New Risk • Jun 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ر.ع38.1m (US$99.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). Earnings have declined by 32% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (dividend per share is over 14x earnings per share). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Market cap is less than US$100m (ر.ع38.1m market cap, or US$99.0m). Board Change • Apr 28
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Non-Executive Non-Independent Vice-Chairman David Beaufays was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 공시 • Apr 27
SMN Power Holding SAOG Approves Committee Changes The Board of Directors of SMN Power Holding SAOG has unanimously resolved as follows: To appoint as Members of the Audit Committee: Mr. Imran Sheikh, Mr. Ruben Ramalho, and Mrs. Nujayma Al Maqbali. To appoint as Members of the Nomination and Remuneration Committee: Mr. Mohammed Al-Husseini, Mr. Abdullah Al Yahya'ey and Mr. David Beaufays. Reported Earnings • Apr 14
First quarter 2026 earnings released: ر.ع0.01 loss per share (vs ر.ع0.005 loss in 1Q 2025) First quarter 2026 results: ر.ع0.01 loss per share (further deteriorated from ر.ع0.005 loss in 1Q 2025). Revenue: ر.ع15.8m (up 65% from 1Q 2025). Net loss: ر.ع1.90m (loss widened 102% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 24
Upcoming dividend of ر.ع0.025 per share Eligible shareholders must have bought the stock before 31 March 2026. Payment date: 08 April 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 9.7%. Within top quartile of Omani dividend payers (6.2%). Higher than average of industry peers (4.2%). New Risk • Mar 09
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). Earnings have declined by 35% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (335% payout ratio). Profit margins are more than 30% lower than last year (2.0% net profit margin). Declared Dividend • Mar 04
Dividend reduced to ر.ع0.025 Dividend of ر.ع0.025 is 66% lower than last year. Ex-date: 29th March 2026 Payment date: 8th April 2026 Dividend yield will be 10%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 18x earnings) nor is it covered by cash flows (271% cash payout ratio). The dividend has increased by an average of 1.3% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 1,974% to bring the payout ratio under control. However, EPS has declined by 33% over the last 5 years so the company would need to reverse this trend. 공시 • Mar 03
SMN Power Holding SAOG announces Annual dividend, payable on April 08, 2026 SMN Power Holding SAOG announced Annual dividend of OMR 0.0250 per share payable on April 08, 2026, ex-date on March 29, 2026 and record date on March 26, 2026. 공시 • Mar 02
SMN Power Holding SAOG, Annual General Meeting, Mar 30, 2026 SMN Power Holding SAOG, Annual General Meeting, Mar 30, 2026. Buy Or Sell Opportunity • Feb 16
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at ر.ع0.22. The fair value is estimated to be ر.ع0.19, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.8% over the last 3 years. Earnings per share has declined by 16%. Reported Earnings • Jan 15
Full year 2025 earnings released: EPS: ر.ع0.007 (vs ر.ع0.023 in FY 2024) Full year 2025 results: EPS: ر.ع0.007 (down from ر.ع0.023 in FY 2024). Revenue: ر.ع74.3m (down 9.7% from FY 2024). Net income: ر.ع1.40m (down 69% from FY 2024). Profit margin: 1.9% (down from 5.5% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 62% per year, which means it is well ahead of earnings. Reported Earnings • Apr 17
First quarter 2025 earnings released: ر.ع0.005 loss per share (vs ر.ع0.013 profit in 1Q 2024) First quarter 2025 results: ر.ع0.005 loss per share (down from ر.ع0.013 profit in 1Q 2024). Revenue: ر.ع9.59m (down 39% from 1Q 2024). Net loss: ر.ع935.0k (down 137% from profit in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 137 percentage points per year, which is a significant difference in performance. 공시 • Apr 10
SMN Power Holding SAOG announces Annual dividend SMN Power Holding SAOG announced Annual dividend of OMR 0.0730 per share, ex-date on March 27, 2025 and record date on March 26, 2025. New Risk • Apr 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Omani stocks, typically moving 5.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 45% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (319% payout ratio). Share price has been volatile over the past 3 months (5.4% average weekly change). 공시 • Mar 03
SMN Power Holding SAOG, Annual General Meeting, Mar 26, 2025 SMN Power Holding SAOG, Annual General Meeting, Mar 26, 2025. New Risk • Nov 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Omani stocks, typically moving 4.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 47% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.2% average weekly change). Reported Earnings • Oct 17
Third quarter 2024 earnings released: EPS: ر.ع0.017 (vs ر.ع0.018 in 3Q 2023) Third quarter 2024 results: EPS: ر.ع0.017 (down from ر.ع0.018 in 3Q 2023). Revenue: ر.ع27.5m (up 2.1% from 3Q 2023). Net income: ر.ع3.29m (down 7.2% from 3Q 2023). Profit margin: 12% (down from 13% in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 167 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 19
Second quarter 2024 earnings released: EPS: ر.ع0.013 (vs ر.ع0.017 in 2Q 2023) Second quarter 2024 results: EPS: ر.ع0.013 (down from ر.ع0.017 in 2Q 2023). Revenue: ر.ع24.3m (up 5.4% from 2Q 2023). Net income: ر.ع1.02m (down 70% from 2Q 2023). Profit margin: 4.2% (down from 15% in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 148 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 20
