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Initial Annual Unaudited Financial Results for the year ended 31 December 2017
Jan 15, 2018 - 03:20PM Company : AL SUWADI POWER

Al Suwadi Power Company SAOG (the “Company”) is pleased to disclose the following initial annual unaudited financial results for the year ended 31 December 2017, and a comparison with the preceding year ended 31 December 2016.

 

 

Year ended

31 December

2017

RO’000s

Year ended

31 December

2016

RO 000s’

Percentage

change

Unaudited

Audited

Revenues

73,220

69,357

5.6%

Direct Costs

(50,668)

(46,108)

 

Gross Profit

22,552

23,249

-3.0%

Other income

20

60

 

General and administrative expenses

(763)

(801)

 

Profit before interest and tax

21,809

22,508

-3.1%

Finance costs (net)

(11,329)

(11,830)

 

Profit before tax

10,480

10,678

-1.9%

Tax expense

(4,828)

(1,610)

 

Net profit

5,652

9,068

-37.7%

 

The Royal Decree 9/2017 was issued on 19 February 2017 and published in the official gazette on 26 February 2017 amending certain provisions of the Income Tax Law 28/2009, including increase in corporate income tax rate from 12% to 15%. The effect of increase in tax rate has been recognized in the above tax expense (deferred tax).

The above reported numbers represent initial and unaudited financial results and are subject to audit and approval and confirmation by the Company’s Audit Committee and Board of Directors