Renaissance holds its annual general meeting

Muscat - 

Renaissance Services Co held its 23rd annual general meeting (AGM) at the Capital Market Authority on Thursday, followed by an investors and analysts meeting.

Renaissance Group’s subsidiary Topaz achieved a market-leading 86 per cent utilisation of its core fleet in 2018 and anticipates a positive trend in its market outlook for 2019, according to a press release.

Visibility of earnings generation and vessel utilisation is positive for 2019, due to the safety, modernity and relevance of the Topaz fleet; and the stability of strategic partnerships and long-term contracts with blue-chip international oil companies (IOC) and national oil companies (NOC) clients.

Renaissance Services’ business offers strategic and integrated facilities management solutions for businesses in a wide range of sectors and geographies. The company provides contract services and runs the Renaissance Village brand, which is an uniquely designed workforce accommodation solution and Renaissance Village Duqm, which is the sultanate’s largest permanent accommodation for contractors (PAC).

In 2018 the company achieved a 100 per cent record in major contract retention and extension, along with new contract gains. Renaissance won contracts to support the joint military exercise for Saif Saree’a at Duqm, MAM and Shaffa. The company maintained high occupancy levels at all Renaissance Villages in PDO’s oil and gas fields. Renaissance extended its contract tenure in major integrated facility management (IFM) contracts with BP Khazzan and Al Mouj. The company increased its market share in competitive tender for contract services to the Ministry of Health Hospitals.

Renaissance also completed two years of initial occupancy build-up at Renaissance Village Duqm and the company enters its first year of full-scale operations in 2019.

Renaissance divested 100 per cent ownership of its Norwegian subsidiary, Norske Offshore Catering realising a capital gain of RO650,000, having achieved equity internal rate of return of 35 per cent.

The company’s progress in growing its presence in the UAE market is slower than expected. However, the company is trying to create a larger customer base and establish profitability in 2019.

Renaissance said its performance will grow in 2019 just based upon rising occupancy at Renaissance Village Duqm.

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