Al Suwadi Power Company SAOG (the “Company”) is pleased to disclose the following initial unaudited financial results for the 3 month period ended 31 March 2017, and a comparison with the same period of the preceding financial year.
| 3 month 2017 RO’000s Unaudited | 3 month 2016 RO’000s Unaudited | Percentage change |
Revenues | 10,509 | 8,608 | 22.1% |
Direct costs | (9,870) | (7,803) |
|
Gross profit | 639 | 805 | -20.6% |
General and administrative expenses | (229) | (248) |
|
Profit before interest and tax | 410 | 557 | -26.4% |
Finance costs (net) | (2,741) | (3,019) |
|
(Loss) before tax | (2,331) | (2,462) | 5.3% |
Tax expense: - Current period - Prior period |
(384) (3,013) |
(404) - |
|
Net (loss) for the period | (5,728) | (2,866) | -99.9% |
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 unaudited financial results and are subject to approval and confirmation by the Company’s Audit Committee and Board of Directors.
