TimesofOman.com: Shell Oman net up, declares 40pc interim dividend (ShellNews.net)

Posted 27 Oct 04

MUSCAT — Shell Oman Marketing Company SAOG yesterday announced strong financial results for the quarter ended September 30, 2004. Shell Oman’s unaudited net income after tax for the July-September quarter 2004 increased to RO1.444 million from RO1.004 million for the same period in the previous year. On the back of these results, Shell Oman has declared an interim dividend of 400 baisa per unit of share of RO1.000 each for the financial year ended December 31, 2004, to be paid from previous years accumulated profits.

Shell Oman Managing Director Irshad Lawati, on behalf of the board, said: “Aggressive margin improvement and cost reduction initiatives continued successfully throughout the quarter and we were also helped by lower depreciation charges. We are very pleased with the profitability improvement that has been delivered.”

Higher retail sales, both in fuel and select stores, helped by improvement in commercial fuels sales during the quarter drove the sales revenue up to RO36.043 million in the third quarter of 2004 compared to RO32.964 million recorded in the third quarter of 2003. Despite the increased sales turnover, the receivables remained at a reasonable level reflecting the company’s solid and prudent financial management of its working capital.

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