Oman News Agency
Net profits of publicly-listed companies on the Muscat Stock Exchange (MSX) rose 53 percent to OMR1.3 billion ($3.4 billion) in 2024, compared to OMR877 million in 2023, according to a news report.
Of the 90 listed companies, 69 reported profits in 2024, up from 68 in the previous year, Oman Daily Observer reported.
Despite the number of loss-making companies increasing to 21, from 20 in 2023, total losses narrowed to OMR38.1 million, from OMR50.6 million the year before, the report said.
OQ Exploration and Production was the most profitable, with earnings of OMR327 million, followed by Bank Muscat at OMR226 million and Bank Sohar International at OMR100 million.
Omantel ranked fourth with a net profit of OMR69 million, while National Bank of Oman secured the fifth position with earnings of OMR63 million.
SMN Power Holding swing to profit of OMR4.5 million last year, against a net loss of OMR26.4 million in 2023. Likewise, Sohar Power Company rebounded strongly, recording OMR22 million in net profit, compared to a net loss of OMR5.1 million in 2023.
Six companies turned to losses in 2024.
Liva Group posted an OMR5 million loss from earnings OMR6.3 million in 2023, while Oman Refreshments moved into the red, recording losses of OMR1.5 million.
