Appointment of a Member of the Board of Directors
December 9, 2015Board of Directors resolutions’ disclosure
February 18, 2016Company News
2016-01-28
Initial Annual Unaudited Financial Results for the year ended 31 December 2015
Al Suwadi Power Company SAOG (the “Company”) is pleased to disclose the following initial annual unaudited financial results for the year ended 31 December 2015, and a comparison with the preceding year ended 31 December 2014.
|
|
Year ended 31 December 2015 |
Year ended 31 December 2014 |
Percentage change |
|
Unaudited |
Audited |
||
|
Revenues |
66,714,076 |
51,062,724 |
30.7% |
|
Direct Costs |
(43,527,982) |
(27,791,999) |
|
|
Gross Profit |
23,186,094 |
23,270,725 |
-0.4% |
|
Other income |
44,825 |
- |
|
|
General and administrative expenses |
(749,178) |
(1,098,332) |
|
|
Profit before interest and tax |
22,481,741 |
22,172,393 |
1.4% |
|
Finance costs (net) |
(12,618,870) |
(13,398,156) |
|
|
Profit before tax |
9,862,871 |
8,774,237 |
12.4% |
|
Tax expense |
(2,616,713) |
(3,956,210) |
|
|
Net profit |
7,246,158 |
4,818,027 |
50.4% |
The above reported numbers represent initial and unaudited financial results and are subject to approval and confirmation by the Company’s Audit Committee and Board of Directors.