Muscat Gases seeks higher LPG allocation

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12/02/2015 08:26 AST

Muscat Gases Company SAOG posted a six per cent drop in net profit after tax for the year ended December 31, 2014, a decline it attributed to competition and the increasingly challenging LPG bulk supply market environment.

Net profit after tax dipped to RO 1.363 million for 2014, down from RO 1.443 million a year earlier.

Omar Ahmad Salim Qatan, Chairman, said in the Directors' Report that the decline was to a number of factors, including the increase in the average LPG Bulk purchasing price, zero exports of LPG and other gases in the wake of a supply crunch from the source, and severe competition in the domestic LPG supply industry.

Revenues totaled RO 9.838 million last year, mirroring the previous year's figure of RO 9.838 million.

He said the company is implementing new strategic projects in different locations around the Sultanate aimed at diversifying sources of income and ensuring sustainable growth. Besides, the company is continuing to press the authorities concerned to increase the allocation of LPG for its customers.

The Board recommends a cash dividend of 40 per cent for 2014.

Oman Daily Observer