NDC to distribute 50% dividend for 2018

Business Saturday 16/March/2019 16:17 PM
By: Times News Service
NDC to distribute 50% dividend for 2018

Muscat: The Annual General Meeting (AGM) of National Detergent Company (NDC) was held at Crowne Plaza Muscat on March 12 in the presence of the Board Chairman Redha Baqir Al Lawati, Board members and NDC’s top management.
The AGM approved the recommendation of the board of directors to distribute a dividend of 50 per cent for the year 2018. It also approved the report of the board, the auditor's report, balance sheet, profit and loss statement for the financial year ended on December 31, 2018.
NDC registered a sales revenue of OMR21.35 million in 2018 compared to OMR21.81 million in 2017. The company's profit from operations for 2018 was OMR1.28 million compared to the 2017 figure of OMR1.28 million. Comprehensive profit was OMR1.01 million in 2018 compared to OMR847,246 in 2017 registering an increase of 20 per cent.
The profit after interest, tax and fees for 2018 was OMR883,680 compared to OMR847,246 in 2017 with an increase of 4.3 per cent. This result was achieved considering the rising costs of raw materials, rising interest rates, intense competition, and difficult trading conditions in the region.
NDC registered sturdy sales during 2018 while facing intense price competition from major multinational companies, some of which are among the most respected companies in the world. The company's efforts to introduce higher value products and to increase prices, wherever possible, have delivered positive results.
The company also introduced Bahar Advance Matic Gel laundry detergent to complement the current range of Bahar powder detergent products. The product yields excellent results especially when used in combination with the company's Gentil Fabric Softener. Also, the newly launched Bahar Premium Antiseptic Liquid that was introduced in 2018 was well accepted by retailers and consumers. NDC continues to have ample capacity, product registrations, new product introductions and consumer acceptance to continue its long history of success in the consumer products category.
In the sulphonation division, due to unrest in the main export market, NDC worked to open new markets in the Americas and achieved good product acceptance. As part of environmental stewardship, the company reduced scrap rates by developing a new product from by-product streams. The new product which reduces the need to dispose chemical waste was commercialised and has been well accepted by customers in the oil and gas industry.
The new business for the company in the industrial and institutional division is in the early stages of development. The business is being encouraged by local Omani oil and gas producers to increase the value of their in-country purchases. NDC has finished the design, installation and commissioning of a new manufacturing facility and is now well positioned for the future.