2009 oer's top 20
DESCRIPTION
Annual report published by the leading financial magazine in Oman, the Oman Economic Review, detailing the sultanate's largest coporates for the year 2008.TRANSCRIPT
OER presents its annual ranking of the Sultanate’s Top 20 Listed
Companies of 2008
OMAN ECONOMIC REVIEW May 200948
or the sixth consecu-
tive year, 2008 has
been fairly positive
for Oman’s economy
in general due to the
growth in the first half
of 2008. The price of oil continued
to increase during the earlier part of
the year 2008. Oman crude realised
an average price of $101.06 per bar-
rel in 2008 compared with an average
price of $65.15 for 2007 and the budg-
eted price of $40 per barrel for 2008.
The original total appropriations for
the year 2008 of RO5,800mn were
substantially increased by a further
RO603mn to implement a number
of development and basic infrastruc-
ture projects. Due to the higher oil
prices the actual budget was projected
to close with a budgetary surplus of
RO1,581mn as against a projected def-
icit of RO400mn.
Market meltdownHowever, due to the global financial
meltdown, 2008 has been quite chal-
lenging for the Muscat Securities Mar-
ket (MSM). You may recall from our
statement last year that due to the
bursting of the ‘Credit Bubble’ in a
year that was full of bad news for de-
veloped markets, emerging markets
spent 2007 on another planet, with re-
turns of 35 per cent to 40 per cent. This
phenomenon continued till the middle
of 2008 but hit home with a vengeance
in the second half of 2008. The MSM
ended the year as the fourth best per-
forming stock market in the GCC with
an overall decline of 40 per cent. Two
successful IPOs were launched during
the first half of the year with unprec-
edented oversubscription of more than
25 times. Trading volumes amounted
to RO3,710mn in 2008 compared to
RO2,321mn in 2007, an increase of
59.8 per cent. The benchmark MSM 30
index ended the year at 5,441 points, a
loss of 39.78 per cent for the year. The
top performer was the services and in-
surance sector which was down 28 per
cent followed by the industry sector
which lost 45 per cent and the banking
Oman Economic Review presents its annual report on Oman’s Top 20 listed
companies for the year 2008
THE OER TOP TWENTY – YEaR 2008
The top five by revenue – 2008
Rank CompanyRevenue RO Mn
Growth % from 2007
1 Oman Telecommunications Co 411.49 12.74
2 Galfar Engineering & Contract 364.36 35.45
3 Bank Muscat 338.15 27.13
4 Shell Oman Marketing 326.36 31.60
5 Oman Cables 304.57 39.62
The top five by profit – 2008
Rank Company Profit RO MnGrowth % from
2007
1 Omantel 119.24 5.93
2 Bank Muscat 93.73 11.24
3 National Bank of Oman 45.38 1.71
4 Oman International Bank 29.47 4.98
5 Raysut Cement Company 27.10 (10.00)
Suhail Salim Bahwan Ex-chairman, NBO
COVER StORy
OMAN ECONOMIC REVIEW May 200949
and investment sector was the worst hit
ending with a decrease of 46 per cent.
Foreign participation in the capital of
the listed joint stock companies also re-
duced during the year to 23.84 per cent
compared to 27.55 per cent last year, a
decrease of about 13 per cent.
Due to higher oil prices in the first half of
the year, increased non-oil exports and
strong demand, the GDP growth rate for
2008 is estimated at 10 per cent. Oil pro-
duction increased in 2008 by about sev-
en per cent. The government’s continued
emphasis on diversifying the economy
away from dependence on oil gained
further momentum during 2008. Non
oil exports grew by 27 per cent. Most
of the real estate development projects
started in 2007 continued and the
tourism sector grew by 22 per cent.
Performance of western world financial
markets continued to be greatly affected
due to the worldwide recession. MSCI
AC World index was down 43.5 per cent
in 2008 as global equity markets fin-
ished 2008 down 43.5 per cent. Japan
(-30.5 per cent) was the best performing
region followed by the USA (-38.5 per
cent) and Europe (-48.2 per cent). The
worst performing regions were Global
Emerging Markets (-54.5 per cent) and
Asia Pac ex-Japan (-53.3 per cent).
Recessions are historically times when
companies make the biggest competi-
tive strides or fall behind. A 2002 sur-
vey by McKinsey of the performance
of 1000 companies during an 18 year
period found that those that made the
biggest leaps in profitability were often
the ones that increased their spend-
ing on acquisitions and innovation the
most amid recessions.
During the year 2008, the revenues of
Oman’s 20 largest companies showed a
handsome growth. Total revenues for
the OER Top 20 went up by 25 per cent
to RO3,220mn. Corporate perform-
ance of the year 2008, overall, was also
slightly positive in spite of the global
recession. The profits for the year 2008
increased by four per cent to RO480mn
from the figure of RO462mn last year.
The total market cap of the OER Top 20
on December 31, 2008 was RO3,975mn,
which was down by 44 per cent com-
pared to 2007. On April 2, 2009, the
market cap of the top twenty has once
again gone down to RO3,281mn. The
OER Top 20 companies represent
68 per cent to the total market cap of
the MSM of RO5,829mn at the end
of 2008. The average P/E ratio of the
OER Top 20 based on the profits of the
year 2008 and the share price on April
2, 2009 is 6.84 times earnings.
Who is out and who is inWe have two new comers on the list
this year. Oman Flour Mills comes into
the number 18 spot and Al Hassan En-
gineering is back in the number 20 slot
after missing out last year. These com-
panies have made it to the OER Top 20
this year at the expense of AES Barka
and Oman Refreshment.
The ranking of Oman’s 20 largest com-
panies in order of revenue produces a
The top five by growth of profit – 2008
Rank CompanyGrowth % from
2007
1 Al Anwar Holdings 99.86
2 Oman Flour Mills 91.97
3 Oman Holdings International 51.21
4 Renaissance Services 51.06
5 Areej Vegetable Oils 24.50
The top five highest capitalised – 2008
Rank CompanyShareholders Equity RO Mn
1 Bank Muscat 715
2 Omantel 373
3 National Bank of Oman 245
4 Bank Dhofar 188
5 Oman International Bank 173
COVER StORy
Sultan Bin Hamdoon Al Harthy Chairman, Omantel
COVER StORy
OMAN ECONOMIC REVIEW May 200950
list, which includes the seven compa-
nies from the banking and investment
sector, six from the services sector and
seven from the industrial sector.
There has been no change in the top
ten companies in Oman by revenues.
Omantel continues to be the largest
public company in Oman with a growth
in revenue of 12.74 per cent compared
to last year.
