Oman Oil Marketing Company (Omanoil) has reported a 41.5 per cent increase in it annual net profit to RO5.7 million ($14.8m)

The leading Omani fuel and lubricants marketing company revealed this at a recently-held extraordinary general meeting and annual general meeting at the Capital Market Authority.

While the company’s total revenue increased by 26pc to RO152.7 million, overall volumes grew by 29pc over last year to 1.12 billion litres, the highest ever recorded in the company’s history.

At the AGM, the proposed cash dividend of 47.5 baisa per share for the financial year ended December 31 2007 was approved and Deloitte & Touche, a reputed international accounting firm, was appointed as auditors for the financial year ending December 31, 2008.

In its continued pursuit for excellence, omanoil remains committed to ensuring the highest possible standards of health, safety and environment management practices which are applied throughout the organisation, the company said.

Omanoil achieved a record of 15 years of LTI-free in the MAF terminal.

Omanization is also at its highest level of 85pc. Specialized training programmes have been introduced and implemented to ensure staff, at all levels, are equipped to enhance their capabilities, realize their potential and execute the long term plans, the company said.

The company is developing its own lubricants brand, namely Maximo and Optimo in the overseas market. These lubricants are currently being marketed in Yemen, Somalia and Sudan. Efforts to penetrate larger markets in the region and Africa are underway.

“I would like to take this opportunity to thank our customers, Government departments, dealers, and the Oman Oil Marketing Company staff for their dedication, commitment and efforts in making the Company reach even higher levels of excellence,” said Omanoil Chairman Shaikh Salim Abdullah Al Rawas.

“On behalf of the Board of Directors, I would like to express our sincere gratitude to His Majesty Sultan Qaboos bin Said for his vision and leadership in steering the nation along its path of growth and prosperity,” he said.

He said the outlook for the domestic petroleum products market is expected to remain favourable with the anticipated growth of the economy.

With the current uptrend in demand for all major products, the financial year 2008 promises to be a year of solid advancement for the industry and the company. – TradeArabia News Service