
Indian expat passes away after working 45 years in Oman
Koshy P Thomas was fhe Founder Director of Decorstone International LLC. He died at his home in Chennai after battling illness for over a year. He was 76.
A prominent figure in Oman's business landscape, Mr. Thomas spent 45 years in the Sultanate, where he pioneered the development of Decorstone—specialised decorative cladding stones designed for Omani climatic conditions.
Beyond business, he was widely respected for his philanthropic work, actively campaigning against drug abuse, alcoholism, and suicide. He authored several books on these issues and was an elder at the Muttrah Brethren Assembly, remaining a dedicated member of the Protestant Church in Oman.
Mr. Thomas is survived by his three children.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Times of Oman
10 hours ago
- Times of Oman
Agreement inked to provide low-income segments with home ventilators
Muscat: The Ministry of Health on Thursday signed a funding agreement with Oman India Fertilizer Company (OMIFCO) to purchase ventilators for patients from low-income and social security segments. The agreement was signed by Saud Amer Al Nudhairi, the Ministry's Director General of Financial Affairs, and Khalid Mohammed Al Fannah Al Araimi, OMIFCO's Director of Sustainability and Institutional Communication. Al Nudhairi stressed the importance of partnerships between the government sector and other sectors in the Sultanate of Oman to serve members of the public. He hailed the company's noble initiative which, he observed, has been undertaken for the sixth time in a row. For his part, Al Araimi expressed his appreciation for the Health Ministry's ongoing partnership in supporting needy segments of society. The devices minimises the need for hospitalisation, improves the quality of life for patients and provides better monitoring and control of health conditions. They are an essential part of some home care programmes as they provide a safe and sustainable option for some patients who require long-term mechanical ventilation outside the hospital.


Times of Oman
13 hours ago
- Times of Oman
Lulu Retail reports H1 revenue of $4.1 billion, up 5.9% YoY. Posts a 9.
Muscat: Lulu Retail has announced its H1 2025 financial results, delivering a solid 9.1% year-on-year increase in net profit to $127.0 million. Revenues rose to $4.1 billion (up 5.9% YoY), and like-for-like sales increased by 3.8%, driven by robust performance across key categories. In Q2 2025, the company reported revenues of $2.0 billion, up 4.6% YoY with a strong sales growth. This performance was bolstered by continued growth in private label and the e-commerce category. Private label grew 3.5% YoY, accounting for 29.7% of retail revenue, while e-commerce maintained its momentum with sales up 43.4% YoY to $108 million, representing 5.6% of retail revenue. Gross profit increased 6.5% YoY to $468 million. EBITDA grew 7.6% YoY to $204 million. The jump was supported by growth in private label and ecommerce sales, and as per plans, to open 20 new stores in 2025 Declares interim dividend of $98.4 million (3.5 fils per share): Lulu Retail has declared an interim dividend of $98.4 million (3.5 fils per share), corresponding to a payout ratio of 78% of H1 2025 distributable profits—consistent with the IPO dividend policy. Key Highlights – H1 2025 * Revenue: $4.1 billion (up 5.9% YoY), driven by strong volume and category growth * EBITDA: $418 million (up 7.0% YoY); Q2 2025: $204 million (up 7.6% YoY). Margins improved by 28 basis points in Q2. * Net Profit: $127 million (up 9.1% YoY), with a net margin of 3.1% * Private Label Growth: Up 3.5% YoY in Q2, accounting for 29.7% of retail revenue * E-commerce: Q2 sales up 43.4% YoY to $108 million (5.6% of retail revenue); 45.4% increase in customer count YoY * Loyalty Program: The Happiness loyalty program added 1 million new members during the quarter, bringing total membership to 7.3 million. * Store Expansion: Seven new stores opened in H1 plus 4 more in July, taking the total to 259; full-year target of 20 new stores remains on track * Growth Strategy: Private label and e-commerce continue to play pivotal roles in Lulu's growth approach 'Our steady and resilient H1 2025 performance is a testament to our well-established growth pillars, enabling record sales and margin improvements. We expect our growth momentum to persist as we focus on expanding our store network, launching new outlets, enhancing operational efficiency, and unlocking further potential through private label and e-commerce offerings,' said Saifee Rupawala, CEO of Lulu Retail. Regional Performance: * UAE (largest market): Q2 revenue up 9.4% YoY, driven by continued high demand for fresh food and supported by Lulu's omnichannel strategy * Saudi Arabia (KSA): Revenue grew 3.8% YoY, aided by strong electrical goods sales and new store openings * Kuwait: Revenue up 4.9% YoY; consistent positive performance


