Oman Oil Marketing Company reports 34% growth in third quarter

For the nine month period ending 30th September 2005, the company has achieved 34% growth on last year's profits, taking its profits after taxation to RO 2,308,000.

The companys sales during this period have continued to increase at a steady rate with a reported 24% growth on last year. Mr. Mulham Bashir Al Jarf, Deputy Chairman of the company said, "omanoil continues to grow and improve on all key financial parameters, quarter on quarter, during 2005 whether it be on volumes, gross profit, net profit and margins (gross and net) in baisa per litre terms."

The company's balance sheet continues to look strong, with all capital expenditure funded through internal accruals. The company reports growth in volumes in all areas of business. Al Jarf said, "We can attribute this growth to aggressive targeting and bidding for commercial business, pricing disparity between Oman and UAE, as well as growth in the economy of the Sultanate. The opening of a number of new retail sites across Oman has also contributed to our growth.'

The company is continuously looking at areas of business development. "Since the last quarter's report, the UAE has increased the prices of fuel by 30% which has led to a substantial increase in offtake in border filling stations," says Al Jarf. "We have commissioned two new sites so far this year and another four sites are at an advanced stage of construction, these will complement the network and help grow volumes in the periods to come."

Ali Habsi, the dynamic young goalkeeper of the Oman football team became the "face" of Omanoil during this period with his commitment to Oman and his youth and energy typifying the companies values. The company is currently running a promotion on its retail network and expects to announce an innovative scheme which will benefit the motoring public in the near future.