SMN Power declares first results since IPO

11/02/2012 08:50 AST

Announcing its first financial results since its listing on the Muscat Securities Market (MSM), following its Initial Public Offering (IPO) last October, SMN Power Holding SAOG reported a net profit of RO 3.836 million for the 12 months ended December 31, 2011. This compares with net earnings of RO 1.190 million for the previous year.

Releasing its initial unaudited consolidated results representing the financial performances of Al Rusail and SMN Barka Power companies, the holding company revealed that operating revenues climbed to RO 81.520 million in 2011, up from RO 78.322 million a year earlier.

Operating costs rose to RO 60.626 million last year, up from RO 57.409 million in 2010.

SMN Power Company is a joint venture between UAE based Kahrabel FZE (a wholly owned subsidiary of International Power plc), Abu Dhabi based Mubadala and Oman based National Trading Co.


Oman Daily Observer

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