Muscat: Total net profits of public joint-stock companies listed on the Muscat Stock Exchange (MSX) jumped last year to RO1.339bn, a 52.6% increase over the 2023 figure of RO877.3mn.

This sharp increase in profits coincided with the listing of OQ Exploration and Production and OQ Basic Industries in 2024, while energy companies recorded improved performance, with some moving from losses to profits.

Statistics prepared by the Oman News Agency (ONA), based on the preliminary financial results of approximately 90 public joint-stock companies whose fiscal year ended last December, showed improved performance for most companies in the banking, industrial, investment, service, and telecommunications sectors.

The total number of companies that reported profits last year was 69, compared to 68 companies that reported profits in 2023, excluding the financial results of funds and companies that were not listed on the stock exchange during 2023.

OQ Exploration and Production topped the list of companies with the highest net profits, with RO326.5mn. Bank Muscat came in second with RO225.5mn. Sohar International Bank came in third with RO100.2mn net profit. Omantel ranked fourth after recording net profits at the local level of RO69.4mn.

National Bank of Oman ranked fifth with net profits of approximately RO63.1mn. OQ Gas Networks ranked sixth with RO47.8mn. Bank Dhofar ranked seventh with RO43.6mn. Ahli Bank ranked eighth with RO41.6mn. Ominvest ranked ninth with net profits of approximately RO35.9mn, while Oman Arab Bank ranked tenth with net profits of RO30.4mn.

Regarding losses, preliminary data showed that the losses recorded by public joint-stock companies decreased last year to approximately RO38.1mn, compared to losses of RO50.6mn in 2023. However, the number of companies recording losses last year increased to 21, compared to 20 companies that recorded losses in 2023.

Last year saw five companies turn from losses to profits, most notably SMN Power Holding, which recorded group net profits of RO4.5mn last year, compared to losses of approximately RO26.4mn in 2023, and Sohar Power Company, which recorded net profits of approximately RO22mn last year, compared to losses of RO5.1mn in 2023.

Conversely, six companies turned from profits to losses, most notably Leva Group, which recorded losses of RO5mn last year, compared to net profits of RO6.3mn in 2023, and Oman Refreshments, which recorded group losses of RO1.5mn last year. Galfar Engineering and Contracting recorded a group loss of RO3.9mn last year, compared to profits of RO574,000 in 2023.

© Apex Press and Publishing Provided by SyndiGate Media Inc. (Syndigate.info).