In the midst of Middle Eastern turmoil Oman appears to be relatively untouched, at least economically, by the winds of change blowing all around them. Take for example the success of Omanoil, which posted record high revenue for the fiscal year 2010 of RO 216.2 million (USD 561 million). This historic total sales was consistent with higher demand for petroleum products and the 6% projected economic growth for Oman in the coming year. This is a 28% increase as compared to sales of RO 168.4 million in 2009. Pre-tax profits increased as well by 28%, from RO 6.1 million to RO 7.8 million.
Net profits after corporate taxes have been accounted for will be RO 6.1 million, with earnings per share of 106 baisas.
“In 2010, the company undertook a series of grass-root improvements and upgrading initiatives to ensure efficient and reliable logistics support systems to meet the demand growth by focusing on effective asset management, operational improvements, as well as the development of a knowledgeable and skilled workforce,” stated Sheikh Salim bin Abdullah Al Rawas, chairman of Oman Oil Marketing Company.
“These initiatives are crucial in supporting the company’s various business portfolios to achieve their respective sales targets and remain competitive in product distribution to all locations nationwide,” he added.
“Customer Service which lies at the heart of our operations witnessed significant improvements across all business units through the creation of new internal and external systems and processes that promote superior customer care to dynamically exceed expectations.”