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Renaissance Services SAOG has announced its unaudited half year (H1) results to the Muscat Security Market yesterday, reporting a revenue of US$302.9 million, a 7.6% increase against 2008 revenue of $281.5 million.
After adjusting the impact of the capital gain resulting from the divestment of its technology business in 2008, EBITDA for the six months has increased by 12.3%, while Net Profit has increased by 8.6%.
In comparison with the same period last year the company’s profit from operations has increased by 10.1% to US$ 45.2 million in 2009 against US$ 41.1 million in 2008. Operating margins have improved from 14.6% in the previous period to 14.9% in the current period.
“The continued positive progress of our company in such difficult times for the world economy is a source of great reassurance for all our stakeholders in the short-term and a reason for enduring confidence and optimism for the long-term future,” said Renaissance chairman, Samir Fancy.
Renaissance has invested over $100 million during the last six months to acquire new investments in offshore vessels fleet and building of workforce accommodation facilities in the Oman’s interior oilfields.
