Renaissance Services holds annual general meeting

Muscat: Leading Omani multinational, the Renaissance Group, listed on Muscat Securities Market (MSM) as Renaissance Services held its 23rd Annual General Meeting (AGM) at the Capital Market Authority Hall, Muscat on Thursday followed by an investors and analysts meeting.
Renaissance Group contains two core businesses – Topaz and Renaissance.
Topaz is a global powerhouse in marine logistics, with the vision of being the champion provider of marine and logistics solutions to the global offshore industry.
Topaz achieved a market-leading 86 per cent utilisation of its core fleet in 2018 and anticipates a positive trend in its market outlook for 2019.
Visibility of earnings generation and vessel utilisation is positive for 2019, due to the safety, modernity and relevance of the Topaz fleet; and the stability of strategic partnerships and long-term contracts with blue-chip International Oil Companies (IOC) and National Oil Companies (NOC) clients.
The unprecedented turmoil in the industry over the past four years have proven that Topaz is both agile and experienced in navigating volatility. Topaz’s portfolio of vessels, despite the global OSV fundamental valuation reset, its geographic footprint, disruptive innovation and leadership position in home markets, together with the flexibility of the company’s operating model, have enabled and will enable Topaz to adapt well to future challenges
Renaissance services business offers strategic and integrated facilities management solutions for businesses in a wide range of sectors and geographies. The company provides contract services, IFM and runs the Renaissance Village brand, which is a uniquely designed workforce accommodation solution and Renaissance Duqm Village, which is the sultanate’s largest state-of-the-art PAC. Its clients include government, universities and hospitals, ports, industries in diversified sectors, onshore and offshore hydrocarbon development and the military.
In 2018 the company achieved a 100 per cent record in major contract retention and extension, along with new contract gains. Renaissance won contracts to support the joint military exercise for Saif Saree’a at Duqm, MAM and Shaffa. The company maintained high occupancy levels at all Renaissance Villages in PDO’s oil and gas fields. Extended its contract tenure in major IFM contracts with BP Khazzan and Al Mouj. The company increased its market share in competitive tender for contract services to the Ministry of Health Hospitals.
Renaissance also completed two years of initial occupancy build-up at Renaissance Village Duqm and the company enters its first year of full-scale operations in 2019. With secured occupancy in hand, the company shall pass break-even in first quarter and reach maximum current capacity more than 16,000 beds by the third quarter. The company exploring expansion options to meet high excess demand in late 2019 and beyond.
Renaissance divested 100 per cent ownership of its Norwegian subsidiary, Norske Offshore Catering (NOC), realising a capital gain of OMR650,000, having achieved equity internal rate of return (IRR) of 35 per cent.
The company’s progress in growing its presence in the UAE market is slower than expected. However, the company is trying to create a larger customer base and establish profitability in 2019.
In the company’s services diversification programme, it has won a breakthrough contract with be’ah for waste collection services in Al Wusta and Special Economic Zone Authority at Duqm (Sezad), through our JV partnership with Sager of Italy. The contract mobilizes in late 2019.
The company has strengthened its Hard FM capabilities and established the ProTek brand to develop its traditional B2B service offerings into quality B2C homecare services. This is creating a high standard of maintenance and repair services for businesses and homes, at affordable cost, while creating good technical jobs for a predominantly Omani team.
Renaissance performance will grow in 2019 just based upon rising occupancy at Renaissance Village Duqm.
“The company remains focused on capturing further growth opportunities through demand for our Accommodation Solutions; our ongoing diversification strategy; and our digital strategy to drive efficiency and innovation for our company and our customers."
"The company continues to drive continuous improvement in safety, standards and service offerings in both companies. The company continue to innovate to ensure both businesses are increasingly agile, efficient, and customer-centric,” the company said.