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Shell Oman Q1 profits drop 24%

Shell Oman Q1 profits drop 24%
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Shell Oman
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Mubasher: Shell Oman Marketing Company’s profits retreated 24.25% in the first quarter of 2017, compared to Q1-16, the unaudited financial statements of the company said.

Net profits reached OMR 3.05 million ($7.89 million) in Q1-17, compared to OMR 4.02 million ($10.41 million) in Q1-16, according to the company’s statement to the Muscat Securities Market (MSM) on Wednesday.

The cost of sales and operating expenses increased 33.99% in Q1-17, reaching OMR 108.89 million, compared to OMR 81.27 million in Q1-16, the company added.

Net profits rose 13% to OMR 16 million in 2016, compared to OMR 14.22 million in 2015.