Nama Group revenue climbs 21.1% to RO 1.8bn in 2022

Muscat: Nama Group 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.

By the end of 2022, the group achieved a significant increase in its pre-tax profits to reach RO 139.8 million, and the group’s total operating revenues increased by 21.2 percent to reach RO 1.8 billion by the end of 2022.

The group confirmed that its restructuring step in line with the directives of the Oman Investment Authority came to achieve a number of goals, including financial sustainability, achieving cost savings and increasing the efficiency of the supply chain, as the group restructured the debts of its subsidiaries to ensure they have sustainable financing structures for future requirements. It also 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 two billion Omani riyals.

Nama Group explained 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 seeks to adopt various digital technologies to ensure enhanced subscribers’ 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 4 distribution and supply companies into two companies in order 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.