Published: Aug 12, 2014
Source: Muscat Daily

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Renaissance Services posts RO 10.9Mn in H1 Net Profit

Renaissance Services posted a marginal decline in net profit for the first half of 2014, at RO10.9mn, compared with RO11mn in the same period of last year.

According to company's filing of its preliminary numbers with the Muscat Securities Market on Monday, revenue came in at RO117.3mn for the six-month period ended June 30, 2014, compared with RO121.4mn in the corresponding period of 2013, a decrease of 3.4 per cent.

According to the chairman’s statement, Renaissance Services made capital investments of RO79.3mn during the first half of 2014. Samir J Fancy said that the board is currently considering a private investment of less than ten per cent in Topaz. “This is a part of its strategic plan to ultimately float the business in a premier capital market. The investing institution is a household name.”

He added, “We have also made clear our intention to offer opportunity for up to 49 per cent investment in the Duqm PAC project, primarily for local community investors, state pension funds and sovereign wealth funds.

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