Oman Tourism Development Company’s net profit triples to $82mln in 2023

PHOTO

Muscat – Oman Tourism Development Company (Omran Group) announced a record-breaking financial and operational performance for 2023 on Tuesday.

The group’s net profit nearly tripled to RO31.6mn in 2023, reflecting a growth of 199% compared to the previous year. Omran Group’s revenue also surged by 44.6% to RO70.4mn in 2023 compared to the previous year, according to a press statement.

This record growth underscores the continued support from Omran’s board of directors and executive management, as well as the strategic partnership with stakeholders and partners in the tourism sector.

Omran Group witnessed an 8% growth in the occupancy rate of its resorts and hotels in 2023 compared to 2022. This rise was reflected in the number of guests, with a total of 774,881 guests, representing an 11.5% increase compared to 2022.

These achievements were highlighted during the recent board of directors meeting. The board reaffirmed the group’s commitment to strengthening its role in driving economic diversification and significantly increasing its impact as a leading catalyst for development and investment in the tourism sector.

‘This record performance translates the success of the efforts made and the efficiency of the implemented plans, driven by outstanding operational performance across the board. The high revenue rates from resorts, hotels, existing projects, and new tourism experiences and products contributed significantly,” Omran Group said in its statement.

Omran Group’s total book value of assets amounted to approximately RO671mn at the end of 2023, and equity reached RO539mn, a substantial increase from RO379mn recorded in 2020.