Salalah Mills Company
Meeting customer requirements
Salalah Mills Company has planned to add a new flour mill with a capacity of 600 metric tonnes per day, which is expected to commence production in 2017
Salalah Mills Company (SMC) is an Omani joint stock company engaged in the milling of wheat and selling of flour, bran and feed. SMC which commenced its commercial operation on January 1, 1998, is located at the Raysut Industrial Estate. The company markets its products primarily in Oman, Africa and other countries. The company’s subsidiary Salalah Macaroni Company is involved in the production of macaroni pasta and related food products.
SMC was formed in 1995 with about $18mn investment with the intention of milling and distributing premium quality wheat products to the growing Omani market and export to African and other neighbouring countries.
The company’s products include bread flour, baking flour, chakki atta, jareesh, harees, semolina, barley, wheat, barley and bran mix, wheat bran and feed flour. The mill is installed with the state-of-art technology equipment from Buhler, Switzerland which is the world leader for milling industries. SMC is the largest flour mill in Oman with the production capacity of 1,500 metric tonnes per day. The company has planned to add a new flour mill with a capacity of 600 metric tonnes per day, which is expected to commence production in 2017. The new expansion will help the company to mee the growing demand in the domestic and export markets.
Voltamp Energy
Strong credentials
Voltamp Energy has taken a number of steps to reduce potential impact of oil price decline with emphasis on developing new markets for its products
Voltamp Energy is a prominent player in the LV Distribution Systems market. The company is known for manufacturing low voltage switchgear panels in partnership with Schneider, France. The operations of the company include the following subsidiaries:  Voltamp Transformers Oman LLC, a 100 per cent subsidiary of the company that has registered a strong growth in revenue and profitability; Voltamp Power LLC, a 100 per cent subsidiary company that has received product approvals from all the utilities and oil & gas customers from the Sultanate and Oman Transformers (India) Private Limited (OTIPL), a 100 per cent subsidiary that is continuing to provide design and procurement support to VOES and its subsidiaries.
The company has shown strong operational growth during 2014 with the growth in economy and the various measures taken by the management in enhancing capability and productivity. Continued low oil prices may result in slowdown of oil & gas projects from where the company gets part of its revenue. The company has taken a number of steps to reduce potential impact due to this with emphasis on developing new markets for company’s products.
To provide customised solutions to the clients, the company has a full-fledged in house design and engineering team equipped with state of the art, Auto CAD Systems. It regularly upgrades its design capabilities to keep in line with state of the art improvements in low voltage switchgear products. The company has excellent credentials in the market as its clients from across the GCC region vouch for its quality products and reliable aftersales service.
United Finance Company
In growth mode
United Finance Company believes that Government’s development initiatives are expected to generate demand for equipment, heavy vehicles and cars and provide sufficient opportunities for expansion of credit
United Finance Company is one of the leading finance companies operating in Oman. Established in 1997, the company started its business with RO5mn capital with one office at Muscat in 1997. Over the years, the company has established a niche market for itself in small and medium enterprises financing.
The company offers a wide range of financing products, corporate deposits and Bank assurance. It is engaged in the business of providing car finance, equipment finance, commercial vehicle finance, working capital finance, bill discounting, and composite finance and so on. Over the past decade, the company has strived to remain the first choice and the best finance company in Oman. The company’s customer base ranges from individuals to small and medium enterprises and corporates.
The government’s proposed incremental spending on development of infrastructure projects is expected to insulate the economy from the impact of drop in oil price and sustain the pace of economic activity to foster growth. This coupled with private sector participation in developmental activities and promotion of commercial projects would provide opportunities for employment and expansion of business. These developments are expected to generate demand for equipment, heavy vehicles and cars and provide sufficient opportunities for expansion of credit.
SMALL CAP COMPANIES
Gulf Investment Services Holding Co
Strategic investment
Gulf Investment Services Holding Company focuses on minimising the exposure to market investments, by diverting resources to areas which would provide sustainable returns
Promoted in 1995 by a few business groups from Oman, Kuwait and United Arab Emirates and listed on the Muscat Securities Markets (MSM) in 1996, Gulf Investment Services Holding Company (GIS) offers a comprehensive range of investment services.
GIC is the promoter of Gulf Baader Capital Markets, Oman (GBCM) with Baader Bank of Germany. GBCM Oman commenced operations in 2008. GIS has also acquired 18.87 per cent stake in DOM Global Property Investment, which is incorporated in Bahrain and was promoted to develop real estate projects in the emerging European countries, particularly those in the Baltic region. GIS has acquired 33.33 per cent stake in Hotel Management Company, an Omani Company promoted with an objective of managing star hotels and hotel apartments in Oman and other countries in the MENA region.
The main business of GIS is to invest in strategic and portfolio investments in different sectors within and outside Oman. The company attempts to achieve this by exploring investment opportunities with other promoters of profitable and nationally important projects in Oman. For portfolio investments, the company relies upon its subsidiary company’s investment expertise in the GCC region. Investment opportunities outside the region are explored through other investment advisors having requisite expertise. The investments are made on a dynamic basis, depending upon prevailing investment environment and valuations in each region.
The company has faced tough challenges over the past five years on account of global and regional development which have hurt its strategic investment portfolio. This has made the company cautious in making further strategic investments. It has also resulted in slowdown in expansion of the operating business of its subsidiary within the GCC region. Therefore the company looks to hedge it’s overdependence on the GCC investment in the wake of the oil price shock experienced in Q4 2014.
