n\u003Cp\u003E16:13\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\n…and we invite the views of our staff, it provides us insights into how…\u003C/p\u003E\r\n\u003Cp\u003E16:18\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\n…what is the level of motivation in the company and what are the views… it's a two-way sort of a dialogue hearing\u003C/p\u003E\r\n\u003Cp\u003E16:24\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nback from the employees and then you know, whenever we identify, that there are areas of gaps we continue…\u003C/p\u003E\r\n\u003Cp\u003E16:31\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\n…we immediately start working on action plans to bridge the gaps in whatever areas that were identified.\u003C/p\u003E\r\n\u003Cp\u003E16:37\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nWe are pleased to announce that our participation rate was 100% in the Shell People Survey and by that we were the\u003C/p\u003E\r\n\u003Cp\u003E16:43\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nhighest in the Shell Group and we have exceeded the Shell Group average of 87% response rate.\u003C/p\u003E\r\n\u003Cp\u003E16:49\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nThe survey typically covers areas 14 dimensions that varies across different areas.\u003C/p\u003E\r\n\u003Cp\u003E16:54\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nBut the three of them that we probably would like to highlight today is employee engagement with which was at 85%,\u003C/p\u003E\r\n\u003Cp\u003E17:02\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\norganizational leadership at 83%, and team leadership was scored at 86% percent.\u003C/p\u003E\r\n\u003Cp\u003E17:08\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nNow, if we look at these percentages, we have been consistently higher than the entire Shell Group; the top quartile as well as the\u003C/p\u003E\r\n\u003Cp\u003E17:15\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nShell Downstream entity as well. So excellent, I think…\u003C/p\u003E\r\n\u003Cp\u003E17:21\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\n…excellent reflection from our people, this motivates the leadership to keep excelling and doing more to reinforce our great position in\u003C/p\u003E\r\n\u003Cp\u003E17:27\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nmanaging people.\u003C/p\u003E\r\n\u003Cp\u003E17.28:\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nGreat, thanks Lamees. Now we will move to the Business updates\u003C/p\u003E\r\n\u003Cp\u003E17:33\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nIn Q3 with Khalid Al Awaisi.\u003C/p\u003E\r\n\u003Cp\u003E17.35\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nThanks Burair. When it comes to the business update, I will start with Mobility…\u003C/p\u003E\r\n\u003Cp\u003E17:39\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\n…Mobility being the biggest business for sure among marketing. The business, which is driven through the\u003C/p\u003E\r\n\u003Cp\u003E17:45\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nvision of to be the best Mobility retailer in Oman, delivering the best value\u003C/p\u003E\r\n\u003Cp\u003E17:50\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nto our customers and shareholders. And also, this vision is supported with a\u003C/p\u003E\r\n\u003Cp\u003E17:56\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nstrategic intent to build on Market leadership in Mobility for both\u003C/p\u003E\r\n\u003Cp\u003E18:02\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nfuel and NFR – and this intent or this Mission is being\u003C/p\u003E\r\n\u003Cp\u003E18:08\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\ndelivered through five main pillars or growth pillars. First one it is\u003C/p\u003E\r\n\u003Cp\u003E18:14\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nenabled through the [inaudible] expansions and building a [inaudible] and profitable\u003C/p\u003E\r\n\u003Cp\u003E18:19\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nNFR business and capitalizing on differentiated fuels – and they're built by\u003C/p\u003E\r\n\u003Cp\u003E18:26\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\ncontinuous Improvement in operational excellence, and HSSE, as well a revamped digitalization programme.\u003C/p\u003E\r\n\u003Cp\u003E18:33\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nWe would like to let you know that the total units will come to the network expansion. Today, we are standing at\u003C/p\u003E\r\n\u003Cp\u003E18:40\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\n206 sites and you are aware that the company had, in the past, announced its\u003C/p\u003E\r\n\u003Cp\u003E18:47\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nexpansion plan and we have delivered this year six new sites or six NTIs,\u003C/p\u003E\r\n\u003Cp\u003E18:54\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nincluding four [inaudible] express road… sorry\u003C/p\u003E\r\n\u003Cp\u003E19:00\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nwhere we had announced earlier this year that we [are] going to build four integrated\u003C/p\u003E\r\n\u003Cp\u003E19:06\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nService stations in Al Batinah express road, the four sites phase one of the four sites\u003C/p\u003E\r\n\u003Cp\u003E19:11\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nhas been already completed, with the latest site was just opened in early November which is in an or one in\u003C/p\u003E\r\n\u003Cp\u003E19:19\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nthe Al Batinah express road. When it will come to the second pillar, which there should be V-Power…\u003C/p\u003E\r\n\u003Cp\u003E19:26\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\n…our best performance and efficient or efficiency fuel, we have been investing into improving awareness and building\u003C/p\u003E\r\n\u003Cp\u003E19:33\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nthe camp through building different campaigns and upselling promotion which\u003C/p\u003E\r\n\u003Cp\u003E19:38\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nhave received a remarkable response from the public and contributed to improve our margin and profitability from the\u003C/p\u003E\r\n\u003Cp\u003E19:46\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nregulated… and compared to the… regulated fixed margin in the fuel retail market.