The Chairman of Omantel Eng. Sultan
Bin Hamdoon Al Harthy in his report
to the shareholders explains that the
main reason for good growth in net
profit is the continuous double digit
revenue growth. Al Harthy states that
the total group revenue rose by 12.6
per cent. Al Harthy outlines that the
total group net profit after tax rose
by 5.9 per cent to RO118.6mn. Al
Harthy adds that the total subscriber
base has recorded a growth of 13.4 per
cent. The total number of subscribers
has increased to 2.119mn compared
to 1.869mn last year. Al Harthy goes
on to state that due to the global fi-
nancial crisis and the deteriorating
market conditions in Pakistan, the
value of their strategic investment in
Worldcall Telecom has been affected
and the group has recognised an im-
pairment loss of RO18.88mn. Without
this impairment the net profit would
have been RO137.5mn, a growth
of 22.8 per cent.
Al Harthy cautions that during the year
2009 the sector liberalisation is likely to
intensify with the TRA announcement
of awarding Oman’s second fixed line
network and possible award of more
Internet service providers in 2009. He
adds that the government plan to sell
25 per cent of its stake in Omantel to
a strategic investor has been called off
because of the current conditions in the
global capital markets.
Profit indexSimilar to last year, three of the
top five most profitable companies
in Oman are banks. As expected in
the current economic climate four
of the five companies are showing a
small growth in profits for the year
whereas one is showing a decline.
There is one change in the top five
companies by profit. Raysut Cement,
which was in the fourth place last
year, has moved down to the number
five position and OIB is up from five
to four. Omantel continues to remain
at the number one spot, Bank Muscat
at the number two spot and NBO at
number three.
Bank Muscat is the second most profit-
able company in Oman as well as the
third largest company in Oman based
on turnover for the year 2008. Bank
Muscat has achieved this position by
recording growth in profit for the year
of about 11.24 per cent.
The Chairman Abdul Malik bin Abdul-
lah al Khalili states in his yearend re-
port to the shareholders that despite
the global financial crisis the key busi-
ness lines of the bank continued to turn
in an impressive performance in 2008.
Khalili adds that during 2008, the re-
turn on average assets was at 1.8 per
cent compared to 2.3 per cent in 2007.
The return on average equity was 14.8
per cent in 2008 compared to 25.8 per
cent in 2007 and the basic earnings per
share was RO0.087 as against RO0.090
in 2007.
Khalili explains that their strategic
shareholding in Saudi Pak Commercial
Bank was impaired due to the deteriorat-
ing economic situation in Pakistan and
even though this investment is strategic
in nature as a measure of prudence the
bank has provided for an impairment
loss of RO17mn for this investment.
Khalili goes on to say that the Board has
proposed a dividend of 50 per cent, 20
per cent in the form of cash and 30 per
cent in the form of mandatory-convert-
ible bonds. He advises that the 2009
financial market environment appears
to be challenging for business with tight
liquidity conditions, weak equity mar-
ket and tightened lending norms by
banks. Khalili is confident that the bank
The top five largest market capitalisation – Apr 2, 2009
Rank CompanyMarket
Capitalisation RO Mn
1 Omantel 881
2 Bank Muscat 629
3 National Bank of Oman 299
4 Bank Dhofar 269
5 Oman International Bank 258
The top five returns on equity – 2008
Rank Company Profit as a % of Equity
1 Shell Oman Marketing 46.62
2 Omantel 31.99
3 Oman Oil Marketing 30.06
4 Al Anwar Holdings 28.14
5 OMINVEST 28.09
Abdul Malik al Khalili Chairman, BankMuscat
AAAAAFFFFFFFFFFOOOOORRRRRDDDDDDDDAAAAAABBBBBLLLLLEEE
PPRRRIIICCCEEESSSS
AFFORDABLE
PRICES
COVER StORy
OMAN ECONOMIC REVIEW May 200952
will sail through these turbulent times.
Tops turvyAl Anwar Holdings has shown the high-
est growth in profits by an enormous
99.86 per cent and has remained in the
number one spot for the second year
running. Three of the top five compa-
nies showing highest growth of profit
from last year being Oman Flour Mills,
Renaissance and Areej Vegetable Oil
are new on the list. Al Jazeera Steel,
OMINVEST and Al Maha Petroleum
have all dropped off this list.
The Chairman of Al Anwar, Masoud
Humaid Al Harthy in his report to the
shareholders for the year ended March
31, 2008 has stated that new business
strategies; investment policies and pro-
cedures; and risk management tools
introduced by the management in the
second half of the year has contributed
in the continued sustainable growth of
the company. The group has recorded
100 per cent growth in profits over last
year achieving its highest ever net profit
of RO4.33mn for the year ended March
31, 2008. He points out that out of this
profit RO1.13mn is generated from dis-
posal of 31 per cent shareholding in
NAPCO. The board has recommended
a cash dividend of eight per cent and a
stock dividend of 12.93 per cent.
Al Harthy adds that the group’s subsid-
iaries Voltamp Manufacturing and Sun
Packaging are all performing well as are
its associates NAPCO, Al Anwar Blank,
Falcon Insurance, Al Maha Ceramics
and Addax Securities Saudi Arabia. Al
Harthy explains that the group contin-
ues to focus on the financial services
and real estate sectors.
Four of the top five companies that
have the highest amount of equity em-
ployed are banks. Four of the compa-
nies in this category remain the same
as last year. BankMuscat continues to
remain number one in this category.
Omantel and NBO continue to remain
in the same position as they were last
year. Bank Dhofar, a newcomer on the
list, comes in at number four knocking
OIB down to the number five position.
Oman Cement which was number five
last year is no longer on this list.
The then chairman of NBO Suhail Sal-
im Bahwan in his report to the share-
holders states that the bank’s net profit
of RO45.4mn exceeds last year’s record
net profit of RO44.6mn despite a very
turbulent fourth quarter and after im-
pairment charge of RO3.7mn on in-
vestments. Bahwan adds that the profit
from operations grew by 49 per cent
from RO36mn to RO54mn reflecting
the bank’s clear emphasis on sustain-
able growth. He explains that the bank
has diversified its income as reflected
in ratio of other operating income to
total income which increased from 37
per cent in 2007 to 46 per cent in 2008.
Business efficiency remained an impor-
tant focus and the improvement in cost
to income ratio continues to improve.
The recoveries and releases against the
provisions for 2008 were at RO16.6mn.
The top five earnings per share – 2008
Rank CompanyEarnings per share
growth %
1 Oman Flour Mills 91.76
2 Al Anwar 63.33
3 Renaissance Services 32.05
4 Oman Holdings International 31.02
5 Shell 13.02
The top five by share price growth – 2008
Rank CompanyShare price growth %
1 Oman Oil Marketing 16.03
2 Shell 10.53
3 Al Hassan 8.26
4 Omantel (8.56)
5 Al Maha (9.09)
Samir Fancy Chairman, Renaissance Services
COVER StORy
OMAN ECONOMIC REVIEW May 200954
Total assets ended the year at RO1.9bn.
This growth was linked to the growth in
deposits by RO406mn (43 per cent) and
growth in net advances by RO494mn
(54 per cent).
