Renaissance Services Gains 7.6% Revenue Increase

Renaissance Services has announced its unaudited half year (H1) results to the Muscat Security Market yesterday, reporting a revenue of RO 116.6 million (US $302.9 million), a 7.6% increase against 2008 revenue of RO 108.4 million (US $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 RO 17.4 million (US $45.2 million) in 2009 against RO 15.8 million (US $41.1 million) in 2008. Operating margins have improved from 14.6% in the previous period to 14.9% in the current period.

Renaissance Chairman, Mr. Samir Fancy, said in the first half statement to the shareholders, "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."

Renaissance has invested over RO 38.5 million (US $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 oil fields.