Home News Business Power companies see profit erosion in H1

Power companies see profit erosion in H1

 Staff Reporter

MUSCAT

Power companies – Al Batinah, Al Suwadi and ACWA Barka – saw their net profit drop substantially during the first half of the year.

The companies in their filing on the Muscat Securities Market pointed to the amended tax rules which had an impact on their bottom lines as there had to be provision for deferred tax.

Al Batinah Power net profit fell by 85.8 per cent to 594,000 rials from 4.19 million rials last year. Revenues went up by 6.4 per cent to 36.57 million rials from 34.36 million rials.

Direct costs were up at 26.83 million rials from 23.55 million rials. Net finance costs were marginally down to 5.26 million rials from 5.53 million rials.

Al Suwadi Power reported a net profit of 1.58 million rials, a 64.4 per cent fall from 4.44 million last year. Revenues were up by 8.7 per cent to 35.72 million rials. Direct costs went up to 24.32 million rials from 21.16 million rials. Net finance costs were down to 5.64 million rials from 6.02 million rials.

ACWA Power Barka saw its net profit fall by 54 per cent to 2.57 million rials from 5.62 million rials last year. Total revenue rose 5 per cent 34.13 million rials from 32.47 million rials.

SIMILAR ARTICLES