Bahwan goes on to say that 2009 will
pose significant challenges in the inter-
national debt and capital markets. The
global economy is expected to continue
to suffer under the impact of a pro-
longed recession. In the GCC region,
lower oil prices are expected to slow
the growth in the region. Bahwan states
that the bank will continue to grow in a
prudent and profitable manner by tar-
geting quality assets in Oman and the
UAE with the overall objective of en-
hancing shareholder value.
Sea changeThis year, only one of the top five com-
panies that have the highest market
capitalisation on the MSM is not a bank.
Omantel has taken over from Bank
Muscat as the number one this year;
BankMuscat has slipped to the number
two spot in this category. NBO is a new-
comer to this list straight into third
place, Bank Dhofar has jumped up one
place to the fourth position and OIB is a
newcomer in the number five position.
Raysut Cement and Galfar who were
number three and four last year are both
knocked out from this list.
The chairperson of Oman International
Bank, Reem Omar Zawawi in her annu-
al report to the shareholders states that
2008 was another successful year for the
bank with record profitability. Zawawi
adds that the business philosophy of the
bank is to continue to deliver consistent
returns to the shareholders backed by
a determination to pursue growth with
prudent risk management.
Zawawi explains that the bank achieved
a net profit of RO29.47mn for the year
2008 compared to RO28.07 for 2007,
an increase of 4.97 per cent. The bank
commands a market share of 8.23 per
cent for deposits and 7.4 per cent for
loans and 7.77 per cent for total assets
as at December 31, 2008 as per the
consolidated statistics from the Cen-
tral Bank of Oman. In the light of these
results the board of directors has pro-
posed a cash dividend of 27 per cent.
Zawawi states that the bank looks to the
future with conservatism, confidence
and optimism. The government poli-
cies continue to focus on strong eco-
nomic growth with expenditure up 11
per cent and revenue by four per cent.
In the future the bank will increase its
delivery channels in terms of new state
of the art branches, ATMs, PoS (point
of sales) and customer friendly mobile
banking services. She adds that the
bank will make optimum use of these
channels to redefine customer conven-
ience and thereby acheive continous
sustainable growth.
Interestingly, only one of the top five
companies showing the best return on
equity employed comes from the bank-
ing sector. Four of the companies in
the top five are newcomers to the list.
Shell steps up to the number one spot
from being No.2 last year; Omantel,
Oman Oil, Al Anwar and OMINVEST
take the two to five positions knocking
out Oman Cables, AES Barka, OHI and
Raysut Cement who appeared in this
table last year.
Andrew Wood, Chairman of Shell
Oman Marketing, in his report to the
shareholders states that overall the
company remained the market leader
amongst oil marketing companies op-
The best five by dividend yields – 2008
Rank CompanyDividend Yield
per cent
1 Oman Flour Mills 121.95
2 Oman Holdings International 25.00
3 Oman International Bank 12.27
4 Al Hassan Engineering 11.01
5 Raysut Cement 9.07
Andrew Wood, Chairman, Shell Oman Marketing
AZAIBA VILLAS - OMAN
Oman • Dubai • Abu Dhabi • Sharjah • Jordan • Kuwait England • Switzerland
GARDEN VILLAS - JORDAN
Main Branch Ofce – Tel: 24483606 • Fax: 24483717
Muscat City Center – Tel: 24558606 • Fax: 24558505
Email: [email protected]
MAYAR AL KHOUD - OMAN
COVER StORy
erating in Oman. Wood adds that the
company achieved unprecedented fi-
nancial results recording a historically
highest ever net profit of RO12.5mn
compared to previous year’s net profit
of RO11.06mn. Despite the uncertainty
surrounding the major economies and
Oman’s economy, proactive manage-
ment as well as sound operational per-
formance were the principal drivers of
the commendable financial perform-
ance in 2008. Wood explains that the
retail business remains the most im-
portant segment for the company. To-
tal retail volumes sold was in excess of
1.3bn litres. The aviation business saw
over 50 per cent increase in volumes
in 2008. The market penetration in
the lubricants market also registered
record level of sales volume.
The board has recommended a final
dividend of 115 per cent for the year
continuing the recent trend of year on
year dividend growth. Wood adds that
the fuels market normally follows the
economic trend of the country and is
thus expected to see some uncertainty
due to the volatility of the global oil
prices. The Sultanate will not be en-
tirely immune from the current global
recession and demand, especially in
the commercial and aviation sectors
which, may be affected as tourism and
development projects slow down. The
Reem Omar Zawawi, Chairperson, Oman International Bank
AZAIBA VILLAS - OMAN
Oman • Dubai • Abu Dhabi • Sharjah • Jordan • Kuwait England • Switzerland
GARDEN VILLAS - JORDAN
Main Branch Ofce – Tel: 24483606 • Fax: 24483717
Muscat City Center – Tel: 24558606 • Fax: 24558505
Email: [email protected]
MAYAR AL KHOUD - OMAN
COVER StORy
OMAN ECONOMIC REVIEW May 200956
retail segment on the other hand is not
expected to be affected.
Three of the top five earnings per share
growth companies are newcomers
on this list. Oman Flour Mills jumps
straight into number one spot pushing
Al Anwar down to the second position.
Renaissance comes in at the number
three position, OHI continues to re-
main in the number four position and
Shell comes into the number five spot.
Al Jazeera Steel, OMINVEST and Al
Maha Petroleum are all out.
Samir Fancy, Chairman of Renais-
sance, in his report to the shareholders
states that Renaissance has achieved
record results for the seventh consecu-
tive year. The consequence of contin-
ued focus on values-driven operating
model is, yet another year of growth
and record financial performance.
Revenues of RO234mn are up from
RO199mn in 2007. Revenue increased
by 17.6 per cent, operating profit has in-
creased by 35.8 per cent and operating
margins improved from 13.8 per cent
in 2007 to 16 per cent in 2008. The net
profit of 2008 includes a capital gain of
RO4.8mn from the divestment of the
group’s former technology business.
For the current fiscal year the board has
recommended a cash dividend of 10
per cent and a stock dividend of 15 per
cent. Looking ahead, Fancy states that
it is clear that the prognosis for Renais-
sance is good for continued growth in
2009, in spite of the recession. As usu-
al, performance will not be even across
each quarter. The first quarter of the
year we have usual seasonal effect of
winter downtime in the northern Cas-
pian and in Q1 and Q2, 2009 we have
a major programme of dry-docking
that will ensure Q3 and Q4 will likely
record the best financial performances
of the year ahead. Going into 2009,
Fancy states that the company does not
underestimate the challenges of the re-
cession but is taking all prudent meas-
ures necessary to avert its dangers. He
further states that they have the right
businesses, with the right customers, in
the right markets and have the right as-
sets and above all the right people.