\u003C/p\u003E\r\n\u003Cp\u003E19:51\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nWe have been also the first company to offer bank payment facilitations or\u003C/p\u003E\r\n\u003Cp\u003E19:57\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nfacilities across all our sites of the network, and we continue to explore\u003C/p\u003E\r\n\u003Cp\u003E20:02\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\noptions and programmes to make our customer journey better by\u003C/p\u003E\r\n\u003Cp\u003E20:08\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\noffering seamless and contactless payment options that are not only convenient but also rewarding to the customer\u003C/p\u003E\r\n\u003Cp\u003E20:15\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nNFR, which is our third growth pillar…\u003C/p\u003E\r\n\u003Cp\u003E20:23\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\n…our NFR strategy aims to eventually generate 50 of our margin from this\u003C/p\u003E\r\n\u003Cp\u003E20:28\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nsector or this channel. We want to develop an integrated customer experience while invest… investing in\u003C/p\u003E\r\n\u003Cp\u003E20:36\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\ndigitalization and major IT upgrades, so customer can have an integrated view and drive the data process from the system…\u003C/p\u003E\r\n\u003Cp\u003E20:43\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\n…the platform in a fit-for-purpose way. The company is investing in a major\u003C/p\u003E\r\n\u003Cp\u003E20:49\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\ndigitalization and IT upgrade of its infrastructure and software in order to\u003C/p\u003E\r\n\u003Cp\u003E20:54\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nenhance customer journey, engagement, and loyalty. More details to be shared openly\u003C/p\u003E\r\n\u003Cp\u003E21:01\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nin quarter four.\u003C/p\u003E\r\n\u003Cp\u003E21:08\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nWe are also glad to share an update with you from the e-mobility and energy transition… we are the first company to introduce fast-charging of EV which was\u003C/p\u003E\r\n\u003Cp\u003E21:16\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\ncommissioned early in February – 50 kilowatt – and we were looking Insha’Allah to even invest more for high\u003C/p\u003E\r\n\u003Cp\u003E21:24\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nand ultra-fast charging chargers in the nearing futures.\u003C/p\u003E\r\n\u003Cp\u003E21:30\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nFrom fleet solutions… fleet solutions grew with customer portfolio… with new details… signed… with new deals signed during the quarter, increasing its\u003C/p\u003E\r\n\u003Cp\u003E21:41\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\ncontribution to the mobility business. The overall business-to-business or B2B Market has demonstrated improvements in\u003C/p\u003E\r\n\u003Cp\u003E21:48\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nactivity and positive economic indicators. The business continued to focus on adding more customers which is\u003C/p\u003E\r\n\u003Cp\u003E21:56\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nworth value while addressing evolving customer needs through accelerating the\u003C/p\u003E\r\n\u003Cp\u003E22:01\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\ndigitalization journey, providing enhanced fleet solution, and continuous improvements in operational excellence by\u003C/p\u003E\r\n\u003Cp\u003E22:09\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nbetter transactional control and digital value propositions. We leveraged our Shell Fleet Management System and online platform.\u003C/p\u003E\r\n\u003Cp\u003E22:16\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nOn the commercial fuels business, it witnessed some growth in the volume over\u003C/p\u003E\r\n\u003Cp\u003E22:23\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nthe last quarter, leveraging on the new ones and mobilization of infrastructure projects. Nevertheless, the overall\u003C/p\u003E\r\n\u003Cp\u003E22:30\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nbusiness landscape remained challenging given relatively limited commercial and infrastructure projects came to in the market.\u003C/p\u003E\r\n\u003Cp\u003E22:37\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nThe company remains committed to support business continuity for its customers\u003C/p\u003E\r\n\u003Cp\u003E22:43\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nthrough efficient cash flow management, operation excellence, and providing\u003C/p\u003E\r\n\u003Cp\u003E22:49\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\neffective Mobility solutions. On the lubes, considering the current\u003C/p\u003E\r\n\u003Cp\u003E22:54\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\ngeopolitical global circumstances, where the supply of base oil and other raw\u003C/p\u003E\r\n\u003Cp\u003E23:01\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nmaterials were heavily impacted, despite the disruptions, the business continued to\u003C/p\u003E\r\n\u003Cp\u003E23:06\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nsupply its customers as per agreed delivery lead time through effective Supply Chain management.\u003C/p\u003E\r\n\u003Cp\u003E23:13\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nThe business experienced an increased demand in both B2C sector and export,\u003C/p\u003E\r\n\u003Cp\u003E23:19\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\ncompared to the same period last year. The construction sector remained\u003C/p\u003E\r\n\u003Cp\u003E23:24\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nchallenging due to delay in mobilizing business, existing projects and limited infrastructure projects.