By: Salama Abdulrahman
Mubasher: The financial statements of the power companies listed in the Muscat Securities Market (MSM) for the second quarter of fiscal 2016 showed an increase of 5.4% in their profits, compared to the same period of 2015.
Net profit of 10 energy companies reached OMR 35.11 million in Q2-16, versus OMR 33.31 million for Q2-15.
Seven companies saw an increase in their profits for Q2-16, topped by Sohar Power which posted a net profit of OMR 1.36 million for the period, compared to OMR 150,000 for Q2-15.
Oman National Engineering and Investment earnings grew in Q2-16 by 87.4% to OMR 131,421 from OMR 70,138 for Q2-15.
Phoenix power posted the highest profits for Q2-16 with OMR 10 million, 2.5% up from OMR 9.8 million for Q2-15.
On the other hand, the remaining three companies suffered a decline in their profits for Q2-16, headed by Sharqiyah Desalination with a fall of 95.14% to OMR 32,110, compared to OMR 660,340 for Q2-15.
United Power also reported a year-on-year fall of 34% in its profits for Q2-16 to OMR 178,000, versus OMR 269,000 for Q2-15.
Translated by: Elwy el-Manzalawy
