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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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