Company News

2018-01-15

Initial Annual Unaudited Financial Results for the year ended 31 December 2017

• Al Suwadi Power Company SAOG (the “Company”) is pleased to disclose the following initial annual unaudited financial results for the year ended 31 December 2017, and a comparison with the preceding year ended 31 December 2016.

   

  	Year ended 31 December 2017 RO’000s	Year ended 31 December 2016 RO 000s’	Percentage change
  	Unaudited	Audited
  Revenues	73,220	69,357	5.6%
  Direct Costs	(50,668)	(46,108)
  Gross Profit	22,552	23,249	-3.0%
  Other income	20	60
  General and administrative expenses	(763)	(801)
  Profit before interest and tax	21,809	22,508	-3.1%
  Finance costs (net)	(11,329)	(11,830)
  Profit before tax	10,480	10,678	-1.9%
  Tax expense	(4,828)	(1,610)
  Net profit	5,652	9,068	-37.7%

   

  The Royal Decree 9/2017 was issued on 19 February 2017 and published in the official gazette on 26 February 2017 amending certain provisions of the Income Tax Law 28/2009, including increase in corporate income tax rate from 12% to 15%. The effect of increase in tax rate has been recognized in the above tax expense (deferred tax).

  The above reported numbers represent initial and unaudited financial results and are subject to audit and approval and confirmation by the Company’s Audit Committee and Board of Directors