MSX30 ended the previous week higher by 1.34 per cent. All sub-indices ended higher except industrial index. Services & Financial Index closed higher by 0.54 per cent and 1.57 per cent, respectively. Industrial index closed down by 0.39 per cent. MSX Shariah Index closed lower by 0.72 per cent.
Sohar International Bank SAOG has submitted a merger proposal to Bank Nizwa. A step conditional to the approval of the board of directors of the two banks, their shareholders and the regulatory authorities. If the two banks decide to go on with the deal, it will be the second of its kind between a conventional commercial bank and an Islamic bank in the Sultanate after last year's merger between Oman Arab Bank and Alizz Islamic Bank.
Al Kamil Power Company SAOG advises the Muscat Stock Exchange and the investors' community that the Board of Directors met last week. The Board of Directors discussed the business continuity of the company. As it was stated in the previous disclosures the company will not be granted PPA extension beyond the current PPA which expires by end of 2021 and the electricity spot market will not be economically feasible for the company. Therefore, pursuant to the provisions of the commercial companies law the Board of Directors will call for an Extraordinary General Meeting during the first quarter of year 2022 to pass a resolution relating to the liquidation of the company.
OQ Group, the global integrated energy group wholly owned by the Omani government, posted a net profit of $777 million for the first half of 2021. This compares with a net loss of $1.183 billion for the corresponding period of 2020, the company announced in its maiden mid-year report of its business performance. Total revenues surged to $10.043 billion during H1 2021, up from $7.195 billion for H1 2020, the company. The increase was fueled by, among other factors, resurgent prices of Oman Export Blend (OEB) crude, as well as an uptick in production activities across the group’s upstream and downstream businesses. Export earnings on a range of petrochemicals and other downstream commodities were also significantly higher.
The total number of vehicles registered in the Sultanate were at 1.549mn in October 2021, representing a small decline over the December 2020 registered vehicles at 1.557mn, according to the National Centre for Statistics and Information. Private vehicles topped the list of vehicles registered at 1.228mn, followed by 0.232mn commercial vehicles and 28,689 taxis. The number of vehicles with temporary registration reached 10,781 compared to 15,351 vehicles in December 2020.
Oman telecom sector data for YTD until October 2021 reveals that fixed line subscribers are down 1.9 per cent YTD while mobile subscribers are down 4.8 per cent. Within mobile, prepaid subscribers are down 9.7 per cent while postpaid are higher by 20.8 per cent. Active Mobile broadband subscribers were down 4.0 per cent YTD. Penetration levels are lower at the end of October 2021 as compared to December 2020, despite a drop in population.
According to secondary sources, total OPEC-13 crude oil production averaged 27.45 mb/d in October 2021, higher by 0.22 mb/d m-o-m. Crude oil output increased mainly in Saudi Arabia, Venezuela, the UAE, and Kuwait, while production in Nigeria, Gabon and Equatorial Guinea declined. The share of OPEC crude oil in total global production decreased by 0.3 pp to 28.1 per cent in October compared with the previous month. Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC NGLs and nonconventional oil, while estimates for OPEC crude production are based on secondary sources. [Courtesy: U-Capital]
Oman Observer is now on the WhatsApp channel. Click here