Role reversalAll of the five companies on the share-
price growth list are newcomers with
Oman Oil taking the top position. Shell
Marketing comes in second followed by
Al Hassan Engineering, Omantel and Al
Maha Petroleum. Al Anwar Holdings,
Renaissance Services, Oman Cables,
Bank Dhofar and Raysut Cement from
last year have all been knocked out.
Salim Abdullah Al Rawas, Chairman
of Oman Oil Marketing in his report
to the shareholders states that 2008
was another successful year for the
company. The total revenue increased
by 11 per cent to RO170mn from the
previous year’s 152.7mn. The revenue
growth was due to improved sales re-
corded for most products as well as
higher product prices in line with the
international prices. As a result the
company’s pre-tax profit rose by 12 per
cent to RO7.2mn.
The board of directors recommended
a final dividend of 35 per cent for the
financial year 31 December 2008. Al
Rawas states that the outlook for the
coming year appears to be positive with
the demand for petroleum products
expected to grow in line with Oman’s
projected economic growth. He adds
that the company has placed itself in
a strong position for the future. None-
theless competition in all business
sectors particularly in the retail busi-
ness will continue to persist. With ever
increasing competition in the market
and aggressive efforts by the competi-
tors, the company will remain focused
on expanding its network of facilities,
improving quality of its products and
services, optimising costs and develop-
ing its human capital even further.
Three new companies have entered the
ranking of the best five dividend yield
companies. Oman Flour Mills, Al Has-
san and Raysut Cement are newcomers
in number one, four and five slots. OHI
jumps up to number two from number
five last year and OIB retains the third
position.
Manal Mohammad Al Abdawani, Chair-
person of Oman Flour Mills in her report
to the shareholders for the year ended
June 30, 2008 states that while there
has been remarkable improvement in
Manal Mohammad Al Abdawani, Chairperson, Oman Flour Mills
COVER StORy
OMAN ECONOMIC REVIEW May 200957
the demand for their flour products,
which increased by six per cent in the
local market compared to last year, the
company’s fodder sales fell by eight per
cent compared to previous year because
of the shortage of fodder raw material.
The total sales amounted to 324,000
metric tons which covers 65 per cent of
the flour market in the Sultanate.
Al Abdawani adds that the company
exerted relentless efforts to improve
its operating performance. The com-
pany achieved impressive results for
the year ended June 30, 2008. The net
profit for the year was RO7.5mn com-
pared to RO4mn for the previous year
an increase of 87 per cent. The com-
pany along with its subsidiaries made
a net profit of RO8.1mn compared to
RO4.2mn in the previous year.
Based on the good results achieved, the
board has recommended a dividend of
25 per cent for the year. Al Abdawani
explains that the company is continu-
ing to improve operating efficiency
through diversifying its investments
in equipment like the ship un-loader
that increases the discharge capacity
thereby reducing cost. The company is
also working to add other equipment
in order to improve overall produc-
tion efficiency. The company has also
established a subsidiary ‘Bread House’
to market frozen bakery products and
will establish an industrial bakery, the
commercial production of which is ex-
pected to commence in 2009.
The figures and the lead analy-
sis for the listing was done by
Mukhtar Hasan. He is a Fellow
of the Institute of Chartered Ac-
countants in England and Wales
and holds a Corporate Finance
Qualification issued jointly by this
Institute together with the Securi-
ties Investment Institute and the
Chartered Accountants of Canada.
Currently, he is on the board of several public companies, in-
cluding Gulf Investment Services, Gulf Mushroom and Muscat
Thread Mills in Oman.
The data has been verified by KPMG – a global network of
professional firms providing audit, tax, and advisory services.
They operate in 144 countries and have more than 137,000
professionals working in member firms around the world.
KPMG is one of the leading accredited accounting firms in
Oman and has more than 100 employees including 3 Partners,
3 Directors, and 21 Managers. KPMG Oman has 23 Omanis
who are currently training for ACCA. KPMG has many years
of experience in the Middle East. They have a reputation for
providing quality professional services to well-diversified cli-
ent portfolio, both in public and private sectors.
DEFINITIONS AND EXPLANATIONSRevenues:All companies on the list are derived from the published ac-
counts submitted to the Muscat Securities Market (MSM).
Therefore, closed Joint Stock Companies and private com-
panies and establishments are excluded from this list. These
companies are, in the first instance, ranked by Revenues. All
the other rankings shown on the table do not consider any
other companies that do not make the list on the basis of Rev-
enue. In the case of banks the gross interest income as well as
other operating income together is considered as their revenue
for this purpose. In the case of insurance companies, the gross
premium written as well as investment income together is
considered as their revenue for this purpose. All figures are for
the year ended 31 December 2008, unless otherwise stated.
ProfitsProfits are shown after taxes and all charges including extra-
ordinary charges. Figures in brackets indicate a loss. All loss-
es and negative growth are also ranked where possible.
AssetsAssets shown are as per the balance sheet at the end of the
year. It is the total of Fixed as well as the current assets.
Shareholders’ EquityShareholders Equity is the paid up capital of the company,
retained earnings, and statutory and all other reserves as well
as share premium.
Market CapMarket capitalisation figure has been arrived at by mul-
tiplying the total number of outstanding shares of the
company by the price per share as of close of business on
April 2, 2009.
Earnings per shareThe earnings per share are as declared by the company in its
published financial statements.
Dividend YieldThe dividend yield figure is calculated on the basis of divi-
dend declared in the financial statements for 2008 against
the share price at close of business on 31 December 2008.
Price Earnings ratioThis ratio has been calculated by dividing the price per share
by the earnings per share as at December 31, 2008.
