MUSCAT : Revenue growth was even more impressive, climbing 8.7% to RO 313.5 million from RO 288.4 million the previous year. This uptick reflects the sector’s robust performance amid Oman’s ongoing economic development.
The energy sector’s positive outlook is fueled by Oman’s ambitious Tenth Five-Year Development Plan and the Oman Vision 2040. These initiatives focus on enhancing the role of the private sector, increasing job opportunities, and advancing digital transformation. Energy companies are committed to improving their financial performance by adhering to stringent local health, safety, and environmental regulations.
Sembcorp Salalah emerged as the top performer, boasting a 7.6% profit increase to RO 11.3 million. The company’s revenue also grew by 5.1%, highlighting its robust operational efficiency. Sembcorp aims to sustain these gains by navigating global inflation and interest rates effectively.
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Phoenix Energy reported a 2% profit rise to RO 10.3 million. With a 5.9% revenue increase, the company remains optimistic about Oman’s economic future and its own financial targets for 2024.
Al Suwadi Energy saw a 10.6% profit increase to RO 7.7 million, while Al Batinah Power achieved a 12% profit rise, reaching RO 7.3 million. Both companies are committed to maintaining high operational standards and financial performance.
Dhofar Power Generation’s profits surged 38.7% to RO 1.7 million, driven by increased demand. Meanwhile, Musandam Power Company’s profits grew by 15% to RO 1 million despite a slight revenue dip.
Muscat Desalination City and Barka Water Desalination both reported profit increases, although revenues at Muscat Desalination City saw a slight decline. Eastern Desalination Company faced a 30% profit drop but remains focused on strong governance and internal controls.
SMN Power Holding experienced a notable profit drop of 43.5%, while Barka Water and Power saw a profit decrease of 11.8%. Both companies are focusing on maintaining safety and reliability.
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