\u003C/p\u003E\r\n\u003Cp\u003E23:31\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nIn Q3, the business enhanced its product portfolio in the B2C segment,\u003C/p\u003E\r\n\u003Cp\u003E23:37\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nMainly in the premium [sector] by upgrading the specification of the current Helix\u003C/p\u003E\r\n\u003Cp\u003E23:42\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nportfolio to make the current local standard. The business has also launched\u003C/p\u003E\r\n\u003Cp\u003E23:48\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\na couple of Premium campaigns with Distributors and resellers aimed at\u003C/p\u003E\r\n\u003Cp\u003E23:54\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nincreasing premium footprint in the High Street, which resulted in a higher premium penetration.\u003C/p\u003E\r\n\u003Cp\u003E24:00\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nThe lube business also continued to focus on its newly introduced Shell Helix Ultra 0W carbon-neutral products.\u003C/p\u003E\r\n\u003Cp\u003E24:09\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nThis launch is part of the largest carbon-neutral programme in the lubricants industry reflecting our focus and\u003C/p\u003E\r\n\u003Cp\u003E24:16\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\ncommitment towards playing a key role in the market energy transition. The commercial lubricant segment\u003C/p\u003E\r\n\u003Cp\u003E24:22\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nmaintained its market leadership and grew volume in the market by winning extra market share with existing customers.\u003C/p\u003E\r\n\u003Cp\u003E24:29\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nIt continued to remain focused on winning the new accounts in the\u003C/p\u003E\r\n\u003Cp\u003E24:35\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nconstruction and independent workshops sectors. When it will come to social\u003C/p\u003E\r\n\u003Cp\u003E24:40\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nresponsibility during the Khareef season, Shell Oman collaborated with other companies in the\u003C/p\u003E\r\n\u003Cp\u003E24:46\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nenergy sectors and organized the road safety campaign in Salalah under the\u003C/p\u003E\r\n\u003Cp\u003E24:52\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nauspices of Royal Oman Police. Several indoor and outdoor activities took place to promote\u003C/p\u003E\r\n\u003Cp\u003E24:58\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nsafety awareness among visitors of Salalah during the season contributing to\u003C/p\u003E\r\n\u003Cp\u003E25:03\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nour safe and responsible travel and tourism in Oman. Also as part\u003C/p\u003E\r\n\u003Cp\u003E25:09\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nof it is commitment in in-country value drive, the company focused on the\u003C/p\u003E\r\n\u003Cp\u003E25:15\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\ndevelopment of local talent through providing training opportunities that\u003C/p\u003E\r\n\u003Cp\u003E25:21\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nwill help the youth be prepared for the market requirements and the evolving\u003C/p\u003E\r\n\u003Cp\u003E25:26\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nenergy transition and sustainability needs. To that I will hand over to Burair to continue…\u003C/p\u003E\r\n\u003Cp\u003E25:33\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nThank you Khalid, it's just worth mentioning, if – Ahmed – you just go back to the slide before…\u003C/p\u003E\r\n\u003Cp\u003E25:40\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\n…when it comes to aviation, there was one disclosure done recently, actually,\u003C/p\u003E\r\n\u003Cp\u003E25:45\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\non the aviation business – and it was done on the 23rd of October regarding the tender\u003C/p\u003E\r\n\u003Cp\u003E25:52\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nabout a major aviation fuel farm operations in Muscat Airport. So as you\u003C/p\u003E\r\n\u003Cp\u003E26:00\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nsaw in that disclosure, we received a letter from our partner indicating that the current\u003C/p\u003E\r\n\u003Cp\u003E26:06\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\ncontract will be expiring with the end of the year – 27th of December 2022. As we mentioned in\u003C/p\u003E\r\n\u003Cp\u003E26:13\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nthat disclosure, there's no material impact on the company in terms of… financial… financially, and so\u003C/p\u003E\r\n\u003Cp\u003E26:23\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nthat was clarified in the disclosure. The other aspect is also,\u003C/p\u003E\r\n\u003Cp\u003E26:28\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\noverall, the aviation volume grew this year compared to last year with,\u003C/p\u003E\r\n\u003Cp\u003E26:34\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nyou know, the improvements in the post-pandemic recovery as we saw in\u003C/p\u003E\r\n\u003Cp\u003E26:40\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nthe both tourism and aviation sector – and that reflected with some healthy\u003C/p\u003E\r\n\u003Cp\u003E26:45\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nnumbers for lubes and jet fuel volumes. So, let's move to the next point\u003C/p\u003E\r\n\u003Cp\u003E26:51\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nwhich is our future strategy and plans. Actually, as indicated by both my colleagues,\u003C/p\u003E\r\n\u003Cp\u003E27:01\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nLamees and Khalid, the world is changing, the demographic structure is changing and as a result both\u003C/p\u003E\r\n\u003Cp\u003E27:07\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\ntransportation and digital technologies are improving, and the various standards are also rising continuously.\u003C/p\u003E\r\n\u003Cp\u003E27:14\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nExpectations are also changing with the society as they see ways to move to a\u003C/p\u003E\r\n\u003Cp\u003E27:19\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nmore lower carbon energy system – and in the same time look at the long-term\u003C/p\u003E\r\n\u003Cp\u003E27:24\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nenergy demands that are forecasted to increase in time rather than being at the same level or even decrease.