Muscat: Preliminary financial reports unveiled by companies on the Muscat Stock Exchange’s platform revealed a promising start to the fiscal year, with net profits surging to RO 212.7 million in the first quarter, a notable increase from the RO 187.3 million recorded during the corresponding period in the previous year. This growth of 13.5% underscores the resilience and upward trajectory of the market despite prevailing economic challenges.

Among the key highlights of these financial results were the remarkable turnarounds of 5 companies that shifted from losses to profits, signalling a robust recovery within the sector. Conversely, 5 companies experienced a reversal, moving from profits to losses, albeit with an overall reduction in losses from RO 19.3 million to RO 17.8 million year-over-year.

The positive momentum was widespread across various sectors, with 67 companies reporting profits, particularly in the financial, services, and industrial sectors. Notably, Bank Muscat emerged as the frontrunner, boasting the highest profits of RO 54.2 million among public joint stock companies. Sohar International Bank secured the second spot with RO 25.1 million in profits, followed by the National Bank of Oman with RO 15.4 million, OQ Gas Networks with RO 13.6 million, and Bank Dhofar with RO 10.8 million.

Banks listed on the Muscat Stock Exchange also demonstrated a strong performance, collectively increasing their net profits to RO 124.5 million in the first quarter, representing a substantial 17% rise from the previous year. This growth underscores the resilience and adaptability of the banking sector amid evolving market dynamics, with Bank Muscat leading in terms of profitability.