Mubasher: Oman Cables Industry’s audited financial statements showed a decline in profits during the fourth quarter of 2016 by 36.9% on a yearly basis, according to a bourse filing released Thursday.
Net profits for Q4-16 amounted to OMR 3.44 million ($8.9 million) versus OMR 5.45 million ($14.1 million) in the corresponding period of 2015, as per the company’s statement.
The cables company reported a profit fall of 17.3% in 2016 to OMR 15.3 million, compared to OMR 18.5 million in 2015.
The Omani company’s sales dropped 19.4% last year to OMR 228.6 million from OMR 283.5 million in 2015, the statement said.
Oman Cables' board recommended in its meeting held yesterday a cash dividend distribution of 85% for 2016, at 85 baisa per share. This will be discussed in the company's upcoming general meeting on 26 March 2017.
The company previously reported a year-on-year decline in its sales by 9.16% in the first nine months in 2016 to OMR 11.86 million, compared to OMR 13.05 million.
Oman Cables' shares ended Thursday's session flat at OMR 1.570 with a turnover of OMR 237,245, making it the fifth most active stock in terms of traded value on the Omani bourse.
