Oman-based Renaissance Services, one of the top ten offshore vessel operators in the world, said its full-year net profit for 2010 soared to RO32.3 million ($83.8 million) from RO28.5 million the previous year.

The net profit for 2010 also included a capital gain of RO0.65 million from the disposal of assets, compared to a capital gain of RO 5.97 million in 2009, said a statement from Renaissance, which is among the top performing public companies listed on Oman’s bourse.

Announcing the results on Sunday, Stephen Thomas, CEO of Renaissance, said there had been a 20.2 per cent increase in operating profit and that the operating margins had also improved from 16.4 per cent in 2009 to 19.2 per cent in the current year.

According to him, Renaissance was set to post revenues of RO253 million, up from RO248 million in 2009. The company saw its operating costs at RO204.6 million, down from RO207 million in 2009, he added.

The multinational oil and gas services firm said its main service segments operate in marine offshore support, engineering and contract services, segments which industry analysts predict will see increasing returns, primarily due to rising crude prices and aging infrastructure.

Commenting on the record results, Thomas said, 'We would like to pay tribute to our customers, suppliers and every one of the 11,457 people who work in this group of ours. They have managed to deliver growth in a year that has felt the toughest impact of the global recession in some key industries and markets in which we operate.'

'This underlines the resilience of the Renaissance business model. The 2010 performance sets the stage for the exciting plans we have in store for 2011 and beyond as the world economy recovers and strengthens,' he added.-TradeArabia News Service