National Mineral Water Company is chiefly engaged in the bottling and marketing of natural mineral water under the brand name Tanuf. Despite intensified competition from a number of cheaper brands of water imported from neighboring countries, the company has been able to maintain sales growth over the past six years and holds a 40 per cent share of the local market.

A capacity increase in 1995 and the upgrade of the company's manufacturing facilities in 1998 helped to increase sales by 17 per cent in 1998. A pioneering project to produce PET bottles in place of PVC bottles was due for completion in June 1999 at a cost of $2.

5 million. Exports account for about one-quarter of sales, with Tanuf making up about 90 per cent. The main markets for Tanuf outside Oman are the UAE and Kuwait, although new markets in Africa and the Indian subcontinent have been developed.

The product was also exported to the UK for the first time in 1996 and the response was said to be encouraging. In February 1997, the company completed the replacement of its filling line and connected facilities at a cost of RO 250,000 ($649,000).

A programme to modernize the company's unscrambling equipment and packing system at a cost of RO 350,000 ($909,000) has also been completed. In 1998, the company generated a net profit of RO 450,460 ($1.

2 million), up 53 per cent on the year, on sales income of RO 2.9 million ($7.5 million). The strong performance reflects the company's continued focus on its core operations at a time when many of its peers suffered substantial losses related to heavy investment in the MSM.

National Mineral Water's 1998 investment income, generated from investment in government securities, stood at RO 40,759 ($105,870).

Individuals	N/A
Institutions	N/A
Floating	N/A
Government	N/A

	2004	2003	2002
Total Assets	5,009	5,166	5,501
Shareholder's Equity	2,925	2,878	2,780
NIAT	102	338	523
Dividends	N/A	160	240

	2004	2003	2002
Assets Growth	-3.03%	-6.11%	2.80%
Earning Growth	-69.89%	-35.32%	25.69%
ROaA	2.00%	6.34%	9.64%
ROaE	3.51%	11.96%	19.98%
No. Of Shares	800,000	800,000	800,000
EPS	0.13	0.42	0.65
EPS Growth	-69.89%	-35.32%	25.69%
Payout Ratio	N/A	47.298	45.89

	Trailing
PE
PB
DVPS
Div Yield
EV
EV/Equity

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