\u003C/p\u003E\r\n\u003Cp\u003E27:31\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nWith that we look at the [inaudible] as a model for energy accelerates [acceleration], so Shell\u003C/p\u003E\r\n\u003Cp\u003E27:38\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nresponded with the announcement of an ambition to become a net-zero emissions energy business by 2050 or sooner in\u003C/p\u003E\r\n\u003Cp\u003E27:45\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nstep with the society. But while doing that, they continue to put customer first and to lead the low carbon energy\u003C/p\u003E\r\n\u003Cp\u003E27:52\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nlandscape to become a low-carbon leader while we also continue integrating our\u003C/p\u003E\r\n\u003Cp\u003E27:57\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nproducts and services to meet the needs of our partners in terms of reduced\u003C/p\u003E\r\n\u003Cp\u003E28:03\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nemissions and that at the same time growing or\u003C/p\u003E\r\n\u003Cp\u003E28:10\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nincreasing Shell’s financial resilience. We, as representatives from Shell and as\u003C/p\u003E\r\n\u003Cp\u003E28:17\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\na leader in the energy industry, kind of felt that our purpose actually is to power progress together with more\u003C/p\u003E\r\n\u003Cp\u003E28:23\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\ncleaner energy solutions and stuff with the society. It's much like Oman Vision 2040, in fact, our strategy is as much\u003C/p\u003E\r\n\u003Cp\u003E28:31\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nas about accelerating the transition to Net-Zero emission but in the same time creating value for our customers in\u003C/p\u003E\r\n\u003Cp\u003E28:37\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nthe society. So as you know, sustainable development is at the heart of everything we do in Shell. It's been part of our\u003C/p\u003E\r\n\u003Cp\u003E28:43\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nShell general business [inaudible] from 1976. And powering progress actually\u003C/p\u003E\r\n\u003Cp\u003E28:51\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nsets our strategy to accelerate this transition. It's clear it's designed to\u003C/p\u003E\r\n\u003Cp\u003E28:57\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\ncreate… sustained… sustainable value for our shareholders, for our customers in the society at large and we have four\u003C/p\u003E\r\n\u003Cp\u003E29:04\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nmain pillars in support of our purpose to our progress.\u003C/p\u003E\r\n\u003Cp\u003E29:10\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nWhy we do that? We are also focused on\u003C/p\u003E\r\n\u003Cp\u003E29:16\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nbuilding on our values and our focus on safety as we continue to be to\u003C/p\u003E\r\n\u003Cp\u003E29:22\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nbasically champion that in our operations. We have set a target to becoming a net-zero emission [company] by 2050.\u003C/p\u003E\r\n\u003Cp\u003E29:29\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nThis means that we are reducing emissions from our operations from fuels\u003C/p\u003E\r\n\u003Cp\u003E29:35\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nand other energy products. You heard about the lubricants that were mentioned by Khalid earlier. It also means\u003C/p\u003E\r\n\u003Cp\u003E29:42\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\ncapturing and installing some of the main emission-reducing technologies from Shell. Globally Shell will be investing, on an\u003C/p\u003E\r\n\u003Cp\u003E29:48\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\naverage of or between, two to three billion each year in the renewables energy solutions business.\u003C/p\u003E\r\n\u003Cp\u003E29:54\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nWith respect to nature, by 2030, Global Shell will increase the amount of\u003C/p\u003E\r\n\u003Cp\u003E29:59\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nrecycled plastic in packaging to 30% and ensure that packaging that we use in products is reusable or recyclable\u003C/p\u003E\r\n\u003Cp\u003E30:06\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nand helping to improve air quality by reducing emissions for operations and provide a cleaner solution to\u003C/p\u003E\r\n\u003Cp\u003E30:13\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\npublic transport, industry, and the power sector as well. Working with our partners and suppliers\u003C/p\u003E\r\n\u003Cp\u003E30:19\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nto develop also new collaborations is key to what we are talking about.\u003C/p\u003E\r\n\u003Cp\u003E30:24\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nShell helps also power our lives by providing vital energy for homes, businesses, transportation, cooking, cooling, or\u003C/p\u003E\r\n\u003Cp\u003E30:31\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nheating in other countries, and lighting. We are doing all this by generating value again for industrial holders and\u003C/p\u003E\r\n\u003Cp\u003E30:37\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nkeeping in mind our core values of honesty, integrity, and respect for people who are continuing focusing on safety.\u003C/p\u003E\r\n\u003Cp\u003E30:43\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nIt is what makes Shell Shell. We are working together with the partners,\u003C/p\u003E\r\n\u003Cp\u003E30:48\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nincluding governments and relevant stakeholders to create innovative Mobility solutions with enhanced\u003C/p\u003E\r\n\u003Cp\u003E30:54\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nefficiency, and contribute to sustainability, while helping drive towards lower carbon emission [goals] at Shell\u003C/p\u003E\r\n\u003Cp\u003E31:00\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nand step with the society's progress to achieving 1.5-Celsius\u003C/p\u003E\r\n\u003Cp\u003E31:05\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\ngoal of the United Nations Paris agreement. The decarbonization of our\u003C/p\u003E\r\n\u003Cp\u003E31:10\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nmobility systems is the biggest trend shaping the future of our industry, so while governments and