Buoyed by record profit, Shell Oman to pay 106 baisas dividend
March 23, 2016 | 6:52 PM
by Times News Service

Muscat: Shell Oman Marketing will pay a cash dividend of 106 baisas per share for the year ended December 2015, compared to 92 baisas last year, a rise of up 15 per cent.

The dividend payout was approved at the annual ordinary general meeting (AGM) on March 22 convened to present the annual financial results of the company for the year ended December 2015.

Shell Oman recording the highest ever net profit of OMR14.18 million in 2015, compared to OMR12.28 million in 2014. Earnings per share (EPS) were 15.5 per cent higher than 2014.

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.

Shell Oman was recognised 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, Mohammed Mahmood Al Balushi, managing director of Shell Oman Marketing, said that the company is continuing its significant investment programme in new and improved retail sites in order to achieve further growth.

“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,” he added.

Meanwhile, major infrastructure projects which began in earlier years should continue to completion in 2016. The company is closely following developments in aviation sector with a view to realising new 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.

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