Muscat: According to preliminary financial results analysed by the Oman News Agency, the number of companies recording profits also increased to 70 companies, up from 64 companies in the first quarter of 2025.

The results reflected improving economic conditions in Oman, supported by increased government spending, faster implementation of economic projects, and a stronger investment climate across sectors.

OQ Exploration and Production emerged as the highest profit-making company during the quarter, recording net profits of RO 71.8 million. Bank Muscat followed with RO 63.9 million, while Omantel secured third place with local net profits of RO 30.4 million. Bank Sohar International posted profits of RO 26.1 million, while National Bank of Oman recorded RO 19.4 million.

Banks listed on the exchange delivered a particularly strong performance during the first quarter, with combined net profits reaching RO 144.3 million, accounting for 35.4 percent of total market profits.

Other sectors also showed positive growth. Companies under the OQ Group listed on the exchange recorded net profits of RO 106.7 million compared to RO 105.1 million in the same period last year. Oil marketing companies witnessed a significant 132 percent rise in profits, increasing from RO 3.1 million to more than RO 7.2 million, while finance companies saw profits edge up from RO 6.5 million to RO 6.7 million.

Financial brokerage firms also reported improved performance, with companies such as the Financial Center and Financial Services moving from losses into profitability. International Financial Investments posted net profits of RO 6.2 million compared to RO 2.5 million during the same period last year.

However, total losses recorded by listed firms rose sharply to RO 67.4 million, compared to RO 21.7 million in the first quarter of 2025, largely due to losses reported by energy firms. Al Suwadi Power recorded losses of RO 26.8 million, while Al Batinah Power posted losses of RO 26 million.

The companies attributed the losses to routine maintenance operations ahead of the summer season and impairment assessments linked to newly signed power purchase agreements. Al Suwadi Power recorded an asset impairment of RO 29.7 million, while Al Batinah Power reported an impairment of RO 29.1 million. Both firms noted that excluding the impairment impact, operational performance had improved overall.

Despite the rise in total losses, the number of companies reporting losses declined to 21 companies from 25 companies a year earlier.

The preliminary results also showed that eight companies moved from losses to profits, including Galfar Engineering and Contracting, Raysut Cement, National Real Estate Development and Financial Services Company. Meanwhile, three companies shifted from profits to losses, including Salalah Port Services, Oman Chlorine and Arab Falcon Insurance Company.