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      SMN POWER HOLDING

       Disclosure of the Initial Unaudited Financial Results for the financial year ended 31 December 2017

      Jan 14, 2018 05:05 PM

      SMN Power Holding SAOG

       

      Disclosure of the Initial Unaudited Financial Results for the financial year ended 31 December 2017

       

      Muscat, Oman, 14 January 2018: SMN Power Holding SAOG is pleased to announce its un-audited consolidated results for the financial year ended 31 December 2017.

       

      Pursuant to Circular E/2/2016 Disclosure of Initial Quarterly Financial Results issued by the Capital Market Authority, SMN Power Holding SAOG is pleased to disclose the following unaudited consolidated financial results for the year ended 31 December 2017.

       

      Unaudited Financial Results

      2017

      RO ‘000

      Un-audited

      2016

      RO ‘000

      Audited

      Variance

      (%)

       

       

       

       

      Operating Revenues

       93,320

       87,995

      6.1%

      Operating costs

       (72,203)

       (66,994)

      7.8%

      Gross Profit

       21,117

       21,001

      0.6%

      Administrative and General Expenses

       (1,066)

       (1,017)

      -4.8%

      Profit from Operations

       20,051

       19,984

      0.3%

      Finance Charges

       (8,763)

       (6,820)

      -28.5%

      Gain/(loss) on disposal of PPE

       85

       158

      45.9%

      Profit Before Tax

       11,374

       13,322

      -14.6%

      Taxes

       (4,631)

       (1,564)

      -196.1%

      Net Profit for the Period

       6,743

       11,758

      -42.7%

       

       

       

       

      Net Earnings per Share (Bzs/Share)

      34 

                        59                    

      -42.7%

       

       

       

       

       

       

       

      The Company has recorded a net profit of OMR 6,743 thousand for the year ended 31 December 2017. As compared to the prior year same period, the net profit is reduced due to:

       

      • one-off adjustment included in the prior year Finance Charges for a gain on Provision for Site Restoration (non-cash item) amounting to OMR 2.6 million;

      • revaluation of the Deferred Tax Liability following the change in corporate income tax rate from 12% to 15% which was effective from 1st January 2017. The adjustment has caused a significant increase in tax expense of OMR 3,067 thousand in the current period.

       

      For information, the increase in corporate income tax rate from 12% to 15% was promulgated by Royal Decree 9/2017 issued on 19 February 2017 and published in the Official Gazette on 26 February 2017.

       

       

      The above reported numbers represent initial unaudited consolidated results and are subject to approval and confirmation by SMN Power Holding SAOG Audit Committee and Board of Directors.

       

      Disclosure of the approved audited consolidated Financial Statements for the year ended 31 December 2017 shall be issued in accordance with the Executive Regulation of the Capital Market Law after the Board of Directors meeting of SMN Power Holding SAOG to be held on 22 February 2018.

       

       

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