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The net profits of public joint-stock companies listed on the Muscat Stock Exchange (MSX) surged to approximately 1.2 billion Omani Rials (OMR) during the first half of this year, compared to 949.8 million OMR in the corresponding period last year, marking a robust 26 percent growth.

Preliminary financial results revealed a set of positive indicators, driven by companies' strategic efforts to enhance operational efficiency, rationalize costs, diversify products and services, and boost productivity. The corporate sector also capitalized on increased government spending, higher average prices for Oman crude oil, and a broader economic upturn. These factors collectively fostered a highly supportive financial and macroeconomic environment for banks, as well as financial, industrial, and service sector enterprises.

The first half of the year witnessed an increase in the number of profitable companies, reaching 82 compared to 80 in H1 of the previous year. Conversely, the number of loss-making companies declined from 14 to 12. Eight companies successfully transitioned from losses to profitability, while six moved in the opposite direction, and another six reported losses across both periods.

Omantel and OQEP Lead Profitability

Omantel Group led the market in terms of total profit volume, with its net profits soaring by 73.5 percent to 292.7 million OMR in H1, up from 168.7 million OMR last year. The telecom giant attributed this significant surge to robust revenue growth in its core operating markets and higher investment income from Zain Group. Omantel noted that the net profit attributable to the company's shareholders rose from 36.6 million OMR to 58.6 million OMR.

OQ Exploration and Production (OQEP) secured the second spot, posting a net profit of 199 million OMR, a 19.4 percent increase from the 166.6 million OMR recorded in the same period last year. The company stated that it has been executing a growth strategy since the beginning of the year, anchored in exploration successes, optimized commercial terms, disciplined project execution, and measured portfolio expansion. These initiatives are designed to sustainably enhance production, cash flows, and overall portfolio resilience.