Nama Group, the holding company of government-owned assets in Oman’s electricity and related water sector, reported a 4.77 percent increase in revenue last year, which climbed to RO 1.31 billion in 2020.
Profit After Tax increased 12.29 per cent to RO 67.82 million, while revenue towards electricity subsidy dipped 1.5 percent to RO 615 million. Total assets of the Group reached RO 6.75 billion in 2020.
The figures were disclosed by Ghada Mohammed al Yousef, Executive Manager, Group Communication and Sustainability, at the annual press briefing of the Group on Tuesday. The briefing was attended by Eng Omar al Wahaibi, CEO of Nama Group, as well as CEOs of Nama Group subsidiaries.
Despite the economic and operational challenges witnessed in 2020, the Group continued to grow its customer base to reach 1,316,822 customers, which is a 3.1 percent increase over the previous year, said Al Yousef.
“Due to the disruption of businesses and overall impact of the pandemic, the electricity supply sales decreased by 1.9 percent to 33,156 GWh compared with 33,796 GWh in 2019. However, the Group continued to invest in transmission and distribution fields in 2020 to expand the network and ensure its reliability, which reached 99.9992 percent,” she said.
She credited the Group’s performance to the efforts of Nama Group employees. Omanisation now stands at 95.7 percent.
Among the Group’s major investments is the North-South Interconnection Project (Rabt), which is being implemented by Oman Electricity Transmission Company (OETC), she said. The project will connect the Main Interconnected System in the North with the Dhofar System via Al Wusta Governorate.
AL Yousef highlighted the projects associated with the delivery of Oman Vision 2040 which included the delivery of several renewable energy projects through Oman Power and Water Procurement Company (OPWP) and Tanweer, and North-South Interconnection Project (Rabt) that is being implemented by Oman Electricity Transmission Company (OETC) and will connect the Main Interconnected System through Al Wusta Governorate to Dhofar.
Implemented in two phases, Phase 1 covers 660 km of 400 kV overhead lines due to be completed by Q1 of 2023 at a cost of RO 183 million. Envisioned in Phase 1 is a 425km of 400 kV network estimated to cost RO 158 million.
Following the completion of the restructuring of the water and wastewater sectors per Royal Decree 131/2020, dated 9 December 2020, the Salalah Sanitary Drainage Services Company and the Directorate General of Water in Dhofar will be transferred to Dhofar Power Company (DPC). On the other hand, the Public Authority for Water (Diam), which is responsible for the rest of the country, will be transferred to Oman Wastewater Services Company (Haya Water).
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