10/11/2012 08:53 AST

National Mineral Water Company, the leading mineral water producer of the Sultanate, said that the Consumer Protection Authority's (CPA) decision to freeze prices of mineral water since April 2011 resulted in the company incurring losses for the first nine months of this year.

The company's board has decided to convene an extraordinary general meeting (EGM) of shareholders as early as possible to apprise the investors of the current precarious financial situation facing the company due to its inability to raise prices of its products amid restrictions imposed by CPA since April 2011, despite rise in costs.

Since all attempts to persuade CPA have failed, the company has decided to seek shareholders' consensus on the way forward, according to a statement posted on MSM website.

"Increase in cost of operations without corresponding increase in selling price would have an impact on the profitability,-? the company said in its director's report. "The net loss of the parent company was mainly due to increase in overheads,-? the report added.

The net loss of the group for the first nine months of 2012 was RO1.08 million, as against RO1.24 million for the same period in the previous year. The net sales of the group for nine months ended September 2012 were RO6.44 million compared to RO6.35 million for the same period of previous year.

The consolidated financial statements include the results and the financial position of the parent company for nine months ended September 30, 2012 and its subsidiaries -"Horizon Technologies, its subsidiary Horizon Technologies FZE Valuedeal Trading.

The parent company's sales for nine months ended September 2012 were RO6.4 million compared to RO5.87 million for the previous year resulting into an increase of 9 per cent. The parent company's net loss for nine month period was RO278,315 compared to RO274,969 in the previous year.

The board had approved additional investment in replacing downstream packaging equipment in the production process which has outlived their productive life. The equipment has been delivered and the same are being installed. These equipments will increase production and operational efficiency resulting in better production yields.

"Overall sales volume of water is expected to increase once these equipments have been installed in the factory,-? said the statement.

Referring to its subsidiary Horizon Technologies (HTF), the company said the subsidiary firm has not recorded any sales turnover owing to winding down of operations.


Times of Oman

National Mineral Water incurs loss

27/01/2014

National Mineral Water as a group has incurred a loss of OMR1.25 million for last year, against a loss of OMR1.27 million for the previous year.

The group's total revenue stood lower at OM

Times News Service

NMWI discloses its un audited financials for 1st half 2010

10/08/2010

The Parent Company net profit for the half year ended 30 June 2010 is RO 21,235 compared to RO 108,105 in the previous year.

The net loss of the Group for the half year ended 30 June 2010 is

Press Release

NMWI discloses the unaudited financial results for the half year 2009

12/08/2009

The Parent Company net profit for the half year ended 30 June 2009 is RO 108,105 compared to RO 88,755 in the previous year.

The net loss of the Group for the half year ended 30 June 2009 is

Press Release

Ticker Price Volume
NMWI Sector Market
P/E
Price/BookValue
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
ABC.DSE 840.04 -20.40 (-2.38%)
IQCD 8.50 -0.32 (-3.63%)
AVOC 320.00 -4.45 (-1.38%)
IGRD 3.92 -0.06 (-1.51%)
OMIFCO 0.21 -0.02 (-8.70%)
BBK attends IMF-WB Bangkok meeting

16/10/2026

BBK, a leader in retail and corporate banking in Bahrain, has announced its participation in the 2026 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group, taking place i

GDN Online

NBB in deal with Partior on currency settlement

16/10/2026

The National Bank of Bahrain (NBB) has entered into a strategic partnership with Partior, a production-live, multi-bank blockchain settlement network, to explore the bank's potential role as a Bahrai

GDN Online

FAB issues Mena's first digital green bond on Euroclear D-FMI

16/10/2026

First Abu Dhabi Bank (FAB) has issued and settled AED1 billion ($272.2 million) digitally native green notes, thus becoming the first digital green bond from the Middle East and North Africa region.

Trade Arabia

Batelco by Beyon introduces Protect+ with AppleCare services in Bahrain

16/10/2026

Batelco by Beyon, a leading provider of innovative telecommunications and digital services in Bahrain, has become the first telecom company in the kingdom to offer Protect+, its new device protection

Trade Arabia

OQEP sets up $2bn sukuk programme to tap global markets

16/10/2026

Oman's upstream energy company OQ Exploration and Production (OQEP) has established a $2bn sukuk programme to expand its financing options and strengthen its readiness to access international debt ca

Muscat Daily