Nama Group posts OMR1.12bn in revenue

Business Wednesday 27/June/2018 17:14 PM
By: Times News Service
Nama Group posts OMR1.12bn in revenue

Muscat: Electricity company, Nama Group on Wednesday, announced that its revenue had reached OMR1.12 billion.
The company also revealed that the group's total investments in the development of transmission and distribution networks of their company had touched OMR469.70 million.
They added that their 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 company revealed.
It was also disclosed that the total financing of the group's capital expenditure had reached OMR1.60 billion since the beginning of its “Lamar” financing project. The company also claimed that 97.5 per cent of its customer complaints were resolved on time.
The information was revealed in a conference that was chaired by Omar bin Khalfan Al Wahaibi, CEO of Nama Group in the presence of the group CEOs, executive managers, in addition to a number of media representatives.
Al Wahaibi, detailed the group’s financial and operational results as well as their strategy and the most notable achievements of the group covering; health, safety and environment (HSE), customer service, lamar project, human resources and sustainability.
Financial and operational results
“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," he said.
“The number of customers reached 1,147,401 in 2017, which is an increase of 6.8 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 OMR469.70 million in the electricity distribution and transmission networks compared to OMR448.9 million in 2016," Al Wahaibi added.
“Nama Group recorded an increase of 2 per cent in total operating revenue reaching OMR1.123 billion compared to OMR1.121 billion in 2016,” he said.
Lamar Project
The group invested heavily in capital expenditure to expand and develop its networks and systems to satisfy the requirements and demands of the market. During the conference, the company highlighted Lamar Project, which was launched in 2014. Nama Group, led by Nama Holding, has successfully raised funds of OMR1.6 billion across various funding sources and tenors.
Customer Service
The conference addressed the group's achievements in the area of customer service, revealing that customer meter reading reached 88.6 per cent in 2017, as a result of the Group continuous efforts to enhance meter readings and customer billing.
Human resources development
Nama Group presented in the event its development strategies in the Human Resources Fields in 2017. More than 820 employees were assessed last year and the total number of assessed employees since 2015 reached 1,910 employees.
Regarding batch 2 of Ruwad Programme 2017, the selection process was started and 38 candidates were identified. This batch of employees shall receive a formal education during 2018 through one of the top institutes in customised leadership training.