National Detergent board approves 45% dividend

21/03/2018 07:51 AST

At the Annual General Meeting (AGM) of National Detergent Company held at Grand Hyatt Hotel on March 12 the board has approved distribution of 45 per cent dividend for the year 2017. The meeting was held in the presence of the Board Chairman Redha Baqir Al Lawati, board members and the company's top officials.

It also approved the report of the board, the auditor's report, balance sheet, profit and loss statement for the financial year ending December 31, 2017.

NDC registered a sales revenue of OMR21.81 million in 2017 compared to OMR 21.88 million in 2016. The company's profit from operations for 2017 was OMR1.28 million compared to the 2016 figure of OMR1.48 million. Profit before tax for 2017 was OMR1.04 million compared to OMR1.25 million in 2016.

The company managed to achieve volume and value sales marginally higher during 2017 compared to the previous year despite various challenges like increase in operational costs and intense price competition in Gulf Cooperation Council (GCC) markets. However, profit before tax was lower than 2016 due to increased materials cost. Despite current market situation and increase in input costs, NDC has made enormous efforts to achieve profitability during the year.

Conscious efforts to increase sales in the various markets and strong brand equity built over the years amongst consumers helped NDC to achieve the sales results.

Due to consistent quality and continued consumers' patronage, NDC's company's flagship brand 'Bahar' maintained its market position in Oman. Some of the export markets registered good growth during 2017 compared to the previous year.

Commissioning of a new non-tower detergent powder plant in Sohar and liquid plant expansion have created enough production capacity which will help NDC in exploring new markets. It will also help in improving company's presence in the chosen product segments in the years to come.

In line with the company's strategic long-term plan and to cater to the requirements of oil and gas industry and construction sector in Oman, new industrial specialty chemicals manufacturing plant has been commissioned in Rusayl.

Times of Oman