Mubasher: Voltamp Energy Company’s profits increased 9.4% in the first quarter of 2017, compared to the same period in 2016, according to the company’s unaudited financial statements.

Profits amounted to OMR 732,680 ($1.9 million) in Q1-17, compared to OMR 669,800 ($1.74 million) in Q1-16, according to a statement to the Muscat Securities Market (MSM) on Monday.

Revenues rose 11.6% reaching OMR 9.71 million in Q1-17, compared to OMR 8.7 million in Q1-16.

Quarterly expenses hiked 12.1% reaching OMR 8.89 million, compared to OMR 7.93 million in the same period in the year before.

Voltamp’s profits surged 17.4% to OMR 1.12 million in the fourth quarter of 2016, compared to OMR 954,000 in Q4-15.

Net profits after taxes reached OMR 3.63 million in 2016, compared to OMR 3.3 million in the year before, showing an increase of 9.9%.

In late March, the ordinary general meeting (OGM) approved the board’s recommendation to distribute 18% of its capital as cash dividends and 17% bonus shares for 2016.