Established in 1976, Oman National Dairy Products Company produces milk, ice-cream, yoghurt and fruit juices under the widely-known brand name Zain. Although sales have grown consistently in recent years, earnings have been hit by increased competition and higher depreciation costs associated with new investments.

Much of the company's growth has been attributed to the late Haji Sultan Fadhel, its chairman for almost 20 years, who died in November 1996.The new chairman, Kamal Bin Abdul Redha Bin Sultan, and his team appear to be continuing where Fadhel left off: sales in 1997 were 11 per cent up on 1996 at RO 8.

6 million ($22.2 million) and net profits almost doubled for the second consecutive year to reach RO 262,522 ($681,875). In 1998, sales continued to grow, but increased sales costs led to a 23 per cent decline in net profits for the year to RO 201,883 ($524,371).

During 1999, the company planned to launch a chain of Lacabana ice-cream parlors, the first such locally-owned chain in the sultanate. Six outlets were to be opened in 1999 and a total of 20 are expected to be in operation by the end of 2000.

In 1997, the company became the first of its kind in the Middle East to obtain an ISO 9002 certificate.

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

Director	Abdullah Darwish Al Qasmi
Vice Chairman	Ahmed Said Zaki
Chairman	Mohammad Ali.A. Amir Sultan
Director	Mohsen Haider Darwish
Director	Mushtaq Qamer Sultan
Director	Naeem Qamer Sultan
Director	Sheikh Mohammad Hamed Al Masroory
Director	Sheikh Mohammad Said Al Balushi
Director	Sheikh Saud Al Khalili

	2003	2002	2001
Total Assets	13,267	13,109	9,184
Shareholder's Equity	4,821	3,690	2,282
NIAT	342	320	324
Dividends	N/A	132	N/A

	2003	2002	2001
Assets Growth	1.20%	42.74%	N/A
Earning Growth	6.83%	-1.23%	0.00%
ROaA	2.59%	2.87%	7.05%
ROaE	8.03%	10.71%	28.38%
No. Of Shares	1,933,968	1,320,000	1,320,000
EPS	0.18	0.24	0.25
EPS Growth	6.83%	-1.23%	0.00%
Payout Ratio	N/A	41.269	N/A

	Trailing
PE
PB
DVPS
Div Yield
EV
EV/Equity

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