Sembcorp Salalah earnings growth for the first half

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Mubasher: Sembcorp Salalah Water and Electricity Company (SSPW), Listed on the Muscat Stock Exchange, grew by 30.02 percent in its profits for the first half of this year, on an annual basis.

The company’s initial unaudited financial results showed that it achieved semi-annual profits of 10.49 million riyals ($ 27.18 million), compared to profits of 8.07 million riyals ($ 20.9 million) in the first half of last year.

Although sales fell 2 percent, the low cost of sales during the first half of this year prevented profits from falling.

The cost of sales decreased by 7.09 percent to 19.03 million riyals, compared to about 20.48 million riyals during the first half of 2019.

The company has achieved a growth in its quarterly profits for the first quarter of this year by 55.95 percent, to 5.12 million riyals, compared to profits of 3.28 million riyals in the first quarter of last year.

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