Al Suwadi Power Company SAOG (the “Company”) is pleased to disclose the following initial annual unaudited financial results for the year ended 31 December 2015, and a comparison with the preceding year ended 31 December 2014.
|
|
Year ended 31 December 2015 |
Year ended 31 December 2014 |
Percentage change |
|
Unaudited |
Audited |
||
|
Revenues |
66,714,076 |
51,062,724 |
30.7% |
|
Direct Costs |
(43,527,982) |
(27,791,999) |
|
|
Gross Profit |
23,186,094 |
23,270,725 |
-0.4% |
|
Other income |
44,825 |
- |
|
|
General and administrative expenses |
(749,178) |
(1,098,332) |
|
|
Profit before interest and tax |
22,481,741 |
22,172,393 |
1.4% |
|
Finance costs (net) |
(12,618,870) |
(13,398,156) |
|
|
Profit before tax |
9,862,871 |
8,774,237 |
12.4% |
|
Tax expense |
(2,616,713) |
(3,956,210) |
|
|
Net profit |
7,246,158 |
4,818,027 |
50.4% |
The above reported numbers represent initial and unaudited financial results and are subject to approval and confirmation by the Company’s Audit Committee and Board of Directors.
