Nama's operating revenue rises by 21% to OMR1.8bn

Business Saturday 09/September/2023 17:13 PM
Nama's operating revenue rises by 21% to OMR1.8bn

Muscat: The operating revenue of Nama Group increased by 21.2 percent to OMR1.8 billion at the end of 2022. The group also achieved a significant increase in its pre-tax profits which reached OMR139.8 million at the end of 2022.

In a statement to ONA, Nama Group said that it is currently working on raising the efficiency of the system and the performance of its subsidiaries to save costs by employing modern technologies and renewable energy sources and improving the services provided to subscribers.

The group confirmed that its restructuring step was in line with the directives of the Oman Investment Authority (OIA) to achieve a number of goals. These include among others financial sustainability, achieving cost savings and increasing the efficiency of the supply chain. The group restructured the debts of its subsidiaries to ensure they have sustainable financing structures for future requirements.

The group further pointed out that unifying all services related to electricity distribution contributed to enhancing efficiency and increasing the number of subscribers and sales, which was reflected in the size of the group’s assets, which exceeds OMR2 billion.

Nama Group said that it is implementing a series of initiatives related to green energy and sustainability, and has issued a number of tenders for renewable energy projects, and it is expected that these stations will generate approximately 1,000 megawatts during the next three years.

The group also seeks to adopt various digital technologies to ensure enhanced subscriber experience, as digital transformation initiatives contribute to enhancing meter reading systems, improving collection services, and serving subscribers effectively as part of keeping pace with the latest technical developments.

It is noteworthy that the group merged four distribution and supply companies into two companies to be able to combine resources, benefit from unified contracts, save its operating expenses and increase its revenues, with a focus on improving the efficiency and quality of its basic operational processes.