H1 net profits double at Oman's Sharqiyah Desalination Company
Veolia Eau-Compagnie Generale des Eaux, National Power and Water LLC, and Veolia Water AMI incorporated the group in 2007
Muscat-based Sharqiyah Desalination Company, which maintains an existing desalination plant at Sur and will develop Sharqiyah Independent Water Project (IWP) in Oman's Sharqiyah, has seen its net profits after tax double in the first six months of 2019, according to its bourse-filed unaudited first half financial results.
According to a Muscat Securities Market missive, net profit after tax stood at $2.6m (OMR1m) for the six month period ending 30 June – a 99.5% increase on H1 2018’s corresponding $1.3m (OMR615,619) figure.
This year-on-year net profit increase came despite total revenues remaining flat in the opening six months of the year compared to H1 2018.
The group brought in $17.7m (OMR6.83m) in cash in H1 2019, a slight 0.2% dip on the same figure in H1 2018.
All figures are subject to approval of the group's audit committee and board of directors at a meeting set for 21 July, 2019.
A consortium of Veolia Eau-Compagnie Generale des Eaux, National Power and Water LLC, and Veolia Water AMI incorporated the Sharqiyah Desalination Company on 14 January, 2007.
Three days later saw the Ministry of Housing Electricity and Water (MHEW) and the company enter into a Water Purchase Agreement (WPA) and a Water Connection Agreement (WCA).
Both deals required the company to purchase the existing plant and construct a new plant, operate and maintain these facilities, make available the capacity of the facilities, and sell its desalinated water output exclusively to Oman’s Public Authority for Electricity & Water (PAEW).