In 2018, Renaissance Group has returned to profitable performance and established secured income streams that should deliver further growth from 2019
Leading Omani multinational “The Renaissance Group” contains two core businesses – Topaz and Renaissance. Topaz is a global powerhouse in marine logistics, with the vision of being the champion provider of marine and logistics solutions to the global offshore industry. 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. 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, IFM and runs the Renaissance Village brand, which is a uniquely designed workforce accommodation solution and Renaissance Duqm Village, which is the sultanate’s largest state-of-the-art PAC.
100 per cent record
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 and extended its contract tenure in major IFM contracts with BP Khazzan and Al Mouj. 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. With secured occupancy in hand, the company shall pass break-even in Q1 and reach maximum current capacity by Q3.
Renaissance divested 100 per cent ownership of its Norwegian subsidiary, Norske Offshore Catering (NOC), realising a capital gain of RO650,000, having achieved equity IRR of 35 per cent.