businesses\u003C/p\u003E\r\n\u003Cp\u003E31:17\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\ncontinue to work together to create innovative mobility solutions, and helping drive towards [a] low carbon future, a stronger collaboration is key\u003C/p\u003E\r\n\u003Cp\u003E31:24\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nto accelerate our progress. At the same time, consumers’ aspirations are also shifting with fast pace. We are heading\u003C/p\u003E\r\n\u003Cp\u003E31:32\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\ntowards a world where no single [inaudible] will dominate. There's been much promise and excitement about the role of\u003C/p\u003E\r\n\u003Cp\u003E31:38\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nelectric vehicles or electric charging, which we anticipate that it will play in\u003C/p\u003E\r\n\u003Cp\u003E31:44\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nthe future and we already seeing substantial growth globally. By 2030, we anticipate new car sales to be split 33%\u003C/p\u003E\r\n\u003Cp\u003E31:51\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nby battery electric, 1% hydrogen, and 66% petrol or diesel globally – and in the\u003C/p\u003E\r\n\u003Cp\u003E31:57\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nMiddle East and Africa alone, the EV Market is expected to reach over 80 million dollars by 2026 alone.\u003C/p\u003E\r\n\u003Cp\u003E32:05\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nHowever, this energy transition is just a transition… only able to revolutionize the energy system\u003C/p\u003E\r\n\u003Cp\u003E32:11\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\novernight, which is why we are working to create a range of lower carbon products and services, fuels,\u003C/p\u003E\r\n\u003Cp\u003E32:19\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nnatural gas, biofuels, and hydrogen, and invest in these initiatives to help customers respond flexibly to the\u003C/p\u003E\r\n\u003Cp\u003E32:25\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nchallenge of decarbonization. For example, and we know the pace at which\u003C/p\u003E\r\n\u003Cp\u003E32:30\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nEVs being adopted in Oman is not as fast as other parts of the world, but we have already started. As Khalid mentioned, we were the\u003C/p\u003E\r\n\u003Cp\u003E32:37\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nfirst to launch the fast charging EV solution at the Al Bandar service station –\u003C/p\u003E\r\n\u003Cp\u003E32:43\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nand we are looking at the data from the consumer reaction to those to that (sic.)\u003C/p\u003E\r\n\u003Cp\u003E32:48\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\ncharge and which is also contributing to our plans and strategy in this area.\u003C/p\u003E\r\n\u003Cp\u003E32:54\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nThe future of mobility is as much about creating diverse and quality choices that increases customer’s convenience, as it's\u003C/p\u003E\r\n\u003Cp\u003E33:01\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nabout also moving people in [inaudible] in a sustainable way. We believe that many opportunities will emerge as we make the\u003C/p\u003E\r\n\u003Cp\u003E33:06\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nglobal shift towards a low carbon future and it's [an] exciting time to be really in Mobility. To achieve that again, Lamees\u003C/p\u003E\r\n\u003Cp\u003E33:14\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nmention that earlier in her statements that digitalization is having a huge impact on how we manage our energy use.\u003C/p\u003E\r\n\u003Cp\u003E33:20\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nArguably, the most important impact digitalization can have on decarbonization is to increase\u003C/p\u003E\r\n\u003Cp\u003E33:27\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nour level of agility and improve our energy efficiency, including the\u003C/p\u003E\r\n\u003Cp\u003E33:32\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nefficiency of our products our processes and our people. Shell Oman Marketing company remains committed to\u003C/p\u003E\r\n\u003Cp\u003E33:38\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nmeet the Sultanate’s growing energy demands in an economically, environmentally, and socially responsible way.\u003C/p\u003E\r\n\u003Cp\u003E33:44\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nWhile we create sustainable value for the community, we continue to focus on ICV, enterprise development, road safety, environment\u003C/p\u003E\r\n\u003Cp\u003E33:51\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nand the company is planning to reinforce its role in the energy transition training in the Sultanate to\u003C/p\u003E\r\n\u003Cp\u003E33:56\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nalign with its long-term strategy and direction with the Group’s ‘Powering Progress’ strategy as well as…\u003C/p\u003E\r\n\u003Cp\u003E34:03\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\n…Oman Vision 2040. The Company – Shell Oman Marketing Company – your company\u003C/p\u003E\r\n\u003Cp\u003E34:08\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nstrives to enforce its collaboration with those stakeholders and deliver its role as a responsible corporate citizen\u003C/p\u003E\r\n\u003Cp\u003E34:14\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nserving Oman and its people under the leadership of his Majesty the Sultan and to support His Majesty’s\u003C/p\u003E\r\n\u003Cp\u003E34:19\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nmission for the Sultanate. With that, I end my statement and would like to move to our Q and A session – and invite you to share\u003C/p\u003E\r\n\u003Cp\u003E34:27\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nyour questions. Thank you for listening and if you have any questions please share in the chat box so we can mute yourself to\u003C/p\u003E\r\n\u003Cp\u003E34:34\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nshare your question.\u003C/p\u003E\r\n\u003Cp\u003E[Silence ensues]\u003C/p\u003E\r\n\u003Cp\u003E34:41\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nSo do we have any questions?\u003C/p\u003E\r\n\u003Cp\u003E34:45\u003Cbr\u003E\r\n[Sameer Kattiparambil]\u003Cbr\u003E\r\nHi, this is Sameer from EFG Hermes.