As part of its regular follow up of Nama Group’s performance, the chairpersons, members of the board, chief executives and executive managers held a meeting on Tuesday at Grand Millennium hotel headed by Hassan bin Mohammed bin Ali al Lawati, Chairman of Nama Group.
The meeting covered a presentation about the Group’s performance during the first quarter of 2017, and an update on the performance of strategic projects as well as the challenges faced during the same period. The strategic focus areas include customer service, service reliability, health and safety and financial performance.
The meeting also covered an update of the Group’s privatisation plan to divest 49 per cent of Muscat Electricity Distribution Company, one of Nama Group companies, through a private placement and an initial public offering in Muscat Securities Market.
The Group’s leadership also updated the vision and mission in line with the Government’s direction to develop the sector, and the values to ensure ‘cost efficiency’ through the development of the Group’s human resources.
Hassan al Lawati spoke about the importance of growing efficiencies at both financial and operational levels, and increasing dividends. In reflection, the CEOs highlighted the subsidiaries’ efforts in improving system efficiencies with a focus on reducing technical losses.
Eng Omar al Wahaibi, CEO, presented a view of the high level business planning and budgeting process for the Group.
He also presented some key notes on the importance of forecasting demand in consideration of the current economic environment, identifying synergies across the value chain and utilisation of zero-based budgeting.
Additionally, the Group’s key result areas will be based on benchmarking and the leadership will incorporate frequent monitoring of performance against the strategic direction and the reporting framework. At the end of the meeting, an update on the Group’s communication strategy, the proposed shared services and the redeployment of Wadi Al Jizzi Power Company and Al Ghubra Power and Desalination Company’s staff were presented.