Since its successful Initial Public Offering in August 2008, 35% of the Company's shareholding is listed on the Muscat Securities Market. ENGIE, MENA Sohar 1 SPV, Sogex Oman and Ministry of Defence Pension Fund (Oman) are currently owning the project having ownership stake of 35%, 20%, 10% and 5% respectively. The company operates under a long-term power and water purchase agreement with a state-owned utility, providing stable contracted revenue with minimal merchant risk.
Cyborg Score Rationale
Sohar Power benefits from a stable, 15-year contracted revenue model with Oman's state utility and operates critical national infrastructure. However, as a mature utility with limited growth potential and modest scale (18 employees, ~$80M trailing revenue), it lacks innovation or expansion drivers. Low technology risk but constrained by regulated tariffs and single-buyer concentration.
Top Insights
As of May 2025, Sohar Power's trailing twelve-month revenue reached $80.2M with a market cap of $9.7M (stock price $0.49), reflecting a deeply discounted utility trading well below infrastructure replacement costs.
The 585 MW combined-cycle gas plant serves as Oman's largest integrated power and desalination facility, providing dual-purpose infrastructure for industrial and residential demand in Al Batinah region.
Long-term Power and Water Purchase Agreement with Oman Power and Water Procurement Company SAOC ensures contracted revenue stability through the agreement term, minimizing commodity price and offtake risk.
Named Competitors
Al Kamil Power Company — Oman-based independent power producer and generator
Al Batinah Power Company — Oman-based power generation company operating utility infrastructure
Mazoon Electricity — Oman electricity distribution and utilities company
Al Ghubrah Power and Desalination Company — State-owned Omani power and desalination operator acquiring Manah assets
Recent Developments
(May 2007) Plant reached commercial operation and began selling power and water to state utility
(August 2008) Initial Public Offering; 35% of equity listed on Muscat Securities Market
(May 2013) MENA Infrastructure acquired 20% equity stake from GDF SUEZ and local shareholders
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