MUSCAT — Oman’s Renaissance Services, an international services company with a primary focus on providing safe, quality, efficient services to the oil and gas industry, has reported a 14.3 per cent jump in net profit for the nine-month period ended September 30, 2007. The net profit rose to RO11.2 million ($29.1 million) in September 2007 as compared to RO9.783 million ($25.43 million) recorded in September 2006. This robust performance, according to Renaissance Services Chairman Samir J. Fancy, is supported by several other positive trends. For the first time since inception, the shareholders fund has crossed RO100 million. Market capitalisation has exceeded RO200 million. Earnings-per-share (EPS) has improved from RO0.046 to RO0.052. Cash from operations of RO30.5 million is higher by 36 per cent compared to the corresponding period in the previous year. Revenue soared to RO133.661 million in September 2007, from RO98.523 million in September 2006. Profit from operations stood at RO19.169 million. Net assets crossed RO100 million at RO100.067 million as compared to RO87.131 million in September 2006. Retained earnings as at the end of September this year stood at RO43.023 million as against RO30.694 million. “Through a disciplined approach to long-term investment growth in services to the oil and gas sector, we are producing returns that are secure, sustainable and highly competitive. The sustainable visibility of our asset-based initiatives, underpinned by long-term contracts with major international oil and gas producers, is creating a very efficient growth platform for our highly cash-generative pure services initiatives. Across all Renaissance businesses, we are maximising the value of our assets. We are keeping our operations safe, and striving to exceed customer expectations,” says Samir J. Fancy. The company is actively working on a potential acquisition that would expand the geographical footprint of our offshore support vessel fleet and increase the size of the fleet deployed in the Middle East. The company is going ahead with its programme to divest assets that do not fit directly in the Renaissance oil and gas services growth strategy. Renaissance has started initiatives to consider divestment of its high-performance, high-potential technology, media and training businesses. “We will consider divestment of these assets if the price offers realisation of value for stakeholders; and if the investment strategy or industry focus of the buyer, offers a platform for these companies to meet their ongoing growth potential to the maximum advantage of employees and customers of these businesses. Like all Renaissance businesses, exceptional people with enormous talent, energy and commitment drive these companies. They embrace the enterprise philosophy of the Renaissance empowerment culture. “We have engaged our people openly in the divestment programme and I would like to thank and applaud them for the manner in which they have embraced the assignment. Their drive to succeed will not only ensure an optimum divestment implementation in the best interests of all stakeholders, especially our customers; but will also ensure the realisation of the career and growth ambitions of our people and the businesses themselves under new ownership. These businesses contribute 10 per cent of our current operations, and we hope to complete at least one divestment in 2007 and continue the programme into 2008,” Samir J. Fancy said. “The outlook for the company is very positive. We continue to work closely with the internationally renowned oil and gas consultants Simmons & Company to validate and advise us on our strategies for growth and value enhancement. We are building strong alliances and joint ventures in our chosen international markets,” the chairman added.