Muscat: Key performers drove the surge, with OQ Basic Industries making the most dramatic turnaround, moving from a loss of RO 3.38 million in Q2 2024 to profits of RO 9.95 million this year. Al Jazeera Steel posted a 168% rise in profits, reaching RO 2.05 million, while Voltamp Energy doubled its earnings to RO 2.69 million. Oman Refreshments Company shocked markets with an 822% leap to RO 1.23 million, and Oman Flour Mills maintained steady growth with a 23% increase.

Not all companies fared well. Oman Cement Company saw profits fall 32% to RO 1.76 million, and Majan Glass Company deepened its losses to RO 0.39 million. However, firms like Dhofar Food and Investment and Raysut Cement reduced their losses, showing early signs of recovery.

Eng. Khalid bin Salim Al Qasabi, Director General of Industry at the Ministry of Commerce, Industry and Investment Promotion, said the results reflect the “strength and resilience” of Omani industries and emphasized the need to support innovation, encourage mergers, and enhance competitiveness, particularly in struggling sectors like cement and glass.

Echoing this, Eng. Jassim bin Saif Al Jadidi, Technical Director at the Office of the Undersecretary for Commerce and Industry, said Oman’s industrial sector is undergoing a “positive transformation,” powered by basic industries, energy, and consumer goods.