The Oman's Renaissance Services is planning to invest $508 million over the next three years. Of which, $170 million is targeted for the current year. "These investments will be made in assets and businesses where we have proven competence, and in markets where we have established leadership and unique value propositions. This ambitious investment programme will be a platform for our company on which we will grow meteorically and deliver enduring shareholder-value in the immediate and long-term future," Renaissance Chairman Samir J. Fancy disclosed here. In 2006, the company invested $85.4 million in new assets. "Our core strategy is to create value from a distinctive set of opportunities. We continue to dispose of those assets that no longer offer us the right performance potential. Our fundamental objective is to protect and enhance shareholder-value in a sustainable way," Renaissance chairman pointed out. Today, Renaissance is a growing multinational with a sustainable income-base. It is increasingly recognised as a focused oil and gas services player from an investor point of view. The company owns an offshore support services fleet that ranks in the top 10 worldwide in which a material portion of the business is in long-term (10 years or more) contracts to Fortune 500 companies. The company has reported a higher net profit of RO14.039 million for the year ended December 31, 2006 compared to a net profit of RO13.787 million recorded for the year 2005. "Year 2006 was the fifth successive year of record results for Renaissance. Revenues grew from RO106.4 million in 2005 to RO142.9 million in 2006. Profit from operations stood higher at RO21.807 million as against RO16.406 million. Shareholders who bought shares at the end of 2001 realised a compounded return of 100 per cent per annum over these five years," said Samir J. Fancy. Enthused by the impressive performance, the board of directors has proposed to distribute a cash dividend of 15 per cent and a stock dividend of 10 per cent for the year 2006. This rewards shareholders in the current term, at the same time conserving the necessary resources to drive enduring shareholder-value. The increase in profit from operations was consistent with increase in revenue. But the growth in net profit was not very high due to higher finance costs and tax charges. Further, the non-operating and exceptional investment income, have been lower in 2006 compared to the previous year. Higher finance costs and tax charges arisen from various growth initiatives in new market and acquisition of new assets for sustainable long-term revenue, have set the stage for long-term exponential in both profit and revenue for the future. The performance for the year 2006 reflects the fact that Renaissance has successfully completed its transformational change from a predominantly service-based business with a profitable short-term income base, into a balanced portfolio of asset-based and services business with a profitable long-term income base and sustainable growth plan. "Our investment strategy for 2007-09 is focused on three core initiatives: increasing the size and reducing the age profile of our offshore support vessel fleet (prudently balancing investment between the fleet engaged in high demand spot markets and the fleet engaged in long-term stable contracts with major oil and gas producers and operators); developing additional capacity and capability in our oil and gas fabrication and ship repair businesses (with an emphasis on the size and scale of projects undertaken and a continuous improvement focus on quality, safety and environmental impact); and expanding capacity and geographical spread of our permanent accommodation for contractors facilities in remote oilfields," Samir J. Fancy underlined. "We were not satisfied with everything in 2006. The movement in our absolute stock price fell 9.5 per cent over the year in counterpoint to the MSM index. This equates equal to a price earnings ratio of just 7.26 as at December 31, 2006. We are, of course, not in the business of managing stock price, which is a matter for the market. "But we are responsible for making sure that the market recognises our consistent growth performance and understands the essence and value of our portfolio of assets," he added.