Nama Group posts RO1.12bn in revenue

Nama Group has announced that its revenue had reached RO1.12bn in 2017 while the group’s total investments in the development of transmission and distribution networks had touched RO469.70mn. Speaking at a press conference, Eng Omar bin Khalfan Al Wahaibi, CEO of Nama Group, said, “Nama Group continued to record considerable growth in 2017 by enhancing the assets of transmission and distribution networks. The group has increased its reach covering more customers and new geographic areas as a result of the new connections to serve all customers.”

The number of customers had increased by 6.7 per cent and units of electricity sold had risen by 7 per cent. Moreover, demand of electricity has increased by 6.4 per cent in the main interconnected system and 5 per cent in the Dhofar System. The total financing of the group’s capital expenditure had reached RO1.60bn since the beginning of its “Lamar” financing project.

“The number of customers reached 1,147,401 in 2017, which is an increase of 6.7 per cent compared to 2016. The units sold to customers increased by 7 per cent to 32.277 Giga Watt. Nama Group has also invested RO469.70mn in the electricity distribution and transmission networks compared to RO448.9mn in 2016,” Al Wahaibi added.

Nama Group recorded an increase of 2 per cent in total operating revenue reaching RO1.123bn compared to RO1.121bn in 2016. Customer meter reading reached 88.6 per cent in 2017, as a result of the Group’s continuous efforts to enhance meter readings and customer billing.

The group invested heavily in capital expenditure to expand and develop its networks and systems to satisfy the requirements and demands of the market. The company highlighted Lamar Project, which was launched in 2014. Nama Group, led by Nama Holding, has successfully raised funds of RO1.6bn across various funding sources and tenors.