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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.