MEtHODOLOGy
COVER StORy
OMAN ECONOMIC REVIEW May 200958
Rank Company Revenue Profits Profit as % of
revenues Profit as %
assets Profit as %
equity Earnings per share Dividend yield Dividend per share Sector
Share price P/E ratio
2008 2007 2008
(RO MN) 2007
(RO MN)
Growth % from 2007
2008 (RO MN)
2007 (RO MN)
Rank Growth % from 2007
Rank % Rank % Rank % Rank2008 (RO)
2007 (RO)
Growth %
Rank2008
%2007
% Growth
%2008 (RO)
2007 (RO)
Rank31-Dec-08 (RO per sh)
31-Dec-07 (RO per sh)
Growth %
Rank 2-Apr-09 2-Apr-09
1 1 OMAN TELECOMMUNICATIONS CO. 411.49 365 12.74 119.24 113 1 5.93 10 28.98 6 20.19 3 31.99 2 0.158 0.149 6.04 7 6.30 5.80 8.56 0.100 0.100 9 Services 1.588 1.724 (8.56) 4 1.175 7.44
2 2 GALFAR ENGINEERING AND CONTRACTING *1 364.36 269 35.45 23.11 22 8 4.31 13 6.34 13 6.23 11 27.73 6 0.092 0.103 (10.68) 14 4.32 2.74 57.45 0.020 0.040 12 Services 0.463 1.458 (214.90) 16 0.464 5.04
3 3 BANK MUSCAT * 2 338.15 266 27.13 93.73 84 2 11.24 8 27.72 7 1.55 20 13.11 17 0.087 0.090 (3.33) 10 2.51 2.70 (7.10) 0.020 0.050 17 Banking & Inv 0.797 1.851 (132.25) 13 0.584 6.71
4 4 SHELL OMAN MARKETING COMPANY 326.36 248 31.60 12.50 11 11 13.04 6 3.83 16 21.41 2 46.62 1 0.125 0.111 13.02 5 6.44 6.88 (6.46) 0.115 0.110 8 Services 1.786 1.598 10.53 2 1.751 14.01
5 5 OMAN CABLES INDUSTRY 304.37 218 39.62 6.13 15 16 (59.48) 20 2.01 19 4.46 14 19.02 13 0.068 0.169 (59.76) 19 2.23 1.50 48.94 0.020 0.040 18 Industry 0.896 2.669 (197.88) 14 0.739 10.87
6 6 RENAISSANCE SERVICES *3 234.26 199 17.72 26.19 17 6 51.06 4 11.18 10 7.04 10 20.91 11 0.103 0.078 32.05 3 1.61 1.15 40.65 0.010 0.015 20 Services 0.620 1.308 (110.97) 12 0.463 4.50
7 7 AL MAHA PETROLEUM 191.65 175 9.52 7.34 7 14 7.08 9 3.83 15 15.76 5 26.64 9 1.065 1.140 (6.58) 12 4.13 3.03 36.36 0.500 0.400 13 Services 12.100 13.200 (9.09) 5 9.006 8.46
8 8 OMAN OIL MARKETING COMPANY 170.04 153 11.14 6.32 6 15 11.31 7 3.72 17 15.59 6 30.06 3 0.098 0.088 11.36 6 2.89 4.68 (38.13) 0.035 0.048 15 Services 1.210 1.016 16.03 1 1.175 11.99
9 9 NATIONAL BANK OF OMAN 130.83 101 29.54 45.38 45 3 1.71 15 34.68 3 2.29 17 18.49 14 0.042 0.049 (14.29) 15 4.79 23.31 (79.43) 0.018 0.175 11 Banking & Inv 0.365 0.751 (105.67) 11 0.277 6.60
10 10 OMAN HOLDINGS INTERNATIONAL * 4 91.10 73 25.07 8.80 6 12 51.21 3 9.66 11 9.71 8 27.54 8 0.735 0.561 31.02 4 25.00 4.88 412.50 0.250 0.200 2 Banking & Inv 1.000 4.100 (310.00) 17 1.000 1.36
11 16 AREEJ VEGETABLE OILS & DERIVATIVES *5 90.67 53 71.08 1.50 1 20 24.50 5 1.66 20 4.88 12 23.20 10 0.436 0.525 (16.95) 16 8.00 1.78 350.00 0.080 0.080 6 Industry 1.000 4.500 (350.00) 18 1.000 2.29
12 11 RAYSUT CEMENT COMPANY 89.08 63 41.37 27.10 30 5 (10.00) 17 30.43 4 23.04 1 27.64 7 0.136 0.151 (9.93) 13 9.07 5.01 80.87 0.100 0.100 5 Industry 1.103 1.995 (80.87) 8 1.026 7.54
13 13 BANK DHOFAR * 6 80.57 65 23.96 23.68 23 7 3.93 14 29.40 5 1.79 19 12.57 18 0.044 0.043 2.33 9 4.07 3.72 9.27 0.015 0.025 14 Banking & Inv 0.369 0.672 (82.11) 9 0.380 8.64
14 17 AL JAZEERA STEEL PRODUCTS COMPANY 78.43 45 74.30 1.71 2 19 5.42 11 2.19 18 2.15 18 5.53 20 0.014 0.023 (39.13) 17 2.65 0.00 2.65 0.007 0.000 16 Industry 0.264 0.432 (63.64) 7 0.220 15.71
15 15 OMAN CEMENT COMPANY 63.52 50 27.05 12.54 17 10 (27.38) 19 19.74 8 9.43 9 10.63 19 0.022 0.532 (95.86) 20 7.31 4.22 73.11 0.022 0.270 7 Industry 0.301 6.395 (2024.58) 20 0.352 16.00
16 12 OMAN INTERNATIONAL BANK 59.31 68 (12.77) 29.47 28 4 4.98 12 49.69 1 2.89 15 17.08 16 0.032 0.031 3.23 8 12.27 51.84 (76.33) 0.027 0.210 3 Banking & Inv 0.220 0.405 (84.14) 10 0.283 8.84
17 14 OMINVEST * 7 54.41 59 (7.78) 20.37 27 9 (24.24) 18 37.45 2 2.60 16 28.09 5 0.046 0.096 (52.08) 18 2.04 3.89 (47.48) 0.010 0.030 19 Banking & Inv 0.490 0.772 (57.55) 6 0.273 5.93
18 N/A OMAN FLOUR MILLS COMPANY *8 50.74 35 45.64 8.06 4 13 91.97 2 15.89 9 17.22 4 19.59 12 0.512 0.267 91.76 1 121.95 8.00 1424.39 0.250 0.200 1 Industry 0.205 2.500 (1119.51) 19 0.315 0.62
19 19 AL ANWAR HOLDINGS *9 45.37 37 22.62 4.33 2 17 99.86 1 9.55 12 12.89 7 28.14 4 0.049 0.030 63.33 2 5.67 1.14 395.89 0.008 0.005 10 Banking & Inv 0.141 0.437 (209.93) 15 0.172 3.51
20 N/A AL HASSAN ENGINEERING COMPANY 45.03 35 27.89 2.02 2.1 18 (4.58) 16 4.49 14 4.48 13 17.14 15 0.027 0.028 (3.57) 11 11.01 12.00 (8.26) 0.012 0.012 4 Industry 0.109 0.100 8.26 3 0.190 7.04
THE OER TOP 20 COMPANIES FOR 2008
1. Galfar has issued a 20% stock dividend, which has not been taken into
account in the calculation of the dividend yield.
2. Bank Muscat has issued a 30% convertible bonds as dividend, which has not
been taken into account in the calculation of dividend yield.
NOTES 3. Renaissance Services has issued 15% stock dividend, which has not been
taken into account in the calculation of dividend yield.
4. The financial statements of OHI are as at 31March 2008, which is their
financialyear-end.OHIhasissued5.56%stockdividend,whichhasnotbeen
taken into account in the calculation of dividend yield.