Financial Services Co
Weathering the storm
Although its portfolio was affected by the market decline due to falling oil prices, Financial Services has benefited from its experience in previous years
Financial Services Company(FSCI) which has completed 26 years of operation in Oman is one of the first companies in its area of business. FSCI received the Muscat Securities Market Award 2014 for the oldest listed brokerage firm. The main activities of the company include brokerage, issue management, portfolio management, underwriting, marketing non- Omani securities and investment advice and research. Omani employees represent 75 per cent of the total staff, and the company is conducting continuous training for them.
FSCI was not immune to current decline in the market due to falling oil prices. The total operating income of the company in 2014 came down by 25 per cent to RO925,018 from RO 1.2mn in 2013. The net profit in 2014 came down 62 per cent to RO190,042 from RO501,512 in 2013. Shareholders’ equity at RO4.64mn went up by 20 per cent from RO3.87mn in 2013. Although its portfolio was affected by the decline, the company had benefited from the experience of previous years.
FSCI exerts significant efforts in order to improve its performance and to realise aspirations of its shareholders. The company will continue to focus on maximising its performance by developing approved policies, so that the portfolio revenues return again as a supportive source of its revenues. FSCI expects that the market conditions may improve and enable the company to achieve its stated objectives. The company’s efforts in search for new sources of income will continue to support its revenues.
Dhofar University
Quality education
Dhofar University is the first private university in the Sultanate modelled after the American system of higher education
Dhofar University (DU) is a private, not-for-profit institution of higher education in Salalah, established by Ministerial Decree No. 5/2004. DU formally commenced its operations in September 2004 on the premises of the National College for Science and Technology, which was then officially incorporated into DU. Students enrolled at that college, were then following the curriculum of Yarmouk University in Jordan. These students were allowed to continue their studies under the umbrella of Dhofar University; their programme of study became known as the Yarmouk University Programme (YUP) in order to distinguish it from the new curriculum known as Dhofar University Programme (DUP). The YUP was phased out in 2007.
Since its inception, DU has received academic and administrative support from American University of Beirut (AUB) which oversaw its academic programmes until the year 2010, to ensure quality standards and help DU build its own administrative human resources.
The role of AUB covers three functions: management of DU through secondment of senior staff; design of academic programmes and systems and procedures; and monitoring quality assurance. DU is a young university where campus life is brimming with social and cultural events that reflect the rich heritage of Oman and that of Dhofar such as art exhibits, performances, poetry readings, environmental awareness presentations etc. Its student enrollment has grown steadily from 1347 students at YUP and DUP combined in 2004, to 5,400 students in 2014-2015 academic year. DU is the first private university in the Sultanate modelled after the American system of higher education. It offers two-year diploma and four-year bachelor’s degrees that follow the credit hour system and use English as the medium of instruction.
Global Financial Investments Holding
Strengthening its position
Global Financial Investments Holding has diversified its investments across all economic sectors, thereby reducing the risk exposure to a minimum level
Global Financial Investments Holding is primarily engaged in holding of investments through its subsidiaries and associate companies which are engaged in the businesses of brokerage, investment consultancy services, sales of filters and dates. The company explores investment opportunities in companies with good return and invests in them as a partner or shareholder. Since its inception, the company has diversified its investments in all economic sectors. The diversification policy has reduced risk exposure to a minimum level.
The parent company operates in one business sector, namely brokerage and investments. For management purposes, the Group is organised into four operating divisions. Principal activities includes brokerage and investments in securities and properties; filters industry; vehicles industry and production and manufacturing of gas.
The Global Financial Investments Holding has contributed effectively to the social responsibility of the country, by employing Omani staff in the company and its subsidiaries. As many as 21 out of the total 28 employees in the parent company are Omanis. The company also provides training to the staff and students of universities and colleges.
The company is looking to achieve its goals by strengthening its position in investment and financial securities sector in Oman and the wider GCC region. Locally, the company keeps a sufficient share percentage in listed companies and will invest in new industry projects also. The company will continue to develop and train its staff, so as to provide the best services to its clients, and to achieve the best results to its shareholders.
Majan College
Pursuit of excellence
Majan College has strengthened its financial performance in the core business despite increasing competition
Majan College (University College) offers programmes at both undergraduate and postgraduate levels that address the needs of the local, regional and international markets in a competitive environment.Majan continues to enjoy a well-respected position among higher education institutions through its quality academic provisions. Majan continues its academic partnership with the University of Bedfordshire in UK for validating its higher education programmes in business, English and information technology disciplines and hosting MBA and Master’s in computing and human resources programmes. On August 16, 2013, Majan signed a memorandum of understanding with the Universiti Sains Islam Malaysia to record both parties’ intensions for future collaboration in the field of research, education and in training programmes. On 22 October 2014, Majan signed a memorandum of understanding with the University of Tasmania Australia to record both parties’ intensions for the same purposes.
Majan has strengthened its financial performance in the core business despite increasing competition. In comparison to the previous financial year, total income has increased by 13 per cent which is mainly contributed by increase in the student numbers in the undergraduate, post graduate and professional courses.
In a quality audit carried out in February 2009 by an international panel assigned by the Oman Academic Accreditation Agency (OAAA), Majan was one of the first institutions to go through the audit. The quality audit report was published by OAAA on January 24, 2010. The report shows that Majan is a well-established University College based on sound quality assurance systems and polices. Majan will go through the Institutional Standard Assessment by OAAA and will submit its application in August 2016. In addition, Majan has agreed to take part in the pilot for Standards for the general foundation programme. Majan goes through the institutional review by the University of Bedfordshire, an exercise that takes place every four to five years.

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