Sohar Power Company SAOG announces initial un-audited results for the year ended 31 December 2017.

Pursuant to Circular K/2/2016 on the Disclosure of Initial Annual Financial Results issued by the Capital Market Authority, Sohar Power Company SAOG is pleased to disclose the following initial un-audited financial results for the year ended 31 December 2017.

 

Sohar Power Company SAOG

Comprehensive income 

Initial un-audited financial results for the year ended 31 December 2017

	December  2017 RO’000	December 2016 RO’000	Change %
Revenue	64,485	66,307	2.75%-
Direct/Indirect Cost	(52,946)	(54,519)	2.89%
Other income	330	403	18.11%-
Finance Cost	(6,256)	(7,075)	11.58%
Taxation (note)	(3,614)	(573)	530.72%-
Profit after tax	1,999	4,543	56.00%-

 

Note: The increase in Taxation is due to the impact of the increase in Income Tax rate from 12% to 15%. The increase in deferred Tax expense due to the change in tax rate is RO 2.7 million.

The above reported numbers represent initial un-audited results and are subject to approval and confirmation by Sohar Power Company SAOG Audit Committee and Board of Directors.

Disclosure of the approved audited 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 Sohar Power Company SAOG to be held on February 22, 2018.