United Power Company
| Name | United Power Company | |
| Sector | Utilities - Electricity | |
| Trading | MSM | |
| RIC Code | UPC.OM | |
| Location | OMAN |
Profile and Background
United Power Company (UPC) was established in 1994 as the first private sector power project in the Gulf. Based in Al-Manah, it supplies electricity to the interior towns of Nizwa, Bahla and Izki, as well as to Muscat through the Rusayl power station.
Its plant has three gas turbines with a combined capacity of 90 MW, but was built with an infrastructure and transmission system capable of handling 180 MW. In April 1999, an agreement was reached with the government to maximize the capacity of the Al-Manah plant.
The work is to be financed through export credit financing and a RO 10.5 million ($27.2 million) rights issue. Most of the extra capacity will be used to meet the increasing demand from Al-Manah, Nizwa, Bahla and Izki.
A separate project to build 125 kilometers of transmission line linking the Nizwa substation to the town of Ibri is also planned and will enable up to 30 MW of the additional capacity to be transmitted to Ibri, which is currently served by the Wadi al-Jizzi plant.
UPC began partial generation of electricity in May 1996, with full commercial production beginning in October. In 1997, it generated 680 million kWh of electricity-enough to supply all the needs of Nizwa, Bahla and Izki and export 350 million kWh to the Muscat grid.
Net profits in that year amounted to RO 7.2 million ($18.7 million) in line with the company's long-term tariff agreement with the Electricity & Water Ministry which provides for the highest cash flows of the concession during the first years of the plant's operations.
In 1998, the company generated 661 million kWh of electricity, and posted a net profit of RO 7.2 million. A 1998 cash dividend of 21 per cent was declared, up from 14.5 per cent in the previous year. One of UPC's founding shareholders is Belgium's Tractebel (31.
3 per cent).
Its plant has three gas turbines with a combined capacity of 90 MW, but was built with an infrastructure and transmission system capable of handling 180 MW. In April 1999, an agreement was reached with the government to maximize the capacity of the Al-Manah plant.
The work is to be financed through export credit financing and a RO 10.5 million ($27.2 million) rights issue. Most of the extra capacity will be used to meet the increasing demand from Al-Manah, Nizwa, Bahla and Izki.
A separate project to build 125 kilometers of transmission line linking the Nizwa substation to the town of Ibri is also planned and will enable up to 30 MW of the additional capacity to be transmitted to Ibri, which is currently served by the Wadi al-Jizzi plant.
UPC began partial generation of electricity in May 1996, with full commercial production beginning in October. In 1997, it generated 680 million kWh of electricity-enough to supply all the needs of Nizwa, Bahla and Izki and export 350 million kWh to the Muscat grid.
Net profits in that year amounted to RO 7.2 million ($18.7 million) in line with the company's long-term tariff agreement with the Electricity & Water Ministry which provides for the highest cash flows of the concession during the first years of the plant's operations.
In 1998, the company generated 661 million kWh of electricity, and posted a net profit of RO 7.2 million. A 1998 cash dividend of 21 per cent was declared, up from 14.5 per cent in the previous year. One of UPC's founding shareholders is Belgium's Tractebel (31.
3 per cent).
Shareholding Groups
| Individuals | N/A |
| Institutions | 65% |
| Floating | N/A |
| Government | N/A |
Board Members (Listed in alphabetical order)
| Director | Antoine H Georgiou |
| Director | Apinya Suebseng |
| Director | C S Badrinath |
| Director | Florent Gheeraeri |
| Director | Guy Richelle |
| Director | Jean Venturini |
| Director | Jean-Claude Schmidt |
| Director | Micheline Bossart |
| Chairman | Murtadha Ahmed Sultan |
| Director | Pierre Swartenbroekx |
Stock Performance
Market Information
| Stock | Oman Index | |
| Last Closing | RO 0.8 | 1832.4 |
| YTD % |  0.512% |  0% |
| Weekly % | 0% | 6.57% |
| Year High | RO 0.9 | 1909.5 |
| Year Low | RO 0.73 | 1555 |
| 52 Week High | RO 0.88 | 2951.18 |
| 52 Week Low | RO 0.67 | 1734.99 |
| BETA | 0.1085 | |
| Outstanding Shares | 34,869,400 | |
| Market Cap | RO 27,895,520 | |
| Market Cap in $ | USD $72,455,896 | |
| % of Oman Market | 0.58% | |
| % of Sector | 14.69% | |
| Rank by Cap | 22 |
Key Figures in '000 RO
| 2004 | 2003 | 2002 | |
| Total Assets | 76,627 | 88,490 | 94,478 |
| Shareholder's Equity | 46,495 | 45,714 | 45,593 |
| NIAT | 5,600 | 5,328 | 7,313 |
| Dividends | 2,092 | 3,661 | 5,928 |
Financial Ratios
| 2004 | 2003 | 2002 | |
| Assets Growth | -13.41% | -6.34% | -9.57% |
| Earning Growth | 5.11% | -27.14% | -4.49% |
| ROaA | 6.78% | 5.82% | 7.35% |
| ROaE | 12.15% | 11.67% | 16.12% |
| No. Of Shares | 34,869,400 | 34,869,400 | 34,869,400 |
| EPS | 0.16 | 0.15 | 0.21 |
| EPS Growth | 5.11% | -27.14% | -4.49% |
| Payout Ratio | 37.36 | 68.718 | 81.058 |
Valuation Ratios
| Trailing | |
| PE | |
| PB | |
| DVPS | |
| Div Yield | |
| EV | |
| EV/Equity |
The information is this section is provided by SHUAA Capital PSC. The information contained in this section is not intended to be an offer, a recommendation, or a solicitation to buy or sell securities or investment products.
The information and opinions contained in this section have been compiled from, or arrived at in good faith, from sources believed to be reliable but no guarantee or warranty is made by SHUAA Capital or AME Info as to the accuracy or completeness of the information contained herein.
All opinions expressed herein are subject to change without notice.
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC.
© SHUAA Capital PSC. All rights reserved.
Web Feeds