Renaissance Announces Annual Audited Results for 2012

The Board of Directors of Renaissance Services SAOG (the Company) has approved the annual audited results for the year ended 31 December 2012 at the Board Meeting held on 26February 2013. The audited results are consistent with the initial un-audited annual results, announced earlier by the Company.

  2012 2011
  Rial Million USD Million Rial Million USD Million
Continuing Operations        
Revenue 257.3 668.3 244.4 634.8
EBITDA 61.4 159.5 58.3 151.4
Operating Profit 44.1 114.5 44.2 114.8
Net Profit after tax from continuing operations 15.6 40.5 10.3 26.8
Discontinued operations        
Loss from discontinued operation (12.5) (32.4) (8.0) (20.8)
Net profit for the year 3.1 8.1 2.3 6.0

Note:

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

The audited financial statements along with the Chairman’s Report, CEO Report and Corporate Governance Report will be submitted to the Muscat Securities Market within the prescribed time. The audited financials statement and other reports will be presented to Shareholders for approval at the Annual General Meeting (AGM), which will be held on 27 March 2013 at 2.30 P.M., at the meeting hall of CMA.

Wed, 27 Feb 2013