Shell Oman AGM highlights company’s strong performance
Mar 23, 2016
Shell Oman Marketing Company SAOG held the Annual Ordinary General Meeting (AGM) on 22 March 2016 to present the annual financial results of the Company for the year ended 31 December 2015.
Shell Oman achieved unprecedented financial results recording the highest ever net profit of RO14.18 million, compared to RO12.28 million in 2014. Earnings per share (EPS) were 15.5% higher than 2014. The AGM approved all the items on the Agenda including the recommendation of the Board of Directors to distribute a cash dividend at the rate of 106 Bz per share, up 15% from 92 Bz last year.
In 2015, Shell Oman posted strong financial results due to a healthy growth in the retail fuels business as the multi-year investment programme continued coupled with robust performance from the lubricants business. The Company also pushed down operating costs across all lines of business. In addition, the commercial fleet segment with its upgraded IT landscape also contributed considerably towards growth. The aviation business won the fuel concession contract for the New Salalah Airport for 10 years securing its sole operatorship at the airport. In 2015, Shell Oman was recognized by the Ministry of Manpower for its contribution to the employment of national manpower and its compliance with the labour legislations, with an Omanisation rate of 88 per cent. Moreover, the Company was awarded by Oman Chamber of Commerce and Industry for its support to entrepreneurship in the Sultanate.
On the outlook for the rest of the year, Mohammed bin Mahmoud Al Balushi, Managing Director of Shell Oman Marketing Company, commented that the Company is continuing its significant investment programme in new and improved Retail Sites in order to capture further robust growth in the years ahead. The fuel marketing business normally follows the economic trend of the country, and given the reform of fuel subsidies and the fall in the crude oil prices, it is challenging to forecast the level of retail market growth in 2016. Meanwhile, major infrastructure projects which began in earlier years should continue to completion in 2016. The Company is closely following developments in the aviation sector with a view to realizing any opportunities. Shell Oman would continue to focus on servicing its customers’ requirements by delivering excellence in all areas of operations in a safe and environmentally friendly manner while creating in-country value and sharing benefits with the local communities in which the Company operates.
Shell Oman is a publicly listed company, on the Muscat Securities Market since 1997, delivering world-class quality fuel technology and operational excellence in Retail, Commercial, Lubricants and Aviation businesses in Oman, and has been contributing towards developing a sustainable economic advantage for the nation by nurturing the human capital and equipping the Omani workforce to scale the heights of success.
For Media Enquiries:
Mohammed Ali Al Farsi, GM External Affairs
Shell Oman Marketing Company SAOG
Tel : 24570376
Notes to Editors:
ABOUT Shell Oman Marketing Company SAOG
Initially established in 1958, Shell Marketing (Oman) Ltd became a public limited company in 1997 and was renamed Shell Oman Marketing Company SAOG. This was a unique step in Shell’s history in the Middle East and today ownership of the company is shared between Shell, with 49%, and private investors, many of whom are members of the Omani public.
This ensures that the company not only benefits from Shell's world-class marketing expertise, it is also able to call upon first-hand knowledge of the Sultanate’s business needs and practices.
Today, Shell Oman Marketing provides services and sells a wide range of Shell automotive, aviation and marine products, including fuels, lubricants and greases. SOM also has a network of over 150 Shell retail service stations strategically located throughout the Sultanate.
Shell in Oman by numbers
- Shell Oman has over 150 service stations located in strategic locations around Oman
- Shell Oman has reached an Omanization level that exceeds 89%
- Shell Oman owns and operates Oman's only oil blending plant