\u003C/p\u003E\r\n\u003Cp\u003E34:47\u003Cbr\u003E\r\n[Sameer Kattiparambil]\u003Cbr\u003E\r\nI have a couple of questions if you may.\u003C/p\u003E\r\n\u003Cp\u003E34.50\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nYeah – please.\u003C/p\u003E\r\n\u003Cp\u003E34.52:\u003Cbr\u003E\r\n[Sameer Kattiparambil]\u003Cbr\u003E\r\nYeah, thank you so much for your presentation. The first\u003C/p\u003E\r\n\u003Cp\u003E34:55\u003Cbr\u003E\r\n[Sameer Kattiparambil]\u003Cbr\u003E\r\nquestion is on, you know, given the high interest rate I just want to understand how you plan to manage your balance\u003C/p\u003E\r\n\u003Cp\u003E35:01\u003Cbr\u003E\r\n[Sameer Kattiparambil]\u003Cbr\u003E\r\nsheet as I can see the debt has shot up significantly year-over-year and at the same time you are sitting on a 20 million\u003C/p\u003E\r\n\u003Cp\u003E35:07\u003Cbr\u003E\r\n[Sameer Kattiparambil]\u003Cbr\u003E\r\ncash which earns very less margin. Right, so…\u003C/p\u003E\r\n\u003Cp\u003E35:13\u003Cbr\u003E\r\n[Sameer Kattiparambil]\u003Cbr\u003E\r\nOkay, yeah. That's my first question.\u003C/p\u003E\r\n\u003Cp\u003E35.18\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nOkay, so that's one question. Lamees, you may want to answer that…\u003C/p\u003E\r\n\u003Cp\u003E35:20\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nso on the cash cycle we pretty much\u003C/p\u003E\r\n\u003Cp\u003E35:25\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nrun a simple cycle, so we accumulate cash from our receivables up\u003C/p\u003E\r\n\u003Cp\u003E35:32\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nuntil the mid-point of the following month, where we make the single largest payment to the national oil company for\u003C/p\u003E\r\n\u003Cp\u003E35:40\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nthe purchases of the hydrocarbon we have. So, most of our loans are short-term in nature and the tenure\u003C/p\u003E\r\n\u003Cp\u003E35:45\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nfor these loans, you know, varies between 15 days to 30 days maximum. So any\u003C/p\u003E\r\n\u003Cp\u003E35:51\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nnumbers that you have seen reflected in the balance sheet or a snapshot of that particular period, so towards the end of\u003C/p\u003E\r\n\u003Cp\u003E35:57\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nSeptember or quarter three, that was only the short-term loan that we\u003C/p\u003E\r\n\u003Cp\u003E36:03\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nhave to inject cash and find our working capital\u003C/p\u003E\r\n\u003Cp\u003E36:08\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nrequirements for that specific period in time. In addition to that, we obviously had\u003C/p\u003E\r\n\u003Cp\u003E36:15\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\na long-term loan that we have borrowed from the market back in 2018, it was worth… the whole value was 10 million Omani Riyals.\u003C/p\u003E\r\n\u003Cp\u003E36:23\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nWe have settled two-thirds through two tranches in 2020 and 2021 and we are sitting on the\u003C/p\u003E\r\n\u003Cp\u003E36:30\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nlast tranch at the moment, which is 3.3 million Riyals. We have reclassified it, given the period that is remaining for it –\u003C/p\u003E\r\n\u003Cp\u003E36:36\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nfrom long-term loan to short-term loan and that's the movement that you have seen, which might have also\u003C/p\u003E\r\n\u003Cp\u003E36:42\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\ninflated our short-term loan balances, taking into consideration that it was actually long-term in nature – but it has\u003C/p\u003E\r\n\u003Cp\u003E36:49\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nbeen re-classed. On the cash balance, so again, it's a snapshot of where we were sitting at\u003C/p\u003E\r\n\u003Cp\u003E36:55\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nthat point in time. Sometimes, towards the end of the month, we receive large payments from our customers which are\u003C/p\u003E\r\n\u003Cp\u003E37:01\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nnot part of the cash forecast, and prior to that we would have made our commitments with the local banks. We would have\u003C/p\u003E\r\n\u003Cp\u003E37:07\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nborrowed already and so the cash balance that we have is only a picture at that\u003C/p\u003E\r\n\u003Cp\u003E37:12\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\npoint in time that then we use to settled the short-term loan balances. It's not consistent that we actually look at the cash balances at the end of\u003C/p\u003E\r\n\u003Cp\u003E37:19\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nevery quarter; we were not sitting at 20 million worth of cash balance but it accumulated and it was you know just a\u003C/p\u003E\r\n\u003Cp\u003E37:25\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\ntiming difference between when we receive our cash from customers and when we settled the loan.\u003C/p\u003E\r\n\u003Cp\u003E37:31\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nAll right. I have… we have another question here from Pushpita, which is… she says thank you for running a thorough (sic.)…\u003C/p\u003E\r\n\u003Cp\u003E37:37\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\n…through your financials. What factors resulted in the decline in net income this quarter related to the same quarter last year?