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Oman National Engineering Q4 profits down 18%

Oman National Engineering Q4 profits down 18%
Profits reached OMR 1.25 million in 2016 - (Photo Credit: Arabianeye-Reuters)
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Mubasher: Oman National Engineering and Investment reported a decline in profits in the fourth quarter of 2016 by 18.19% compared to the same period the year before, as shown by the company’s financial statements.

Profits reached OMR 316,450 ($819,670) in Q4-16, up from nearly OMR 386,800 ($1 million) in Q4-15, according to the company’s statement to the Muscat Securities Market (MSM) on Monday.

Annual profits declined by 34.51% to OMR 1.25 million in 2016 compared to OMR 1.91 million in 2015, with annual revenues decreasing by 1.25% to OMR 38.29 million last year from OMR 38.77 million in the year before.