COVER StORy
OMAN ECONOMIC REVIEW May 200959
Rank Company Revenue Profits Profit as % of
revenues Profit as %
assets Profit as %
equity Earnings per share Dividend yield Dividend per share Sector
Share price P/E ratio
2008 2007 2008
(RO MN) 2007
(RO MN)
Growth % from 2007
2008 (RO MN)
2007 (RO MN)
Rank Growth % from 2007
Rank % Rank % Rank % Rank2008 (RO)
2007 (RO)
Growth %
Rank2008
%2007
% Growth
%2008 (RO)
2007 (RO)
Rank31-Dec-08 (RO per sh)
31-Dec-07 (RO per sh)
Growth %
Rank 2-Apr-09 2-Apr-09
1 1 OMAN TELECOMMUNICATIONS CO. 411.49 365 12.74 119.24 113 1 5.93 10 28.98 6 20.19 3 31.99 2 0.158 0.149 6.04 7 6.30 5.80 8.56 0.100 0.100 9 Services 1.588 1.724 (8.56) 4 1.175 7.44
2 2 GALFAR ENGINEERING AND CONTRACTING *1 364.36 269 35.45 23.11 22 8 4.31 13 6.34 13 6.23 11 27.73 6 0.092 0.103 (10.68) 14 4.32 2.74 57.45 0.020 0.040 12 Services 0.463 1.458 (214.90) 16 0.464 5.04
3 3 BANK MUSCAT * 2 338.15 266 27.13 93.73 84 2 11.24 8 27.72 7 1.55 20 13.11 17 0.087 0.090 (3.33) 10 2.51 2.70 (7.10) 0.020 0.050 17 Banking & Inv 0.797 1.851 (132.25) 13 0.584 6.71
4 4 SHELL OMAN MARKETING COMPANY 326.36 248 31.60 12.50 11 11 13.04 6 3.83 16 21.41 2 46.62 1 0.125 0.111 13.02 5 6.44 6.88 (6.46) 0.115 0.110 8 Services 1.786 1.598 10.53 2 1.751 14.01
5 5 OMAN CABLES INDUSTRY 304.37 218 39.62 6.13 15 16 (59.48) 20 2.01 19 4.46 14 19.02 13 0.068 0.169 (59.76) 19 2.23 1.50 48.94 0.020 0.040 18 Industry 0.896 2.669 (197.88) 14 0.739 10.87
6 6 RENAISSANCE SERVICES *3 234.26 199 17.72 26.19 17 6 51.06 4 11.18 10 7.04 10 20.91 11 0.103 0.078 32.05 3 1.61 1.15 40.65 0.010 0.015 20 Services 0.620 1.308 (110.97) 12 0.463 4.50
7 7 AL MAHA PETROLEUM 191.65 175 9.52 7.34 7 14 7.08 9 3.83 15 15.76 5 26.64 9 1.065 1.140 (6.58) 12 4.13 3.03 36.36 0.500 0.400 13 Services 12.100 13.200 (9.09) 5 9.006 8.46
8 8 OMAN OIL MARKETING COMPANY 170.04 153 11.14 6.32 6 15 11.31 7 3.72 17 15.59 6 30.06 3 0.098 0.088 11.36 6 2.89 4.68 (38.13) 0.035 0.048 15 Services 1.210 1.016 16.03 1 1.175 11.99
9 9 NATIONAL BANK OF OMAN 130.83 101 29.54 45.38 45 3 1.71 15 34.68 3 2.29 17 18.49 14 0.042 0.049 (14.29) 15 4.79 23.31 (79.43) 0.018 0.175 11 Banking & Inv 0.365 0.751 (105.67) 11 0.277 6.60
10 10 OMAN HOLDINGS INTERNATIONAL * 4 91.10 73 25.07 8.80 6 12 51.21 3 9.66 11 9.71 8 27.54 8 0.735 0.561 31.02 4 25.00 4.88 412.50 0.250 0.200 2 Banking & Inv 1.000 4.100 (310.00) 17 1.000 1.36
11 16 AREEJ VEGETABLE OILS & DERIVATIVES *5 90.67 53 71.08 1.50 1 20 24.50 5 1.66 20 4.88 12 23.20 10 0.436 0.525 (16.95) 16 8.00 1.78 350.00 0.080 0.080 6 Industry 1.000 4.500 (350.00) 18 1.000 2.29
12 11 RAYSUT CEMENT COMPANY 89.08 63 41.37 27.10 30 5 (10.00) 17 30.43 4 23.04 1 27.64 7 0.136 0.151 (9.93) 13 9.07 5.01 80.87 0.100 0.100 5 Industry 1.103 1.995 (80.87) 8 1.026 7.54
13 13 BANK DHOFAR * 6 80.57 65 23.96 23.68 23 7 3.93 14 29.40 5 1.79 19 12.57 18 0.044 0.043 2.33 9 4.07 3.72 9.27 0.015 0.025 14 Banking & Inv 0.369 0.672 (82.11) 9 0.380 8.64
14 17 AL JAZEERA STEEL PRODUCTS COMPANY 78.43 45 74.30 1.71 2 19 5.42 11 2.19 18 2.15 18 5.53 20 0.014 0.023 (39.13) 17 2.65 0.00 2.65 0.007 0.000 16 Industry 0.264 0.432 (63.64) 7 0.220 15.71
15 15 OMAN CEMENT COMPANY 63.52 50 27.05 12.54 17 10 (27.38) 19 19.74 8 9.43 9 10.63 19 0.022 0.532 (95.86) 20 7.31 4.22 73.11 0.022 0.270 7 Industry 0.301 6.395 (2024.58) 20 0.352 16.00
16 12 OMAN INTERNATIONAL BANK 59.31 68 (12.77) 29.47 28 4 4.98 12 49.69 1 2.89 15 17.08 16 0.032 0.031 3.23 8 12.27 51.84 (76.33) 0.027 0.210 3 Banking & Inv 0.220 0.405 (84.14) 10 0.283 8.84
17 14 OMINVEST * 7 54.41 59 (7.78) 20.37 27 9 (24.24) 18 37.45 2 2.60 16 28.09 5 0.046 0.096 (52.08) 18 2.04 3.89 (47.48) 0.010 0.030 19 Banking & Inv 0.490 0.772 (57.55) 6 0.273 5.93
18 N/A OMAN FLOUR MILLS COMPANY *8 50.74 35 45.64 8.06 4 13 91.97 2 15.89 9 17.22 4 19.59 12 0.512 0.267 91.76 1 121.95 8.00 1424.39 0.250 0.200 1 Industry 0.205 2.500 (1119.51) 19 0.315 0.62
19 19 AL ANWAR HOLDINGS *9 45.37 37 22.62 4.33 2 17 99.86 1 9.55 12 12.89 7 28.14 4 0.049 0.030 63.33 2 5.67 1.14 395.89 0.008 0.005 10 Banking & Inv 0.141 0.437 (209.93) 15 0.172 3.51
20 N/A AL HASSAN ENGINEERING COMPANY 45.03 35 27.89 2.02 2.1 18 (4.58) 16 4.49 14 4.48 13 17.14 15 0.027 0.028 (3.57) 11 11.01 12.00 (8.26) 0.012 0.012 4 Industry 0.109 0.100 8.26 3 0.190 7.04
THE OER TOP 20 COMPANIES FOR 2008
COVER StORy
5. Areej Vegetable has declared a stock dividend of 33.3% which has not been
taken into account in the calculation of dividend yield.