\u003C/p\u003E\r\n\u003Cp\u003E37:43\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\n[Inaudible] So there are a number of components. If you actually look at\u003C/p\u003E\r\n\u003Cp\u003E37:48\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nthe gross profit, you might have noticed that although we have recorded or reported a top line increase of 32%\u003C/p\u003E\r\n\u003Cp\u003E37:55\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nour gross margin was maintained at 19%. Now, a big component of that and\u003C/p\u003E\r\n\u003Cp\u003E38:01\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nparticularly for Q3 2022, was related to the evaluation of stock. So, for the\u003C/p\u003E\r\n\u003Cp\u003E38:08\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nproducts that we procure at international prices, which are subject to price movements – and we have seen that particularly in the aviation segment\u003C/p\u003E\r\n\u003Cp\u003E38:15\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nand you know that movement in the valuation of the inventory that we had in hand contributed to quite a large\u003C/p\u003E\r\n\u003Cp\u003E38:22\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nhit and it increased in our cost of goods sold. In addition to that, I've also explained earlier that we have increased\u003C/p\u003E\r\n\u003Cp\u003E38:30\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nour OpEX expenditure in third quarter of the year, so these are costs that we have eventually or earlier in the year phased\u003C/p\u003E\r\n\u003Cp\u003E38:37\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nIn the… in this period. So, both factors going together: so the increase in cost\u003C/p\u003E\r\n\u003Cp\u003E38:42\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\nof goods sold coupled with the increase in OpEX have resulted in the…\u003C/p\u003E\r\n\u003Cp\u003E38:48\u003Cbr\u003E\r\n[Lamees Al Lawati]\u003Cbr\u003E\r\n…you know… the decline that we have seen versus the same quarter last year.\u003C/p\u003E\r\n\u003Cp\u003E38.54\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nAll right, any other questions from the participants?\u003C/p\u003E\r\n\u003Cp\u003E38:55\u003Cbr\u003E\r\n[Sameer Kattiparambil]\u003Cbr\u003E\r\nYeah, I have a couple more questions as well.\u003C/p\u003E\r\n\u003Cp\u003E39:01\u003Cbr\u003E\r\n[Sameer Kattiparambil]\u003Cbr\u003E\r\nFirst – given the high inflationary scenario you are seeing… any chance\u003C/p\u003E\r\n\u003Cp\u003E39:06\u003Cbr\u003E\r\n[Sameer Kattiparambil]\u003Cbr\u003E\r\nthe government would review changes to a fixed margin?\u003C/p\u003E\r\n\u003Cp\u003E39:12\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nOkay, so you know inflation is something that is seen globally across…\u003C/p\u003E\r\n\u003Cp\u003E39:18\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\n…not only in Oman. So, it is something where (sic.) Central Banks will deal with and we don't, you know, control that but\u003C/p\u003E\r\n\u003Cp\u003E39:24\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nwhat we have seen in the market is that there are discussions about how the\u003C/p\u003E\r\n\u003Cp\u003E39:30\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\ngovernment will help, you know, address the impact on inflation on people and\u003C/p\u003E\r\n\u003Cp\u003E39:37\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nespecially from a social point of view. In terms of margins, these are, you\u003C/p\u003E\r\n\u003Cp\u003E39:43\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nknow... the regulators in the market are the ones who set these margins for fuel and there is a committee, and we are…\u003C/p\u003E\r\n\u003Cp\u003E39:51\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\n…they work independently from fuel marketing companies, so I wouldn't be able to comment on what they will be\u003C/p\u003E\r\n\u003Cp\u003E39:58\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\ndoing or know actually what they will be doing in that area. What I can say is that we make our\u003C/p\u003E\r\n\u003Cp\u003E40:04\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nopinion very clear to them. We do have opportunities and chances where we discuss industry-related affairs and\u003C/p\u003E\r\n\u003Cp\u003E40:14\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nwe share our views transparently, openly, effectively, and in compliance with the\u003C/p\u003E\r\n\u003Cp\u003E40:19\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nway we do business. So they are aware of our, you know, ideas in this area and\u003C/p\u003E\r\n\u003Cp\u003E40:25\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nthe challenges that are facing the market. But we continue to operate under their regulations and to optimize and\u003C/p\u003E\r\n\u003Cp\u003E40:33\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nmaximize our value that we create for the shareholders.\u003C/p\u003E\r\n\u003Cp\u003E40:38\u003Cbr\u003E\r\n[Sameer Kattiparambil]\u003Cbr\u003E\r\nOh, that's very clear. The second question from me is on… you mentioned about, you know, a large IT\u003C/p\u003E\r\n\u003Cp\u003E40:45\u003Cbr\u003E\r\n[Sameer Kattiparambil]\u003Cbr\u003E\r\ninvestment plan in mobility solutions. So, could you give more color on that?\u003C/p\u003E\r\n\u003Cp\u003E40:51\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nSo, Khalid would you like to take this up?\u003C/p\u003E\r\n\u003Cp\u003E40.55\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nYes, actually the idea of digitalization is\u003C/p\u003E\r\n\u003Cp\u003E40:58\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nmainly to upgrade our IT network connectivity across all the sites and\u003C/p\u003E\r\n\u003Cp\u003E41:04\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nthat will enable – Insha’Allah – in introducing a more digital solution (sic.)\u003C/p\u003E\r\n\u003Cp\u003E41:09\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nwhich will help to improve interface directly with the customer. We are working on a number of projects and\u003C/p\u003E\r\n\u003Cp\u003E41:16\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nhopefully in quarter four will be in a better position to disclose and share what are these projects.\u003C/p\u003E\r\n\u003Cp\u003E41.25\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nGreat. Any other questions from your side – you said you had a few more?\u003C/p\u003E\r\n\u003Cp\u003E41:27\u003Cbr\u003E\r\n[Sameer Kattiparambil]\u003Cbr\u003E\r\nYeah, one last question from my side. The Shell Select stores…\u003C/p\u003E\r\n\u003Cp\u003E41:34\u003Cbr\u003E\r\n[Sameer Kattiparambil]\u003Cbr\u003E\r\n…so what percentage of revenue comes from this segment, and how big is the margin from that segment, and\u003C/p\u003E\r\n\u003Cp\u003E41:41\u003Cbr\u003E\r\n[Sameer Kattiparambil]\u003Cbr\u003E\r\nwhat are your growth strategies?