$46.6m net profit for MEDC
Muscat Electricity Distribution Company posts 62% increase in 2010
The Muscat Electricity Distribution Company (MEDC) has announced its 2010 end-of-year results, posting a US$46.6 million net profit; an increase of 62 per cent on 2009.
Commenting on the news, chairman of MEDC’s board of directors Saleh bin Mohammed al Farsi, said: “The growth in revenue and profit recorded is a direct result of the process of active improvements the company commenced in 2010.”
“The coming year will focus on a number of key areas, in which there is room to further advance the standards and performance of the company,” he added, “including improving the existing distribution network to meet increased demand, ensuring a secure and reliable electricity supply and reducing distribution losses and energy waste.”
The government-owned company also posted operating revenues of almost $389 million, up from $350 in 2009.