Muscat: The surge comes on the back of strong showings from energy companies, particularly following the 2024 listings of OQ Exploration and Production and OQ Basic Industries, as well as improved results across key sectors like banking, industry, investments, services, and telecommunications.
A total of 69 companies reported profits in 2024, up from 68 in 2023, excluding unlisted firms and investment funds. Notably, OQ Exploration and Production led the earnings chart with RO 326.5 million, followed by Bank Muscat (RO 225.5 million) and Bank Sohar International (RO 100.2 million).
Top 10 earners:
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- Omantel – RO 69.4 million
- National Bank of Oman – RO 63.1 million
- OQ Gas Networks – RO 47.8 million
- Bank Dhofar – RO 43.6 million
- Ahli Bank – RO 41.6 million
- Ominvest – RO 35.9 million
- Oman Arab Bank – RO 30.4 million
Losses across listed companies declined to RO 38.1 million, down from RO 50.6 million in 2023. However, the number of companies recording losses rose slightly to 21, up from 20 in the previous year.
Five companies turned their fortunes around, including:
- SMN Power Holding, with profits of RO 4.5 million after a RO 26.4 million loss in 2023
- Sohar Power Company, which swung to RO 22 million in profit from RO 5.1 million in losses
Six companies fell into the red, notably:
- Leva Group, which posted a loss of RO 5 million after earning RO 6.3 million in 2023
- Oman Refreshments, with RO 2.7 million in losses
- Galfar Engineering and Contracting, with RO 3.9 million in losses