\u003C/p\u003E\r\n\u003Cp\u003E41:48\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nGrowth… definitely the market is recovering after the previous\u003C/p\u003E\r\n\u003Cp\u003E41:53\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nimpact of the pandemic and have seen that [there is] an increase in the proceeds coming\u003C/p\u003E\r\n\u003Cp\u003E41:59\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nfrom the Select shops. We are working on\u003C/p\u003E\r\n\u003Cp\u003E42:04\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nexpanding the footprint; for the Select, today, we have 31 shops and we are looking for more shops to be opened\u003C/p\u003E\r\n\u003Cp\u003E42:10\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\ntowards this month and next month – Insha’Allah – and we definitely… we are very\u003C/p\u003E\r\n\u003Cp\u003E42:15\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nfocused to grow the segment. Currently, the total contribution from\u003C/p\u003E\r\n\u003Cp\u003E42:21\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nthe NFR – what we call Non-Fuel Retail – including Select, it is below the expectations… something below 10%\u003C/p\u003E\r\n\u003Cp\u003E42:28\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nand we are looking, hopefully, in part of the global ambitions, to grow\u003C/p\u003E\r\n\u003Cp\u003E42:34\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nthe NFR business to contribute not less than 50% to the bottom line and\u003C/p\u003E\r\n\u003Cp\u003E42:39\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nwe are moving towards that directions. Yes, we are behind currently but we are\u003C/p\u003E\r\n\u003Cp\u003E42:44\u003Cbr\u003E\r\n[Khalid Al Awaisi]\u003Cbr\u003E\r\nclear about what is required to bring us back to that on track.\u003C/p\u003E\r\n\u003Cp\u003E42:51\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nExcellent – thanks Khalid. I hope that answers your question but if anyone else has any question, please\u003C/p\u003E\r\n\u003Cp\u003E42:57\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nfeel free to unmute yourself or to post it in the chat.\u003C/p\u003E\r\n\u003Cp\u003E43:04\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nIf there is no more questions, I will take it that we are concluding our\u003C/p\u003E\r\n\u003Cp\u003E43:10\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nsession today. Let me thank you again for attending this engagement. We really appreciate your presence, your questions\u003C/p\u003E\r\n\u003Cp\u003E43:17\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nand your kind interaction. Also I'd like to thank again my colleagues Lamees, Khalid\u003C/p\u003E\r\n\u003Cp\u003E43:23\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nand we have here a soldier, Ahmed, who's been operating the slides for us and\u003C/p\u003E\r\n\u003Cp\u003E43:30\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nsupporting us throughout. Thanks Ahmed for this, and we look forward to our next\u003C/p\u003E\r\n\u003Cp\u003E43:36\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nsession – Insha'Allah – hopefully in Q1. We will announce that when we know exactly the dates – we look forward to having you there.\u003C/p\u003E\r\n\u003Cp\u003E43:42\u003Cbr\u003E\r\n[Burair Al Lawati]\u003Cbr\u003E\r\nThank you again and have a lovely day.\u003C/p\u003E\r\n\u003Cp\u003E[Silence ensues]\u003C/p\u003E\r\n\u003Cp\u003E[Video ends]\u003C/p\u003E\r\n"}}],"id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/main/section/revealer_copy_122459_1676975852","model":{}}],"id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/main/section","model":{}}],"id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/main","model":{}},{"organism":"Container.Footer","children":[{"organism":"Breadcrumb.Large","model":{"links":[{"name":"الصفحة الرئيسية","value":"https://www.shelloman.com.om/ar_om.html"},{"name":"المستثمرين","value":"https://www.shelloman.com.om/ar_om/investors.html"},{"name":"جلسات مناقشة علاقات المستثمرين","value":"https://www.shelloman.com.om/ar_om/investors/investor-relations-sessions.html"}]},"id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/footer/breadcrumb"},{"organism":"Container.Raw","ref":"https://www.shelloman.com.om/ar_om/_jcr_content/root/footer/inherited.model.json","id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/footer/inherited","model":{}}],"id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content/root/footer","model":{}}],"id":"/conf/shell/settings/wcm/templates/base/structure/jcr_content/root","model":{}}],"model":{"title":"جلسات مناقشة علاقات المستثمرين","text":"تمكن من الحصول على تسجيلات جلسات مناقشة علاقات المستثمرين في هذه الصفحة","links":[{"name":"canonical","value":"https://www.shelloman.com.om/ar_om/investors/investor-relations-sessions.html"},{"name":"errorUrl","value":"https://www.shelloman.com.om/ar_om/error.html"},{"name":"hierarchy","value":"ar_om/investors/investor-relations-sessions"},{"name":"homeTitle","value":"أهلا وسهلا بكم في شركة شل العمانية للتسويق (ش.م.ع.ع)"},{"name":"homeUrl","value":"https://www.shelloman.com.om/ar_om.html"},{"name":"locale","value":"ar-OM"},{"name":"title","value":"جلسات مناقشة علاقات المستثمرين | أهلا وسهلا بكم في شركة شل العمانية للتسويق (ش.م.ع.ع)"},{"name":"textDirection","value":"rtl"},{"name":"template","value":"base"},{"name":"contentPath","value":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions"},{"name":"externalDisclaimerText","value":"إخلاء المسؤولية القانوني لشركة Shell plc\r\n\r\nأنت الآن تغادر موقع شركة شل الإلكتروني.\r\n\r\nالرابط الذي اخترته يوجهك إلى موقع على شبكة الإنترنت لا تسيطر عليه شركة Shell plc أو أي عضو من أعضاء مجموعة شركات شل. وفقا لذلك، لا تؤكد شركة Shell plc أو أي عضو من أعضاء مجموعة شركات شل أو تتبنى أو تشهد أو تُصدِّق على صحة المعلومات والمواد الواردة في هذا الموقع المتعلق بالرابط المذكور. ويشمل هذا راعي الموقع وأي سياسات أو أنشطة أو خدمات مقدمة على الموقع من أي معلن على الموقع أو مرتبط بالموقع.\r\n\r\nشكرا على زيارتك موقع شل الإلكتروني."},{"name":"themeMode"},{"name":"lastModified","value":"2026-03-11T12:44:38.800Z"},{"name":"themeName","value":"base"},{"name":"themePath","value":"/etc.clientlibs/amidala/clientlibs/theme-base"},{"name":"themeCss","value":"/etc.clientlibs/amidala/clientlibs/theme-base.ACSHASHb291465fc8d3c7bcefde74d34044b698.css"},{"name":"alternate","children":[{"name":"en-OM","value":"https://www.shelloman.com.om/en_om/investors/investor-relations-sessions.html"}]}],"tags":[{"name":"investor relations","value":"line-of-business:corporate/investor-relations"}]},"id":"/content/shell/business/shellomanmarketing/ar_om/investors/investor-relations-sessions/jcr_content"}