Saturday 16 / August / 2025
Muscat: Net profits of public joint-stock companies listed on the Muscat Stock Exchange (MSX) rose by 14.1 percent to OMR757.2 million in the first half of this year compared to OMR663.3 million in the same period last year.
Preliminary financial results indicated that many companies saw increased profits, benefiting from economic growth and rising domestic demand, coupled with companies’ efforts to boost exports and diversify their products.
The total number of companies that achieved profits in the first half of this year reached 76. OQ Exploration and Production (OQEP) topped the list of companies with the highest profits, with OMR166 million. Bank Muscat came next with a profit of OMR125.8 million, Bank Sohar International came reported profit of OMR46.2 million. This was followed by Omantel profits amounting to OMR35.1 million, National Bank of Oman (NBO) with profits of OMR34 million. OQ Gas Networks reported profits of OMR25.4 million. Ominvest OMR24.6 million, Bank Dhofar OMR23.6 million, OQ Basic Industries OMR22.7 million and Ahli Bank with profits of OMR22.3 million.
The first half of this year saw total losses incurred by public joint-stock companies rise to approximately OMR8.6 million, compared to OMR8 million in the same period last year, marking a 7.3 percent increase.
The total number of companies that recorded losses in the first half of this year reached 17 companies. Raysut Cement topped the list with losses of OMR2.9 million, Oman Fisheries Company OMR1.1 million, Fincorp with loss of OMR928,000. Majan Glass OMR631,000 and National Aluminum Products Company reported losses of OMR522,000.
At the sector level, the financial sector witnessed a 25.7 percent growth in net profits, which rose from OMR274.3 million to OMR345.1 million. The sector benefited from the strong performance of banks, whose net profits rose to OMR275.9 million compared to OMR256.3 million in the same period last year. The insurance sector performed well, with its net profits increasing to approximately OMR20 million, benefiting from the transition of Liva Group and Takaful Oman Insurance Company from losses to profits. Finance companies also performed well, with the sector’s net profits rising to OMR13.1 million in the first half of this year, compared to OMR10.7 million in the same period last year.
In the services sector, the energy and water sector recorded strong performance, with net profits rising to OMR73.6 million compared to OMR50.3 million in the same period last year, recording a growth of 46.3 percent, benefiting from the positive performance of listed companies and the transformation of Sohar Power and Barka Water and Power from losses to profits. The financial results of oil marketing companies showed good performance, with the sector’s profits rising to approximately OMR9.6 million compared to OMR6.4 million in the same period last year.
In contrast, the financial results of the telecommunications sector indicated a decline in net profits to OMR38.7 million, compared to OMR 43.8 million in the same period last year.
The sector was affected by the decline in Omantel’s net profits at the local level to OMR35.1 million, compared to OMR38.8 million in the same period last year. Ooredoo also recorded a decline in its net profits from OMR5 million to OMR3.6 million.
However, the net profits of the Omantel Group, which includes the Kuwaiti Zain Group, increased from OMR110.2 million to OMR161.1 million. Omantel owns a 21.9 percent stake in the Kuwaiti Zain Group.
Industrial companies performed well, with net profits for 20 industrial companies rising to OMR64.4 million compared to OMR32.8 million in the same period last year. This increase was due to the rise in net profits of OQ Basic Industries Company from OMR4.1 million to OMR22.7 million, making the company the top-ranked industrial company. Oman Cables Industry Company came in second with OMR11.3 million, followed by Voltamp Energy in third place with OMR6.8 million, Oman Cement in fourth place with OMR4.7 million, and Oman Flour Mills in fifth place with OMR4.3 million.
The industrial sector managed to reduce its losses to OMR6.2 million, compared to OMR7.5 million in the same period last year. The sector also witnessed Dhofar Food and Investment, Oman Refreshments, and Al Maha Ceramics turning from losses to profits. The total number of industrial companies that recorded losses in the first half of this year reached 8 companies, compared to 10 companies that recorded losses in the same period last year. The good performance of public joint-stock companies was reflected in the Muscat Stock Exchange, which has witnessed a rise in share prices, trading volumes and values, and market capitalisation for several weeks, with increased liquidity directed towards investment in the exchange.
