Stakeholders' Relations

Over the years, the Company has expanded its scale of operations with capacity expansion

TENDERS

WELCOME TO MUSCAT GAS

Muscat Gases Company SAOG was established in the year 1983 in Muscat, Sultanate of Oman, to trade in Industrial gases and LPG. In the year 1985, the first production facility was established at the Industrial Estate in Rusayl, Sultanate of Oman. MGC’s commitment in consistently meeting customers’ needs have been instrumental in aiding the growth achieved since its inception. MGC became a Publicly listed Company in 1989. Over the years, the organization has expanded its scale of operations with capacity expansion at LPG Bottling Plants, Bulk LPG and Industrial Gases manufacturing and trading.

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Financial Statements

Balance Sheet Cash Flow Statement Changes In Equity Income Statement

Balance Sheet Table

	2019	2018	2017	2016	2015
	OMR	OMR	OMR	OMR	OMR
Assets
ASSETS (Non-Current Assets)
Property, Plant and Equipment	3,238,365	2,514,382	2,675,878	5,633,604	6,130,942
Right-of-use assets	268,681	-	-	-	-
Available-for-Sale Investments	1,849,393	1,839,874	1,984,296	165,000	165,000
	5,256,439	3,454,256	4,660,174	5,798,604	6,295,942
Current assets
Inventories	175,850	160,107	155,561	1,073,047	1,023,820
Trade and Other Receivables	2,475,345	1,727,088	1,465,112	2,959,146	2,159,820
Bank Balances and Cash	2,538,938	2,196,766	4,477,794	772,132	892,622
	5,190,133	4,083,961	6,098,467	4,804,325	4,076,262

Total Assets	10,446,572	8,438,217	10,758,641	10,602,929	10,372,204

Equity and Liabilities
Equity
Share Capital	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000
Statutory Reserve	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
General Reserve	-	-	-	198,672	198,672
Special Reserve	1,457,067	1,457,067	1,457,067	1,457,067	1,457,067
Land Revaluation Reserve	1,110,887	1,110,887	1,110,887	1,110,887	1,110,887
Retained Earnings	621,257	231,873	2,159,009	1,473,571	1,719,085
Total Equity	7,189,211	6,799,827	8,726,963	8,240,197	8,485,711

Non-Current Liabilities
Non-Current portion of term loans	797,718	154,382	-	-	-
Non-Current portion of lease liabilities	250.336	-	-	-	-
Employees End of Service Benefits	62,261	53,230	120,644	190,438	165,354
Deferred Tax Liability	195,624	199,010	194,320	201,120	213,897
Non current portion of finance lease		144,656	197,261
	1,299,939	406,622	512,225	391,558	379,251

Current Liabilities
Trade and Other Payables	1,687,993	1,098,498	836,787	1,850,654	1,337,402
Tax Payable	43,813	87,941	292,014	120,520	189,840
Bank overdrafts	-	-	350,088
Current portion of finance lease	-	55,055	40,564
	1.957,422	1,241,494	1,519,453	1,971,174	1,507,242

Total Liabilities	3,257,361	1,638,390	2,031,678	2,362,732	1,886,493

Total Equity and liabilities	10,446,572	8,438,217	10,758,641	10,602,929	10,327,204

Net Assets Per Share	0.240	0.227	0.291	0.275	0.283

	2019 (OMR)	2018 (OMR)	2017 (OMR)	2016 (OMR)	2015 (OMR)

Operation Activities
Profit Before Income Tax	429,811	310,248	1,671,886	912,229	1,446,592
Adjustments For:
Interest Income	-77,625	-48,773	-8,460	-	-271
Dividend Income	-	-1,241	-8,767	-	-33,690
Gain On Disposal Of Property, Plant & Equipment (Net)	-	-15,237	-10,000	-425	-4,037
Deprecation Of Property, Plant & Equipment	213,730	227,929	335,198	577,640	617,727
Deprecation on right-of-use assets	28,659	-	-	-	-
Share Of Loss (Profit) From Associate	-9,519	144,422	-3,464	-	-
Allowance For Slow-Moving Inventories	3,000	3,000	3,000	5,473	9,000
Provision Reversed On Slow-Moving Inventories	-	-	-158,769	-	-
Allowance For Expected Credit Losses	-7,147	12,055	32,650	-6,855	10,000
Write-Off Of Provision For Doubtful Debts	-	-	-73,004	41,010	-3,881
Accrual For Employees' End Of Service Benefits	9,142	15,085	33,702	27,308	42,815
Operating Profit Before Working Capital Adjusments	649,876	670,595	1,813,972	1,556,380	2,084,255

