MUSCAT: Musandam Power Company (MPC) SAOG, a subsidiary of OQ, has held its first AGM post its successful IPO and listing in MSM in December 2019. The 28 million shares IPO offering was comfortably oversubscribed with overall subscription of around 3.5 times last year.
Elaborating on the overall successful performance of the company in 2019, Ahmed Tufail al Rahman, Chairman of MPC said, “Excellent plant availability and higher power generation has led to a 9.2 per cent growth in the total revenues earned by the Company last year, with a net profit of RO 2.637 million.
The Company’s better operational performance till 2019 enabled it to declare and pay dividend of 365.6 baisa per share, 338 baisa per share (with nominal value of share as RO 1 per share) + 27.6 baisa per share (with nominal value of share as 100 baisa per share). This corresponds to 61.4 per cent of the paid-up capital of the Company.”
“The company continues to adopt best corporate governance practices and financial discipline. We have a positive outlook for 2020 with a focus on availability and reliability of the plant, which are the critical factors that affect our financial performance,” Al Rahman said.
Murshid al Yarubi, Acting CEO of MPC, said: “The operational performance of the plant during the year was excellent, with 99.97 per cent plant reliability. The plant witnessed an all-time high plant load of 78.11 MW. The total energy generated and delivered was 394,479 MWH, an increase of about 14.8 per cent over the previous year. Plant successfully fulfilled 100 per cent load demand from Tanweer throughout the year. The splendid plant reliability and 100 per cent fulfilling Tanweer load demand was achieved with a continued focus on excellence in Health, Safety, Environment and Quality Management. Plant achieved 941 days without any lost time accidents since initial COD.”
The Company duly met all the stringent environment permit conditions promulgated by Ministry of Environment & Climate Affairs. All HSE activities planned successfully completed and all key performance indicators achieved.
“We are proud of our role in the community and are committed to keeping Musandam On always,” Al Rahman added.
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