By: Salama Abdulrahman

Mubasher: The financial statements of the energy companies listed on the Muscat Securities Market (MSM) showed a year-on-year growth in their total net profits for the third quarter of fiscal 2016.

Total profits of 11 listed companies reached OMR 38 million in Q3-16, compared to OMR 37.53 million for Q3-15.

Out of these 11 firms, six companies saw an increase in their profits for Q3-16, topped by Sohar Power Company with a growth of 41.80% to OMR 1.73 million, versus OMR 1.22 million for Q3-15.

Al Kamil Power Company’s profits for Q3-16 grew by 14.55% to OMR 1.26 million, against OMR 1.1 million for Q3-15.

On the flipside, five firms posted a fall in their net profit for the three-month period, headed by Oman National Engineering and Investment Company as its earnings slid by 42.35% to OMR 501,790 from OMR 870,450 for Q3-15.

United Power Company’s profits for Q3-16 reached 164,000, 33.06% down from OMR 245,000 for Q3-15.

Phoenix Power recorded the highest gains in Q3-16 with a net profit of OMR 10.94 million, accounting for 28.79% of the sector’s total profits, rising 2.15% compared to OMR 10.71 million for Q3-15.

In terms of the nine-month period, total profits rose by 8.83% to OMR 73.54 million from OMR 67.58 million for the corresponding period of 2015.

Seven companies saw a growth in their profits in the January-September period, led by Sohar Power with an increase of 108.09% in its profits to OMR 3.6 million.

Al Suwadi Power’s profits leapt by 17.54% to OMR 11.73 million, versus OMR 9.98 million for the same period last year.

Meanwhile, four firms reported a drop in their profits for the nine-month period, topped by Sharqiyah Desalination as its profits shrank 65.03% to OMR 392,000 from OMR 1.12 million for the corresponding period of 2015.

Phoenix Power owned the highest gains in the period with a net profit of OMR 15.44 million, about 21% of the sector’s total profits.

Translated by: Elwy el-Manzalawy