Working Capital Changes:
Inventories	-18,743	-7,546	1,073,255	-54,700	161,443
Trade & Other Receivables	-750,425	-262,026	1,534,388	-1,483,481	762,014
Trade & Other Payables	589,495	261,723	-1,013,867	513,252	-124,955
Cash Flows From Operations	470,203	672,746	3,407,748	531,541	2,882,757
Employees' End Of Service Benefits Paid	-6,111	-82,499	-103,496	-2,224	-64,743
Income Tax Paid	-87,941	-289,692	-120,426	-169,840	-156,813
Net Cash Flows From Operating Activities	376,151	300,555	3,183,826	359,387	2,661,201

Investing Activities
Proceeds On Property, Plant & Equipment Relating To The Disposal Of Business Division	-	-	3,391,836	3,522	16,622
Purchase Of Property, Plant & Equipment	-837,713	-69,316	-531,483	-83,399	-318,363
Movement In Term Deposit	-	-	-	650,000	-650,000
Proceeds On Sale Of Investments In Available For Sale	-	-	165,000	-	-
Investment In An Associate	-	-	-1,980,832	-	-
Interest Received	77,625	48,773	8,460	-	271
Dividend Received	-	1,241	8,767	-	33,690
Proceeds On Disposal Of Property, Plant and Equipment	-	18,037	10,000	-	-
Net Cash Flow (Used In) From Investing Activities	-1,265	-760,088	1,071,748	570,123	-917,780

Financing Activities
Repayment Of Finance Lease	800,714	-38,114	-	-	-
Dividends Paid	-	-2,159,009	-900,000	-1,050,000	-1,200,000

(Decrease) Increase In Cash & Cash Equivalent	342,172	-1,930,940	3,355,574	-120,490	543,421
Cash & Cash Equivalents At 1 January	2,196,766	4,127,706	772,132	892,622	329,201
Cash & Cash Equivalents At 31 December	2,538,938	2,196,766	4,127,706	772,132	892,622

Non-Cash Financing & Investing Activities

Acqusition Of Property, Plant & Equipment Through Finance Lease Arrangement	-	-	237,825	-	-

	Share capital (OMR)	Statutory reserve(OMR)	General reaserve(OMR)	Special reserve(OMR)	Land Revalution reserve(OMR)	Retaind earnings(OMR)

At 1 January 2015	3,000,000	1,000,000	198,672	1,457,067	-	1,607,343
Profit for the year	-	-	-	-	1,110,887	-
Other comprehensive income	-	-	-	-	1,110,887	1,311,742
Total comprehensive income	685,676	1,120,504	625,212	588,269	625,212	588,269
Dividend paid for the year 2014	-	-	-	-	-	-1,200,000
At 31 December 2015	3,000,000	1,000,000	198,672	1,457,067	1,110,887	1,719,085

Profit for the year	-	-	-	-	-	804,486
Total comprehensive income	-	-	-	-	-	804,486
Dividend paid for the year 2015	-	-	-	-	-	-1,050,000
At 31 December 2016	3,000,000	1,000,000	198,672	1,457,067	1,110,887	1,473,571

At 1 January 2017	3,000,000	1,000,000	198,672	1,457,067	1,110,887	1,473,571
Profit and comperhensuve income for the year	-	-	-	-	-	1,386,766
Dividend paid for the year 2016	-	-	-	-	-	-900,000
Transfer to retained earning	-	-	-198,672	-	-	198,672
At 31 December 2017	3,000,000	1,000,000	-	1,457,067	1,110,887	2,159,009
Transition adjusment on initial application of IFRS 9 (note 2.1)	-	-	-	-	-	11,935
At 31 December 2017 (Restated)	3,000,000	1,000,000	-	1,457,067	1,110,887	2,170,944
Profit and comprehensive income for the year	-	-	-	-	-	219,938
Dividend paid for the year 2017	-	-	-	-	-	-2,159,009
At 31 December 2018	3,000,000	1,000,000	-	1,457,067	1,110,887	231,873
At 1 January 2019	3,000,000	1,000,000	-	1,457,067	1,110,887	231,873
Profit and comprehensive income for the year	-	-	-	-	-	389,384
At 31 December 2019	3,000,000	1,000,000	-	1,457,067	1,110,887	621257