6. BankDhofarhasissuedastockdividendof4.5%,whichhasnotbeentaken
into account in the calculation of dividend yield.
7. OMINVEST has declared a stock dividend of 11.1%, which has not been
taken into account in the calculation of dividend yield.
8. The Financial statements of Oman FlourMills are as on June 30, 2008,
whichistheirfinancialyearend.
9. Al Anwar has declared a stock dividend of 12.93%, which has not been taken
into account in the calculation of dividend yield.
OMAN ECONOMIC REVIEW May 200966
Milestones1. The operating margins of the company improved from
13.8 per cent to 16 per cent in a year hampered by severe inflationary pressure.
2. Topaz Marine acquired Doha Marine Services for $127mn thereby increasing its OSV fleet size by 14 vessels and strengthening its spread in the Northern Gulf. Topaz Marine has kept its entire fleet 100 per cent operational during the recession.
3. The Contract Services Group was awarded two major contracts by Petroleum Development Oman to build, own and operate new Permanent Accommodation for Contractors facilities in Oman’s interior oilfields at Marmul and Bahja. The long term contracts run until 2044 with an initial 5-year value of $91mn.
4. BUE Marine was awarded a 10-year $225mn contract for three support vessels for BP Azerbaijan.
5. Strategic divestment of the Technology business for $41mn, strengthening the group’s core oil & gas focus.
Looking AheadThe year 2008 proved that Renaissance Services is on the track of both stellar and sustainable growth. The company is proving its resilience to the global recession and credit crunch, citing its ‘customer-centric’ philosophy as its hook line, and its alignment with blue chip industry clients in key markets for its long term success strategy. Renaissance Services is one of the very few Omani companies that bring in profits from outside Oman as well as from its continued development within the country. Renaissance is built on values of integrity and transparency that is manifest in its distinct corporate personality.
True blue mNCRenaissance Services results reflects the group’s strengths and resilience
The numbers speak for themselves – Renaissance Services has revenues in excess of $0.6bn, employs over 10,000 people, operates in over 16 countries and has shown an outstanding growth record in all economic cycles. It owns and operates a combined Offshore Support Vessel (OSV) fleet of 96 vessels – one of the largest in the world.
Stephen Thomas CEO, Renaissance Services
“2008 has been a year of exceptional achievement for Renaissance, as
the group responded to the powerful global forces shaping the world
economy and took decisive action to secure and sustain our growth path
through turbulent economic times in the years ahead. Our company has
achieved record financial results for the seventh successive year and a
fourth consecutive year of improved safety performance.”
reNAISSANCe SerVICeS
6
Numbers at glance
OER TOP 20 RANK
Growth - 17.72%
Growth - 51.06%
2007 - 6 2008 - 6
50
45
40
35
30
25
20
15
10
5
0
250
225
200
175
150
125
100
75
50
25
0
RO199RO234.26
RO17
RO26.19
2007
2007
2008
2008
Exceeding customer expectations safely and profitably
Revenue (in million)
Profit (in million)
OMAN ECONOMIC REVIEW May 200984
EPS
GR
OW
TH Rank Company In %
1 Oman Flour Mills Company 91.76
2 Al Anwar Holdings 63.33
3 Renaissance Services 32.05
4 Oman Holdings International 31.02
5 Shell Oman Marketing Company 13.02
6 Oman Oil Marketing Company 11.36
7 Oman Telecommunications Co. 6.04
8 Oman International Bank 3.23
9 Bank Dhofar 2.33
10 Bank Muscat (3.33)
11 Al Hassan Engineering Company (3.57)
12 Al Maha Petroleum (6.58)
13 Raysut Cement Company (9.93)
14 Galfar Engineering and Contracting (10.68)
15 National Bank of Oman (14.29)
16 Areej Vegetable Oils & Derivatives (16.95)
17 Al Jazeera Steel Products Company (39.13)
18 OMINVEST (52.08)
19 Oman Cables Industry (59.76)
20 Oman Cement Company (95.86)
ASS
ET S
IZE
Rank Company In RO Mn
1 Bank Muscat 6028.23
2 National Bank of Oman 1984.48
3 Bank Dhofar 1323.82
4 Oman International Bank 1018.19
5 OMINVEST 784.33
6 Oman Telecommunications Co. 590.68
7 Renaissance Services 372.16
8 Galfar Engineering and Contracting 371.14
9 Oman Cables Industry 137.52
10 Oman Cement Company 132.98
11 Raysut Cement Company 117.64
12 Oman Holdings International 90.71
13 Al Jazeera Steel Products Company 80.08
14 Shell Oman Marketing Company 58.40
15 Oman Flour Mills Company 46.80
16 Al Maha Petroleum 46.62
17 Al Hassan Engineering Company 45.05
18 Oman Oil Marketing Company 40.55
19 Al Anwar Holdings 33.61
20 Areej Vegetable Oils & Derivatives 30.82
DIV
IDEN
D Y
IELD Rank Company In %
1 Oman Flour Mills Company 121.95
2 Oman Holdings International 25.00
3 Oman International Bank 12.27
4 Al Hassan Engineering Company 11.01
5 Raysut Cement Company 9.07
6 Areej Vegetable Oils & Derivatives 8.00
7 Oman Cement Company 7.31
8 Shell Oman Marketing Company 6.44
9 Oman Telecommunications Co. 6.30
10 Al Anwar Holdings 5.67
11 National Bank of Oman 4.79
12 Galfar Engineering and Contracting 4.32
13 Al Maha Petroleum 4.13
14 Bank Dhofar 4.07
15 Oman Oil Marketing Company 2.89
16 Al Jazeera Steel Products Company 2.65
17 Bank Muscat 2.51
18 Oman Cables Industry 2.23
19 OMINVEST 2.04
20 Renaissance Services 1.61
BREAKING IT DOWNA ranking of companies on individual parameters throws up a different perspective highlighting the individual strengths of various companies
*All figures are for 2008 except where it is specified.
