Muscat: Preliminary financial results show robust profit growth across multiple sectors, driven by economic recovery, stronger domestic demand, and diversified export strategies. A total of 76 companies reported profits, with OQ Exploration and Production leading the pack with earnings of RO 166 million, followed by Bank Muscat (RO 125.8 million) and Bank Sohar International (RO 46.2 million).

Other top performers included Omantel (RO 35.1 million), National Bank of Oman (RO 34 million), and OQ Gas Networks (RO 25.4 million).

Despite the overall strong showing, 17 companies posted losses totaling RO 8.6 million, a slight increase from RO 8 million last year. Raysut Cement reported the highest losses at RO 2.9 million, followed by Oman Fisheries (RO 1.1 million) and Fincorp Financial Center (RO 928,000).

Financial sector net profits surged by 25.7%, reaching RO 345.1 million, buoyed by strong banking performance. Bank profits rose to RO 275.9 million, while the insurance sector saw improved results, with Liva Group and Takaful Oman returning to profitability.

The energy and water sector showed a 46.3% increase in net profits, reaching RO 73.6 million, largely due to turnaround performances by Sohar Power and Barka Water & Power. Oil marketing firms also performed well, with total sector profits climbing to RO 9.6 million.

Telecommunications sector saw a decline in net profits to RO 38.7 million, down from RO 43.8 million last year. Locally, Omantel reported a dip to RO 35.1 million, while Ooredoo dropped to RO 3.6 million. However, Omantel Group’s consolidated net profit, driven by its stake in Zain Kuwait, rose from RO 110.2 million to RO 161.1 million.

Industrial companies posted RO 64.4 million in net profits, nearly doubling last year’s RO 32.8 million. OQ Basic Industries led the sector with RO 22.7 million, followed by Oman Cables and Voltamp Energy. The number of loss-making industrial firms dropped to 8, down from 10 in the previous year.