Saturday 29 / August / 2026
Muscat: Net profits of public shareholding companies listed on the Muscat Stock Exchange (MSX) rose by a hefty 26% to about OMR1.2 billion in the first half of this year compared to OMR949.8 million in the same period last year.
The initial financial results announced by public shareholding companies indicated the achievement of a number of positive figures, benefiting from the companies’ trend towards raising their operational efficiency, controlling costs, diversifying their products and services, and improving productivity.
The companies also benefited from increased government spending, the rise in the average price of Omani oil, and the improvement in economic activity, which provided a supportive economic and financial environment for the activities of banks, financial and industrial companies, and companies operating in the services sector.
The first half of this year saw an increase in the number of companies that recorded profits to 82 companies, compared to 80 companies that recorded profits in the first half of last year, while the number of companies that recorded losses decreased from 14 companies to 12 companies. Eight companies were able to move from losses to profits, compared to six companies that moved from profits to losses, and six other companies recorded losses in both periods.
Omantel Group topped the list of companies with the highest profits, with the group's profits in the first half of this year rising to OMR292.7 million compared to OMR168.7 riyals in the first half of last year, registering a growth of 73.5 percent. Omantel said that this rise is due to the increase in the group's revenues in the main operating markets and the increase in investment income from the Zain Group, noting that the net profit attributable to the company's shareholders rose from OMR36.6 million to OMR58.6 million Omani riyals.
OQ Exploration and Production (OQEP) came in second with net profits of OMR199 in the first half of this year compared to OMR166.6 million in the same period last year, registering a growth of 19.4 percent. The company said that since the beginning of this year it has been working on implementing a growth strategy that focuses on exploration successes, improving commercial terms, discipline in project implementation, and a well-considered expansion of the asset portfolio that enhances production, cash flows, and portfolio sustainability.
Bank Muscat came in third with profits of around OMR137.5 million in the first half of this year compared to OMR125.8 million Omani riyals in the first half of last year. The bank said that its financial performance comes at a time when the bank is working to implement its long-term strategic priorities, focusing on strengthening its core business, investing in technology and innovation, expanding its strategic partnerships, and supporting vital sectors of the national economy in line with the objectives of the “Oman 2040” vision.
Oman India Fertiliser Company (Omifco), which was listed on the Muscat Stock Exchange in July, came in fourth with net profits of OMR80.2 million in the first half of this year compared to about OMR54.2 million in the same period last year. Bank Sohar International came in fifth, with net profits OMR53 million compared to OMR46.1 million in the same period in 2025.
In contrast, the first half of this year saw a decrease in the number of companies that recorded losses to 12 companies, compared to 14 companies in the first half of last year. However, the recorded losses increased from OMR7 million to OMR37.8 million. The losses of Al Suwadi Power and Al Batinah Power, amounting to OMR34.4 million, representing 90.8 percent of the total recorded losses. The two companies stated that these losses are due to the assessment of the impairment resulting from the signing of a new power purchase agreement according to the mutually agreed commercial terms.
Apart from this, the two companies recorded good performance at the financial and operational levels, according to the reports submitted by the two companies to their shareholders. Al Suwadi Power had recorded profits exceeding OMR8 million in the first half of last year, while the net profits of Al Batinah Power amounted to OMR7.3 million.
The first half of this year saw 8 companies turn from losses to profits, most notably Raysut Cement, which recorded net profits of 2.7 million Omani riyals, Dhofar Tourism, which recorded profits of 793 thousand Omani riyals, and National Real Estate Development, which recorded net profits of 379 thousand Omani riyals. The list of companies that moved from losses to profits also included: Financial Services, Fincorp, Al Batinah Development and Investment, National Gas, and Building Materials Industry.
The financial results recorded by public shareholding companies were reflected in the trading volumes and values and share prices on the Muscat Stock Exchange, with the first half of this year witnessing trades worth OMR6.9 billion compared to OMR917.2 million in the same period last year.
Many shares witnessed a remarkable rise that was reflected in the main index of the Muscat Stock Exchange, the sectoral indices and the market capitalisation, which rose by the end of last June to OMR36.7 billion compared to OMR28.2 billion in June of last year, recording growth of about 30 percent.
