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ANNUAL REPORT 2019 33 Notes to the Financial

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ANNUAL REPORT 2019 33 Notes to the Financial ANNUAL REPORT 2019 His Majesty Sultan Haitham Bin Tariq His Majesty Sultan Qaboos Bin Said Bin Taimour (Late) ANNUAL REPORT 2019 C-STORE - NEW LOOK Registered Office: Al Maha Petroleum Products Marketing Company SAOG P.O. Box : 57, P.C. : 116, Operator No.: (968) 24610200 Fax No. : (968) 24610380 Mina Al Fahal, Sultanate of Oman CR No. 1613707 Location : Building No.: 245 Block No. : 250 Street : Al Maaredh, Street No.: 61 Area : Ghala Website : www.almaha.com.om 4 ANNUAL REPORT 2019 CONTENTS Sl. No. Page No. 1) Board of Directors 2 2) Executive Managment Team 3 3) Chairman’s Report 4-6 4) Auditor’s Report on Corporate Governance Report 7 5) Corporate Governance Report 8-16 C-STORE - NEW LOOK 6) Management Discussion and Analysis 17-21 7) Auditor’s Report on the Financial Statements 22-25 8) Financial Statements 26-56 1 ANNUAL REPORT 2019 BOARD OF DIRECTORS Dr. Juma Ali Juma Al-Juma His Highness Sheikh Zayed Chairman Bin Sultan Bin Khalifa Al Nahyan Deputy Chairman Saleh Nasser Juma Al-Araimi Saif Salim Saif Al-Harthi Director Director Faisal Ali Saleh Al Ahmed Al Ali Sultan Khalifa Saleh Al-Tai Director Director Mohammed Ali Said Al-Qassabi Director 2 PART 4/4 CEO image ANNUAL REPORT 2019 EXECUTIVE MANAGMENT TEAM Eng. Hamed Salim Hamed Al Maghdri Chief Executive Officer Ahmed Bakhit Al Shanfari Hafedh Awadh Al Hadeed Head - Marketing Division Head - Sales Division Hiriyanna Narayanaswamy Salah Abdullah Al Shamsi Chief Financial Officer Head – Strategic Planning & Risk Management Division Abdulhaleem Ali Issa Al Sabbagh Hamood Salah Hamood Al Amri Head - Support Services Division Head – Technical Division 3 ANNUAL REPORT 2019 CHAIRMAN’S REPORT Dear Shareholders, At the outset, we express our deepest & sincere condolences to the people of Oman on the passing away of our beloved leader, “Father of the Nation”,His Majesty Sultan Qaboos Bin Said Bin Taimour, may Almighty Allah rest his soul in peace, who spearheaded the growth of Oman for nearly half a century, with his vision & wisdom and provided ideal political, economic and financial framework for all the sectors of the economy to flourish. On behalf of the Board of Directors, I am pleased to present the 16th Annual Report of your Company, together with the Audited Financial Statements for the year ended 31 December 2019. FINANCIAL PERFORMANCE (RO’000) 2019 2018 Inc /(dec) Inc/(dec) % Sales 465,914 487,915 (22,001) (4.5%) Cost of sales (436,603) (458,621) (22,018) (4.8%) Gross profit 29,311 29,294 17 0.1% Other income 2,079 1,960 119 6% Total expenses (27,982) (26,105) 1,877 7% Net profit after tax 3,408 5,149 (1,741) (34%) Shareholders’ value: Earnings per share (RO) 0.049 0.075 (0.026) (34%) Book value per share (RO) 0.657 0.677 (0.020) (3%) Net equity (RO’000) 45,303 46,725 (1,422) (3%) HIGHLIGHTS • Total sales during the year 2019 reached RO 465.9 million (2018: RO 487.9 million), a decrease by RO 22 million i.e., by 4.5%, mainly due to decrease in retail sales value by 4%, Commercial sales by 13%, despite 10% increase in aviation sales segment. • Net profit decreased by RO 1.7 million (34%) over 2018 due to increase in total expenses by 7% mainly on account of increased allowance for expected credit losses as per IFRS 9, increase in depreciation costs mainly related to opening of9 stations during the year & impairment of MAF depot assets, increase in maintenance costs, aviation technical fees and finance charges. MARKETING PERFORMANCE Low oil price environment continued during the year affecting the revenue growth of major sectors of the economy. Retail Segment Despite the continuous increase in investment in Retail segment, low demand environment & consequent decline in the automobile industry saw reduced activity at our fuel stations. During the year, 9 more retail outlets have been opened taking the total number of filling stations to 226. 4 ANNUAL REPORT 2019 CHAIRMAN’S REPORT We continue to focus on expansion of retail network by exploring new sites for potential development and allocating budgetary resources to automate our retail stations and improve customer facilities & ambience at our stations. Commercial Segment The decreased consumption by our major customers in the industrial and construction sector affected the growth of Commercial segment. Further, low spending on infrastructure development activities also restricted the demand for our products. Despite stiff competition and challenging business dynamics, we aim to improve our performance by focusing on new opportunities being created by the newly secured projects. Aviation Segment The Aviation business continued to maintain its positive growth mainly due to increased fuel supplies to Oman Air & other major customers. Significant