Times of Oman
14 hours ago
- Times of Oman
OHI Marine & Motors and United Finance Company Forge Strategic Partnership to Bring Premium Motorcycle and Yacht Ownership Within Reach in Oman
Muscat: In a bold move set to transform the landscape of luxury lifestyle ownership in the Sultanate, OHI Marine & Motors, one of Oman's foremost distributors of premium marine craft and high-performance motorcycles, has announced a strategic partnership with United Finance Company (UFC), a leading player in Oman's financial services sector. This landmark collaboration is aimed at empowering Omani customers to turn their aspirations into reality through exclusive, tailor-made financing solutions. These offerings are designed for individuals with a passion for performance, adventure, and craftsmanship—making it easier than ever to own world-class products from globally respected brands. Blending Lifestyle Aspirations with Financial Accessibility Starting August 2025, customers will have unprecedented access to curated finance packages covering: Yamaha flagship marine and land products, renowned for engineering excellence, cutting-edge technology, and unmatched reliability. Finnmaster yachts, a benchmark in Nordic craftsmanship and maritime performance, perfect for navigating Oman's picturesque coastline. Oryx yachts, celebrated for their modern design, stability, and luxurious detailing—tailored for those who demand style and performance on the open water. The partnership seamlessly combines OHI Marine & Motors' expertise in delivering premium marine and motorsport experiences with UFC's longstanding reputation for providing innovative, transparent, and customer-focused financial solutions. Unparalleled Benefits for Customers Through this initiative, customers can expect: Customizable installment plans that align with personal budgets and lifestyle preferences. Flexible repayment terms to make ownership more accessible and stress-free. Streamlined purchase experiences that take customers from showroom to road or sea with ease. Access to special promotional offers during the launch phase, enhancing the value proposition even further. This approach not only opens the door to luxury ownership but also reinforces both companies' commitment to serving Oman's growing community of motorsport and marine enthusiasts. Leaders Share Their Vision Mr. Rami Maqbool Al Saleh, Business Development Director of OHI Group, shared his enthusiasm for the partnership: 'At OHI Marine & Motors, our mission has always been to inspire our customers by offering them more than just products—we deliver experiences that resonate with their passions and aspirations. Partnering with United Finance Company allows us to extend that mission by offering flexible and accessible ownership opportunities. Together, we are enabling the people of Oman to experience the best in marine and motorsport innovation, supported by financing that brings their dreams within reach.' Mr. Fawaz Al Riyami, Chief Business Officer of United Finance Company, emphasized UFC's role in enabling dreams: 'United Finance Company has a long-standing history of empowering individuals and families in Oman to achieve their ambitions. Through our partnership with OHI Marine & Motors, we are creating a bridge between aspiration and reality—offering practical, transparent financing that puts world-class products in the hands of those who desire them most. Whether it's the thrill of a performance motorcycle or the prestige of a luxury yacht, we are proud to play a role in making these experiences possible.' A Phased Rollout for Maximum Impact The collaboration will be introduced in phases, ensuring customers benefit from a carefully planned and impactful rollout. Phase One: Focused on flagship Yamaha motorcycles, Finnmaster yachts, and Oryx yachts. Subsequent Phases: Expected to expand the portfolio to include additional premium products and lifestyle-oriented financing solutions. By phasing the launch, both companies aim to maintain the exclusivity of the offering while ensuring an exceptional customer experience from day one.