COVER StORy
OMAN ECONOMIC REVIEW May 200985
PRO
FITS
AS
A %
OF
REV
ENU
E
Rank Company In %
1 Oman International Bank 49.69
2 OMINVEST 37.45
3 National Bank of Oman 34.68
4 Raysut Cement Company 30.43
5 Bank Dhofar 29.40
6 Oman Telecommunications Co. 28.98
7 Bank Muscat 27.72
8 Oman Cement Company 19.74
9 Oman Flour Mills Company 15.89
10 Renaissance Services 11.18
11 Oman Holdings International 9.66
12 Al Anwar Holdings 9.55
13 Galfar Engineering and Contracting 6.34
14 Al Hassan Engineering Company 4.49
15 Al Maha Petroleum 3.83
16 Shell Oman Marketing Company 3.83
17 Oman Oil Marketing Company 3.72
18 Al Jazeera Steel Products Company 2.19
19 Oman Cables Industry 2.01
20 Areej Vegetable Oils & Derivatives 1.66
PRO
FITS
AS
A %
OF
EQU
ITY
Rank Company In %
1 Shell Oman Marketing Company 46.62
2 Oman Telecommunications Co. 31.99
3 Oman Oil Marketing Company 30.06
4 Al Anwar Holdings 28.14
5 OMINVEST 28.09
6 Galfar Engineering and Contracting 27.73
7 Raysut Cement Company 27.64
8 Oman Holdings International 27.54
9 Al Maha Petroleum 26.64
10 Areej Vegetable Oils & Derivatives 23.20
11 Renaissance Services 20.91
12 Oman Flour Mills Company 19.59
13 Oman Cables Industry 19.02
14 National Bank of Oman 18.49
15 Al Hassan Engineering Company 17.14
16 Oman International Bank 17.08
17 Bank Muscat 13.11
18 Bank Dhofar 12.57
19 Oman Cement Company 10.63
20 Al Jazeera Steel Products Company 5.53
PRO
FITS
AS
A %
OF
ASS
ETS
Rank Company In %
1 Raysut Cement Company 23.04
2 Shell Oman Marketing Company 21.41
3 Oman Telecommunications Co. 20.19
4 Oman Flour Mills Company 17.22
5 Al Maha Petroleum 15.76
6 Oman Oil Marketing Company 15.59
7 Al Anwar Holdings 12.89
8 Oman Holdings International 9.71
9 Oman Cement Company 9.43
10 Renaissance Services 7.04
11 Galfar Engineering and Contracting 6.23
12 Areej Vegetable Oils & Derivatives 4.88
13 Al Hassan Engineering Company 4.48
14 Oman Cables Industry 4.46
15 Oman International Bank 2.89
16 OMINVEST 2.60
17 National Bank of Oman 2.29
18 Al Jazeera Steel Products Company 2.15
19 Bank Dhofar 1.79
20 Bank Muscat 1.55
PRO
FITS Rank Company In RO Mn
1 Oman Telecommunications Co. 119.24
2 Bank Muscat 93.73
3 National Bank of Oman 45.38
4 Oman International Bank 29.47
5 Raysut Cement Company 27.10
6 Renaissance Services 26.19
7 Bank Dhofar 23.68
8 Galfar Engineering and Contracting 23.11
9 OMINVEST 20.37
10 Oman Cement Company 12.54
11 Shell Oman Marketing Company 12.50
12 Oman Holdings International 8.80
13 Oman Flour Mills Company 8.06
14 Al Maha Petroleum 7.34
15 Oman Oil Marketing Company 6.32
16 Oman Cables Industry 6.13
17 Al Anwar Holdings 4.33
18 Al Hassan Engineering Company 2.02
19 Al Jazeera Steel Products Company 1.71
20 Areej Vegetable Oils & Derivatives 1.50
COVER StORy
OMAN ECONOMIC REVIEW May 200986
SHA
REH
OLD
ERS
EQU
ITY
Rank Company In RO Mn
1 Bank Muscat 714.75
2 Oman Telecommunications Co. 372.79
3 National Bank of Oman 245.38
4 Bank Dhofar 188.43
5 Oman International Bank 172.59
6 Renaissance Services 125.31
7 Oman Cement Company 117.93
8 Raysut Cement Company 98.05
9 Galfar Engineering and Contracting 83.32
10 OMINVEST 72.53
11 Oman Flour Mills Company 41.14
12 Oman Cables Industry 32.23
13 Oman Holdings International 31.97
14 Al Jazeera Steel Products Company 31.06
15 Al Maha Petroleum 27.58
16 Shell Oman Marketing Company 26.81
17 Oman Oil Marketing Company 21.03
18 Al Anwar Holdings 15.39
19 Al Hassan Engineering Company 11.78
20 Areej Vegetable Oils & Derivatives 6.48
SHA
RE
PRIC
E G
RO
WTH Rank Company In %
1 Oman Oil Marketing Company 16.03
2 Shell Oman Marketing Company 10.53
3 Al Hassan Engineering Company 8.26
4 Oman Telecommunications Co. (8.56)
5 Al Maha Petroleum (9.09)
6 OMINVEST (57.55)
7 Al Jazeera Steel Products Company (63.64)
8 Raysut Cement Company (80.87)
9 Bank Dhofar (82.11)
10 Oman International Bank (84.14)
11 National Bank of Oman (105.67)
12 Renaissance Services (110.97)
13 Bank Muscat (132.25)
14 Oman Cables Industry (197.88)
15 Al Anwar Holdings (209.93)
16 Galfar Engineering and Contracting (214.90)
17 Oman Holdings International (310.00)
18 Areej Vegetable Oils & Derivatives (350.00)
19 Oman Flour Mills Company (1119.51)
20 Oman Cement Company (2024.58)
PRO
FIT
GR
OW
TH Rank Company In %
1 Al Anwar Holdings 99.86
2 Oman Flour Mills Company 91.97
3 Oman Holdings International 51.21
4 Renaissance Services 51.06
5 Areej Vegetable Oils & Derivatives 24.50
6 Shell Oman Marketing Company 13.04
7 Oman Oil Marketing Company 11.31
8 Bank Muscat 11.24
9 Al Maha Petroleum 7.08
10 Oman Telecommunications Co. 5.93
11 Al Jazeera Steel Products Company 5.42
12 Oman International Bank 4.98
13 Galfar Engineering and Contracting 4.31
14 Bank Dhofar 3.93
15 National Bank of Oman 1.71
16 Al Hassan Engineering Company (4.58)
17 Raysut Cement Company (10.00)
18 OMINVEST (24.24)
19 Oman Cement Company (27.38)
20 Oman Cables Industry *S (59.48)
MA
RK
ET C
AP
AS
ON
APR
IL 2
, 200
9Rank Company In RO Mn
1 Oman Telecommunications Co. 881
2 Bank Muscat 629
3 National Bank of Oman 299
4 Bank Dhofar 269
5 Oman International Bank 258
6 Raysut Cement Company 205
7 Shell Oman Marketing Company 175
8 Galfar Engineering and Contracting 116
9 Renaissance Services 108
10 Oman Oil Marketing Company 76
11 Oman Cables Industry 66
12 Al Maha Petroleum 62
13 OMINVEST 49
14 Al Jazeera Steel Products Company 27
15 Al Anwar Holdings 15
16 Al Hassan Engineering Company 14
17 Oman Cement Company 12
18 Oman Holdings International 9
19 Oman Flour Mills Company 5
20 Areej Vegetable Oils & Derivatives 3
COVER StORy