	2019 (OMR)	2018 (OMR)	2017 (OMR)	2016 (OMR)	2015 (OMR)

Revenue	11,833,228	8,669,245	9,089,093	9,210,711	9,414,315
Cost of Sales	-10,875,314	-7,701,107	-7,867,786	-7,775,486	-7,498,044
Gross Profit	958,134	968,138	1,221,307	1,435,225	1,916,271

Administrative & General Expenses	-	685,676	1,120,504	-625,212	-588,269
Other Income	149,787	172,208	100,579	102,216	118,590
Gain On Disposal Of Business Division	-	-	1,467,040	-	-
Share of (Loss)/Profit Of An Associate	9,519	-144,422	3,464	-	588,269
Profit Before Income Tax	429,811	310,248	1,671,886	912,229	1,446,592
Income Tax Expense	-40,427	-90,310	-285,120	-107,743	-134,850
Profit For The Year	389,384	219,938	1,386,766	804,486	1,311,742

Other Comprehensive Income
Revaluation Of Land (Net of Tax)	-	-	-	-	1,110,887
Total Comprehensive Income For The Year	389,384	219,938	1,386,766	804,486	2,422,629

Equity and Liabilities
Earnings Per Share	0.013	0.007	0.046	0.027	0.044

Mr. Talib Al Maadi

Balance-Sheet2018

Balance-Sheet2017

Balance-Sheet2016

Balance-Sheet2015

total

Mohamed Al Rajabi

Balance-Sheet2018

Balance-Sheet2017

Balance-Sheet2016

Balance-Sheet2015

total

Ahmed Al Dhahli

Balance-Sheet2018

Balance-Sheet2017

Balance-Sheet2016

Balance-Sheet2015

total

Dividends

2019

Net Profit (OMR)

Retained Earning (OMR)

Paid up Capital (OMR)

# of Shares

389,384

621,256

3,000,000

30,000,000

Dividend

% on Paid up Capital

20%

Bzs per share

0.020

Amount (OMR)

600,000

% On Retained Earning

97%

2018

Net Profit (OMR)

Retained Earning (OMR)

Paid up Capital (OMR)

# of Shares

219,938

231,872

3,000,000

30,000,000

Dividend

% on Paid up Capital

Stakeholders' Relations

TENDERS

WELCOME TO MUSCAT GAS

Financial Statements

Mr. Talib Al Maadi

Mohamed Al Rajabi

Ahmed Al Dhahli

Dividends

2019

Net Profit (OMR)

Retained Earning (OMR)

Paid up Capital (OMR)

# of Shares

389,384

621,256

3,000,000

30,000,000

Dividend

% on Paid up Capital

20%

Bzs per share

0.020

Amount (OMR)

600,000

% On Retained Earning

97%

2018

Net Profit (OMR)

Retained Earning (OMR)

Paid up Capital (OMR)

# of Shares

219,938

231,872

3,000,000

30,000,000

Dividend

% on Paid up Capital

0%

Bzs per share

0.000

Amount (OMR)

0

% On Retained Earning

0%

2017

Net Profit (OMR)

Retained Earning (OMR)

Paid up Capital (OMR)

# of Shares

1,386,766

1,960,337

3,000,000

30,000,000

Dividend

% on Paid up Capital

72%

Bzs per share

0.072

Amount (OMR)

2,159,010

% On Retained Earning

110%

2016

Net Profit (OMR)

Retained Earning (OMR)

Paid up Capital (OMR)

# of Shares

804,486

1,473,571

3,000,000

30,000,000

Dividend

% on Paid up Capital

30%

Bzs per share

0.030

Amount (OMR)

900,000

% On Retained Earning

61%