Muscat Gases Company SAOG (MGMC) Earnings Call Transcript & Summary

So hello, everyone. We're going to be presenting now the operating results for the period ended 30th September 2024 for the core company stand-alone along with the consolidated. So we'll start with Muscat Gas for the total revenue, it was OMR 12,912,000. Total cost of goods sold OMR 10,990,000. Our gross profit is OMR 1,921 million, 15% from the total sales. We had also other revenue of OMR 49,465. Total operating cost, OMR 1,479,531. The operating profit is OMR 491,840, 4% from the total revenue. Total admin cost, OMR 754,474 and the net loss before tax, OMR 262,635. As the loss was mainly due to 2 main issues. First one was the export business. We faced some issues during Q3 and Q2. And also, we are doing the expansion in the company. So we have to spend also some of the admin expenses on marketing for the new products that we will be selling in coming quarters. For Al Aman, the total sales is OMR 527,756, total cost of goods sold OMR 525,602, gross profit, OMR 2,154. It doesn't have any operating cost. The admin cost is OMR 216 in the year. Net profit before tax, OMR 1,938. Muscat Power Pioneer, total revenue OMR 577,000, total cost of goods sold OMR 336,000, gross profit, OMR 241,000, 42% from the total revenue. Total operating cost, OMR 195,000; operating profit, OMR 45,000, 8% from the total revenue, total admin cost, OMR 35,000 and net profit before tax, OMR 9,898. It's 2% from the total revenue. For MPS, our company in Saudi Arabia, this is its first year. The total revenue, OMR 255,345; total cost of goods sold, OMR 155,000, gross profit, OMR 100,000, 39% from the total revenue. Operating cost, OMR 55,643; operating profit, OMR 43,821, 17% from the total revenue. Admin cost, OMR 156,990 and net loss before tax, OMR 113,169. So also in Saudi Arabia, it's the first year for the company. The company has gained too many projects. It has many POs also signed, more than 10 million, and the revenue is being recognized only at project completion. That's why the losses for this period. But we're expecting coming period to be positive. Regarding UMS, total revenue OMR 90,733, cost of goods sold OMR 63,305 gross profit, OMR 27,428, 30% from the total revenue. Total operating cost, OMR 27,822, operating loss OMR 393; admin cost, OMR 7,925 and net profit -- net loss before tax, OMR 8,319. The company is doing better quarter-on-quarter. The losses are coming mainly from Q1, and we're expecting the company to do better in coming quarters. In terms of consolidated, the total revenue OMR 14,300,000, cost of goods sold OMR 12 million; gross profit OMR 2.3 million, 16% of the revenue. Total other revenue OMR 49,000, total operating cost, OMR 1.7 million; operating profit, OMR 583,000, admin cost, OMR 955,000 and net loss before tax, OMR 372,000. We're expecting in Q4, the results to come better than Q3. We have some projects that were in progress and that will be completed in Q4 and the revenue will be recognized, Inshallah. So this is for the financials. Please, if anyone has any questions regarding the financials, please let us know.

Okay. So Sami, thank you so much. Unfortunately, there is no one attending today, probably due to the timing. So we'll stop now for this level. And later on, if anybody has any questions, they can call the company, and we are glad to answer any questions they have. Thank you, everyone. Thank you, Sami. Thank you to the attendees. And I wish at the end of the year, you will see a better result, which will be satisfying our shareholders. Thank you, everyone, and Assalamu alaikum.