Performance
Overview
The sales during Jan-March 2012 have seen a significant increase
of RO 12.4 million (20%) over the same period of 2011 due to the
increase in retail, commercial and aviation fuel sales.
The net profit achieved in Jan-March 2012 was RO 2.5 million,
registering an increase of 22% over the same period in 2011 mainly
due to the increase in gross profit.
Earnings per share have increased from Baisa 296 in Jan-March 2011
to Baisa 362 in the same period of current year, an increase of 22
%, due to the increase in net profit.
With regard to the court case initiated against the Company by
Shell Oman Marketing Co. SAOG to claim RO 2.1 million, the Supreme
Court decided on 15 February 2012 to accept the appeal submitted by
the Company to appeal the ruling issued by the Court of Appeal
& to refer the case to the Muscat Court of Appeal in order to
be considered by a different panel. No provision has been made for
this claim in the financial statements as of 31 March 2012 as
explained in note No. 15 to the financial statements of the
Company. All the stages of this court case have been disclosed in
the website of Muscat Securities Market and in the financial
statements of the Company.
Major events that affected the Company's performance during
Jan-March 2011
During the period from April 2011 to March 2012, 6 new filling
stations and 2 new car wash centres were opened.
Material changes in the financial position of the Company
during Jan-March 2012 when compared with the same period of
2011
Below are the main variances in the statement of comprehensive
income:
1) Sales have increased by RO 12.4 million (20%) from RO 61.7
million in Jan-March 2011 to RO 74.1 million in the same period of
2012 due to the increase in retail, commercial and aviation fuel
sales.
2) Operating & administration expenses have increased by RO 317
thousand (9%), mainly due to the increase in transportation cost of
petroleum products, employees cost, depreciation cost, technical
fees, license fees and other expenses.
Below are the main variances in the statement of financial
position:
1) Trade and other receivables have increased by RO 9.4 million
(35%), mainly due to the increase in trade receivables as a result
of the increase in sales.
2) Trade and other payables have also increased by RO 4.2 million
(17%), mainly due to the increase in purchases of petroleum
products from Oman Refineries & Petrochemicals Co. in March
2012.
3) Net assets per share has increased by 11%, from RO 4.335 at 31
March 2011 to RO 4.791 at 31 March 2012, mainly due to the increase
in trade and other receivables.
