Renaissance eyes 13% profit increase

14 Feb 2011

(MENAFN) Chief Executive at Renaissance Services, Stephen Thomas, said that the company expects an increase in net profit of 13.3 percent amounting to USD83.7 million in 2010, compared to only USD73.9 million a year before, reported times of Oman.

The CEO said that revenue in 2010 is forecasted at USD656.1 million compared to USD643 million in 2009. He said that these results would still go under auditing as well as approvals of board and shareholders.

The CEO added that operating profit increased by 20.2 percent in 2010 as it went from 16.4 percent in 2009 to 19.2 percent in 2010. This was due to cost of operations decrease to USD530.6 million in 2010 compared to a year before.

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