Muscat, Oman – Chairman of Renaissance Services SAOG, Samir J. Fancy, commenting on the strong 2008 results of the company has said, “Renaissance’s focus on delivering consistent and sustainable growth through its existing operations has resulted in a strong performance for the 2008.”

Commenting on the current crisis in the global economy, Fancy added, “Every crisis reshapes economic environments, bringing with it massive accelerated change. Companies that adapt will survive and thrive. There are predictable surprises and many unpredictable ones – flexibility matters. Global Corporate Leader Boards change and household names disappear, while well run aspiring corporations rise. The thing is, at Renaissance, I see a quiet but determined belief developing amongst its leadership – a body language that suggests to me – we will not waste this crisis.”

He also said that the consequence of continued focus on Renaissance’s values-driven operating model is yet another year of growth and record financial performance. Better margins, growth in operations and capital gains resulted in higher earnings per share (EPS) and return on equity (ROE). EPS has increased to RO 0.103 (US$ 0.267) and ROE has also increased to 21.2% compared to 17.2% in 2007. The Renaissance balance sheet, with total Shareholders’ funds of more than US$ 360 million, is well positioned to support future growth plans.

Fancy’s statement, reflecting the current uncertainty in world financial markets, dedicated a sizeable section to how it would meet the challenges of the global recession, citing new contracts, current assets at operational capacity, secure financing and payments, and close to the customer ethos as focuses for better performance in 2009. Renaissance suggests full confidence that it has the liquidity and appropriate business mix to remain resilient and growth-oriented in a more difficult and less predictable business environment. Though Renaissance services a predominately oil and gas market, the Chairman stated, “Interestingly, oil price generally has little effect on our ongoing performance.”