Second quarter 2024 earnings released: EPS: ر.ع0.005 (vs ر.ع0.009 in 2Q 2023) Second quarter 2024 results: EPS: ر.ع0.005 (down from ر.ع0.009 in 2Q 2023). Revenue: ر.ع24.5m (up 6.1% from 2Q 2023). Net income: ر.ع1.02m (down 46% from 2Q 2023). Profit margin: 4.1% (down from 8.1% in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 150 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 18
First quarter 2024 earnings released: EPS: ر.ع0.013 (vs ر.ع0.015 in 1Q 2023) First quarter 2024 results: EPS: ر.ع0.013 (down from ر.ع0.015 in 1Q 2023). Revenue: ر.ع15.6m (down 5.6% from 1Q 2023). Net income: ر.ع2.56m (down 12% from 1Q 2023). Profit margin: 16% (down from 18% in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 130 percentage points per year, which is a significant difference in performance. Board Change • Mar 19
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Non-Executive Independent Director Khamis Al-Balushi was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 16
Full year 2023 earnings released: ر.ع0.13 loss per share (vs ر.ع0.056 profit in FY 2022) Full year 2023 results: ر.ع0.13 loss per share (down from ر.ع0.056 profit in FY 2022). Revenue: ر.ع87.5m (up 25% from FY 2022). Net loss: ر.ع26.4m (down 338% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 53% per year, which means it is well ahead of earnings. Reported Earnings • Jan 20
Full year 2023 earnings released: ر.ع0.079 loss per share (vs ر.ع0.056 profit in FY 2022) Full year 2023 results: ر.ع0.079 loss per share (down from ر.ع0.056 profit in FY 2022). Revenue: ر.ع87.5m (up 25% from FY 2022). Net loss: ر.ع15.7m (down 242% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. New Risk • Oct 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Omani stocks, typically moving 6.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (6.3% average weekly change). Minor Risks High level of debt (50% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (ر.ع13.4m market cap, or US$34.7m). New Risk • Aug 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Omani stocks, typically moving 4.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (55% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.6% average weekly change). Market cap is less than US$100m (ر.ع14.4m market cap, or US$37.3m). Board Change • May 24
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Director Tomaz Guadagnin was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 15
First quarter 2023 earnings released: EPS: ر.ع0.015 (vs ر.ع0.007 in 1Q 2022) First quarter 2023 results: EPS: ر.ع0.015 (up from ر.ع0.007 in 1Q 2022). Revenue: ر.ع16.6m (up 32% from 1Q 2022). Net income: ر.ع2.90m (up 114% from 1Q 2022). Profit margin: 18% (up from 11% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jan 17
Full year 2022 earnings released: EPS: ر.ع0.06 (vs ر.ع0.048 in FY 2021) Full year 2022 results: EPS: ر.ع0.06 (up from ر.ع0.048 in FY 2021). Revenue: ر.ع71.9m (down 18% from FY 2021). Net income: ر.ع12.0m (up 26% from FY 2021). Profit margin: 17% (up from 11% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 08
Second quarter 2022 earnings released: EPS: ر.ع0.016 (vs ر.ع0.017 in 2Q 2021) Second quarter 2022 results: EPS: ر.ع0.016 (down from ر.ع0.017 in 2Q 2021). Revenue: ر.ع21.7m (down 3.3% from 2Q 2021). Net income: ر.ع3.12m (down 11% from 2Q 2021). Profit margin: 14% (down from 16% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 09
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ر.ع0.048 (down from ر.ع0.052 in FY 2020). Revenue: ر.ع87.1m (up 5.4% from FY 2020). Net income: ر.ع9.55m (down 7.5% from FY 2020). Profit margin: 11% (down from 13% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 16
Second quarter 2021 earnings released: EPS ر.ع0.017 (vs ر.ع0.016 in 2Q 2020) The company reported a mediocre second quarter result with weaker revenues, although profit margins were flat and earnings improved. Second quarter 2021 results: Revenue: ر.ع22.5m (down 2.5% from 2Q 2020). Net income: ر.ع3.40m (up 4.1% from 2Q 2020). Profit margin: 15% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 52% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 17
First quarter 2021 earnings released: EPS ر.ع0.012 (vs ر.ع0.01 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: ر.ع17.4m (up 27% from 1Q 2020). Net income: ر.ع2.45m (up 22% from 1Q 2020). Profit margin: 14% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 51% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 24
Full year 2020 earnings released: EPS ر.ع0.052 (vs ر.ع0.04 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ر.ع82.7m (down 1.2% from FY 2019). Net income: ر.ع10.3m (up 30% from FY 2019). Profit margin: 13% (up from 9.5% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 54% per year, which means it is significantly lagging earnings. Reported Earnings • Jan 19
Full year 2020 earnings released: EPS ر.ع0.052 The company reported a decent full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: ر.ع82.9m (flat on FY 2019). Net income: ر.ع10.3m (up 30% from FY 2019). Profit margin: 13% (up from 9.5% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 50% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 12
Third quarter earnings released Over the last 12 months the company has reported total profits of ر.ع9.71m, up 21% from the prior year. Total revenue was ر.ع84.0m over the last 12 months, down 1.2% from the prior year.