Leading Omani multinational, The Renaissance Group’ listed on Muscat Securities Market (MSM) as Renaissance Services SAOG, held its 22nd Annual General Meeting (AGM) at the Capital Market Authority Hall, last week. The group features two core businesses — Topaz and Renaissance. Topaz operates a modern, young and diverse fleet of over 100 off-shore support vessels (OSV) for the oil and gas sector, primarily located in the Caspian and MENA markets.
Renaissance Services offers 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 Village Duqm, 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.
“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 and gas industry, the sector remains the dominant player in the company’s portfolio. So, this business is also not immune to the oil price volatility 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,” it said in a press statement.
Performance in the company’s core facilities management services businesses, and occupancy in the flagship Renaissance Villages in the oilfields, all remain stable. The company has absorbed increased cost of doing business in our core markets, off-set by improved efficiency, it said.
The successful mobilisation of Renaissance Village Duqm in February 2017, with the project delivered, is recognised as a game-changing Domestic Direct Investment (DDI) by Renaissance and its partners. The project is a boost for Duqm and Oman and demonstrates a world-class capability to deliver high standards of workforce accommodation, at lower cost than a non-sustainable investment in a temporary porta-cabin camp for the duration of a project.
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