Renaissance Services holds AGM

Leading Omani multinational The Renaissance Group, listed on Muscat Securities Market (MSM) as “Renaissance Services SAOG”, presented the annual audited accounts for the financial period ended December 31, 2016 at the recently concluded Annual General Meeting (AGM) on March 30, 2017.

The group comprises two core businesses — Topaz and Renaissance. Topaz operates a modern, young and diverse fleet of 100 offshore support vessels for the oil and gas sector, primarily located in the Caspian and MENA markets.

Renaissance services business offering strategic and integrated facilities management solutions for businesses in a wide range of sectors and geographies. Renaissance provides contract services, IFM and run the Renaissance Village brand, which is a uniquely designed workforce accommodation solution and Renaissance Duqm Village, which is the largest, state of the art PAC in Oman.

Clients include government, universities and hospitals, ports, industries in diversified sectors, onshore and offshore hydrocarbon development and the military.

Topaz is directly exposed to the ongoing oil price crisis that has adversely affected the entire OSV industry. But the company is sustained by long-term stable contracts, which have been further extended; and has won major new contracts that ensure a significant upturn in performance from 2018.

Renaissance Contract Services has maintained top line and improved bottom line. The company’s business strategy is to diversify the range of its services, sectors and geography. While this reduces exposure to the oil & gas industry, the sector remains the dominant player in our portfolio. So this business is also not immune to the oil price crisis and the significant increase in cost of doing business in our dominant home market of Oman. The company is focused on growth and efficiency to mitigate and out-pace further cost impacts to come.