Port of Salalah reports RO2mn net profit by June despite Mekunu’s heavy weight

9 July 2019

MUSCAT (WAF): The total revenue of Salalah Port Services SAOG reached 33.3 million Omani Rials by the end of June, compared to RO27.6mn in the first half of 2018, the company disclosed today.

Port of Salalah’s net profit for the six months ended in 2019 is 183% higher than the net profit for the same period in 2018 when it stood at RO767,000 as a result to the impact of Cyclone Mekunu during May 2018.

The company’s disclosure -of unaudited results for the first half of 2019- to Muscat Securities Market (MSM) today said that the cyclone expenses amounted to RO 2.2mn incurred during Jan-Jun 2019 are included in the total expenses amounting to RO31mn by end of June.

The company –traded at MSM under SPSI- had an increase in expenses of 16% compared to RO26.9mn by June 2018.

“Cyclone Mekunu claims led to insurers demanding higher premium rates for the renewal of port package policy on April 1, 2019 that caused higher premium of (RO1.73mn per annum)”, the company’s disclosure added.