BUSINESS REPORTER
MUSCAT, MAY 7
Publicly traded companies listed on the Muscat Stock Exchange (MSX) posted a combined net profit of RO 223.1 million in Q1 2022, up from RO 210.1 million for the corresponding quarter of 2021, registering a growth of 6.2 per cent.
The financial results of 97 public joint stock companies announced their preliminary financial results as of the start of May 2022. The results show that 71 companies achieved profits while 26 firms recorded losses.
Of the 71 profit-making firms, 41 companies posted a rise in their profits, while 23 others saw earnings decline. Seven were able to switch from losses to profits.
The financial sector was the leading gainer, with a combined net profit of RO 122.3 million this year, against RO 112.1 million in the same period last year.
The services sector achieved a combined net profit of RO 87.8 million this year, up from RO 78.1 million in Q1 2021.
The industrial sector recorded a combined net profit of RO 12.6 million, down from RO 17.8 million for the corresponding period of 2021, a decline of 29.2 per cent.
Losses recorded by the sector rose to RO 6.6 million, up from RO 2.6 million in first quarter of 2021. — ONA
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