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Renaissance reports 48% decline in Q1 net profit

15 Apr 2020

Renaissance Services on Tuesday reported a 48.5 per cent decline in its net profit for the first quarter of 2020.

The company’s net profit for the three months period ended March 31, 2020 dropped to RO4.048mn compared to RO7.857mn reported in the corresponding period of 2019, according to a company disclosure submitted to the Muscat Securities Market.

Renaissance’s revenues, however, rose by 13 per cent in the January–March period of this year to RO28.865mn from RO25.548mn in the same period a year ago.

The sharp decline in the first quarter net profit was mainly due to zero profit recorded from Renaissance’s discontinued operations. The company’s discontinued operations had recorded a net profit of RO6.453mn in the first quarter of 2019. Net profit from discontinued operations for the first quarter of 2019 represented net profit of Topaz Energy and Marine Limited. Renaissance had divested Topaz in the third quarter of 2019.

Excluding the effect of its discontinued operations, Renaissance recorded a 188 per cent jump in net profit from continuing operations at RO4.048mn in the first quarter of this year against RO1.404mn in the first quarter of 2019.

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