increase in the influx of passengers and travellers registered in the Muscat International airport as a result of strong growth of tourism sector is expected to further contribute to the aviation sales growth. MARKET SHARE Based on the information published in the financial results of the other petroleum products marketing companies, your Company’s market share at the end of year 2019 stood at 30%. DIVIDEND In line with our consistent dividend policy of maintaining a sustainable dividend payment, the Board of Directors has recommended a cash dividend of Bzs 0.070 per share amounting RO 4,830,000 representing 70% of share capital, subject to the approval of the shareholders’ Annual General Meeting. CORPORATE GOVERNANCE Our corporate philosophy on Corporate Governance has been to ensure fairness to the Stakeholders through transparency, full disclosures, empowerment of employees and collective decision making. The corporate Governance Report highlighting these endeavors has been incorporated as a separate section, forming part of the Annual Report. Corporate Strategy and Risk Management department has been set up during the year to explore new strategic opportunities across the value chain to enhance efficiencies, and track strategy implementation throughout the organization. SOCIAL RESPONSIBILITY Contribution towards the society and working for the welfare of the Society forms part of the core corporate values of Your Company. During the year several schemes were launched and special assistance were given to the needy. 5 ANNUAL REPORT 2019 CHAIRMAN’S REPORT HSE Health, Safety, Security, and Environment are the indispensable constituents of our activities. Your Company strives to improve personal and process safety by continuous monitoring and effective management. The target is to achieve zero occupational incidents and the primary focus is laid on the Safety Management System. FUTURE OUTLOOK Despite the challenging environment, your Company is focused on the development of the key business strategies & optimistic about the future opportunities being created by expansion of road networks, new highways, new ports development & development of new residential areas with the general increase in population. Your Company continues to focus on the expansion of retail network across the country and operational excellence to cater to the changing patterns of consumer behavior. Petrol stations are gaining importance as centres for additional retail services, such as fast-moving consumer goods shopping and food corners. The ever-increasing life dynamics, less & less time available, growing diversification of the consumers’ needs and more and more investments in the automation technology have a strong impact on the retail sector. We are fully committed to the need of the hour i.e. to integrate new technologies like digitalization, operation automation, fully integrated ERP, backed up by innovative processes, to provide efficient solutions for all our customer segments & businesses. ACKNOWLEDGEMENT On behalf of the Board of Directors and executive management, I take this opportunity, to express our most sincere gratitude and loyalty to His Majesty Sultan Haitham bin Tariq and his efforts in continuing the legacy of His Majesty Sultan Qaboos towards a prosperous Oman. We thank our shareholders, customers, the officials of Capital Market Authority and Muscat Securities Market for their valuable support and co-operation. We also appreciate the dedicated and committed service of our staff members. __________________________________ Juma Ali Juma Al-Juma Chairman 12 February 2020 6 ANNUAL REPORT 2019 7 ANNUAL REPORT 2019 CORPORATE GOVERNANCE REPORT Our Corporate Governance Philosophy Good corporate governance is about maximizing shareholder value on a sustainable basis while ensuring fairness to all stakeholders: customers, partners, investors, employees, government and society. Our corporate governance is reflection of our value system encompassing our culture, policies and relationships with our stakeholders. We are committed to defining, following and practising the highest level of corporate governance across all our business functions. Our Corporate Governance structure is based on the Code of Corporate Governance issued by the Capital Market Authority (CMA). Board of Directors The Board of Directors (‘the Board’) is at the core of our corporate governance practice and oversees how the Management serves and protects the long-term interests of all our stakeholders. We believe that an active, well-informed and independent Board is necessary to ensure the highest standards of corporate governance. The Board’s main responsibilities include: • Review the strategic plans and operational performance • Review effectiveness of internal controls • Approval of business plans and budgets • Approval
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