Oman's listed firms' profits rise 14% to RO757mn in H1

18/08/2025 04:32 AST

Total net profits of public joint stock companies listed on the Muscat Stock Exchange (MSX) rose to RO757.2mn in the first half of this year, compared to RO663.3mn in the same period last year, registering a growth of 14.1%.

Preliminary financial results indicated higher profits for many companies, supported by economic growth and stronger domestic demand, in addition to efforts by companies to expand exports and diversify their products, according to a report published by Oman News Agency.

A total of 76 companies listed on the MSX reported profits for the first half of this year.

OQ Exploration and Production topped the list of highest-earning companies with a net profit of RO166mn. Bank Muscat ranked second with RO125.8mn, followed by Sohar International Bank with RO46.2mn. Omantel came fourth with local profits of RO35.1mn, while National Bank of Oman took fifth place with RO34mn. OQ Gas Networks ranked sixth with RO25.4mn net profit.

Meanwhile, as many as 17 MSX-listed companies incurred losses in the first half of 2025. Raysut Cement recorded the highest losses at RO2.9mn, followed by Oman Fisheries Company with RO1.1mn, and Fincorp Financial Centre with a net loss of RO928,000.

At the sectoral level, the financial sector recorded 25.7% growth in net profits, rising from RO274.3mn to RO345.1mn. The sector benefited from the strong performance of banks, whose combined net profits rose to RO275.9mn in the first half of 2025, compared to RO256.3mn a year earlier.

The insurance sector also performed well, with net profits increasing to around RO20mn, supported by the turnaround of Liva Group and Takaful Oman Insurance from losses to profits. Finance and leasing companies posted higher earnings too, with net profits rising to RO13.1mn, compared to RO10.7mn last year.

Within services, the energy and water sector recorded robust performance, with net profits rising to RO73.6mn from RO50.3mn in the same period last year - a growth of 46.3%. This was driven by stronger performance from listed companies and the turnaround of Sohar Power and Barka Water and Power from losses to profits.

Oil marketing companies also posted stronger results, with sector profits rising to about RO9.6mn compared to RO6.4mn last year.

By contrast, the telecommunications sector saw a decline in net profits to RO38.7mn, compared to RO43.8mn in the same period last year. The sector was affected by a fall in Omantel's local net profits to RO35.1mn, down from RO38.8mn a year ago, while Ooredoo's net profits dropped from RO5mn to RO3.6mn. However, the consolidated net profits of the Omantel Group, which includes Kuwait's Zain Group, rose sharply from RO110.2mn to RO161.1mn. Omantel holds a 21.9% stake in Zain.

Industrial companies also performed strongly, with net profits for 20 firms in the sector rising to RO64.4mn, compared to RO32.8mn in the same period last year. This growth was largely due to OQ Basic Industries Company, whose net profits jumped from RO4.1mn to RO22.7mn, making it the top-ranked industrial company. Oman Cables Industry ranked second with RO11.3mn, followed by Voltamp Energy (RO6.8mn), Oman Cement (RO4.7mn), and Oman Flour Mills (RO4.3mn).

The industrial sector also succeeded in reducing its overall losses to RO6.2mn, compared to RO7.5mn last year. Dhofar Food and Investment, Oman Refreshments, and Al Maha Ceramics all turned from losses to profits. The number of industrial companies reporting losses fell to eight, from 10 a year earlier.

The strong performance of public joint stock companies was reflected in the MSX performance, which in recent weeks has witnessed rising share prices, trading volumes and values, and an increase in market capitalisation, with greater liquidity directed towards investments in the exchange.