By: Salama AbdelRahman

Oman - Decypha: The collective financial results of energy companies listed in the Muscat Securities Market (MSM) dropped 43.88% in the fourth quarter of 2016 (Q4-16), compared to the same period of 2015, reported Decypha.

 

11 companies in the sector recorded a combined net profit of OMR 11.48 million ($29.82 million) in Q4-16 compared to OMR 20.42 million ($53.04 million) in the corresponding period of 2015.

 

Seven of these companies witnessed a positive financial performance in their quarterly earnings, five of which achieved a profit growth, led by SMN Power Holding Company with a 173.6% surge in profits to OMR 4.46 million compared to OMR 1.63 million for the same period in 2015.

 

United Power Company profits rose 48.6% in Q4-16 reaching OMR 425,000 compared to OMR 286,000 in the year-before period.

 

The remaining two companies reduced their quarterly losses. Al Suwadi Power Company narrowed its losses by 2.6% reaching OMR 2.66 million, while Al Batinah Power trimmed its losses by 7.2% to OMR 2.71 million.

 

On the other hand, profits for four companies retreated in Q4-16, led by Phoenix Power, whose profits dropped 79.7% to OMR 3.02 million compared to OMR 14.86 in Q4-15.

 

Sharqiyah Desalination profits dropped 57.4% reaching OMR 223,000 in Q4-16 compared with OMR 523,000 in the same period in 2015.

 

SMN Power Holding Company in Q4-16 topped the rest of the sector’s companies with quarterly profits of OMR 4.46 million.

 

As for the full-year results of 2016, the sector’s companies reported a combined 3.4% decline in net profits, reaching OMR 85.01 million, compared to OMR 87.99 million recorded the previous before.

 

Annual profits for seven companies increased, led by SMN Power Holding Company with 30.3% to OMR 11.75 million compared to OMR 9.02 million in the year earlier.

 

Al Suwadi Power Company’s profits rose 25.1% last year to OMR 9.07 million compared to OMR 7.25 million in 2015.

 

Meanwhile, annual profits for four companies decreased, led by Sharqiyah Desalination with a 62.8% drop to OMR 614,000 compared to OMR 1.65 million in 2015.

 

Phoenix Power profits retreated 35.8% reaching OMR 18.46 million, and representing 21.7% of the sector’s total profits for 2016, compared to OMR 28.77 million year-on-year.

 

Translated by: Mohamed Hesham Azab