Renaissance Announces Initial Annual Un-audited financial Results for 2012

Pursuant to the Article (280) of Executive Regulations of the Capital Market Law issued by the Capital Market Authority, Renaissance Services SAOG is pleased to disclose the following initial un-audited results for the year ended 31st December 2012.

Initial and Un-audited Annual results for the year ended 31st December 2012

Amount in Rial’000
Continuing operations 2012 2011
Revenue 257,277 244,374
Operating and Administrative costs related to revenue 213,165 200,148
Net profit after tax from continuing operations 15,610 10,339
Discontinued operation    
Net loss from discontinued operations (12,552) (8,048)
Net profit after tax from continuing and discontinued operations 3,058 2,291

Note: Discontinued operation is Oil & Gas EngineeringOperations of the Company. This is at an advanced stage of divestment. The increase in losses in discontinued operation isdue to higher provisions made for known contingencies.

The above results are initial, un-audited and subject to review by our Statutory Auditors.

These results are yet to be approved by the Audit Committee, Board of Directors and Shareholders of the Company.

Thu, 14 Feb 2013