MUSCAT: The MSX30 index ended the week higher by 1.84 per cent. The Financial index ended the week up by 1.69 per cent, the Services index also ended the week higher by 2.48 per cent. The Industrial index closed higher by 2.23 per cent. The MSX Shariah index closed also up by 1.21 per cent.
GCC and foreign investors bought $3.3 million worth of stocks on the bourse, while Omanis and Arabs were net sellers.
During the week, Al Maha Petroleum Marketing Company announced that it has signed an agreement with the Port of Duqm to provide bunkering services for marine vessels.
As part of Oman’s Vision 2040 to diversify the economy, including marine and logistics services, this agreement is also the fulfilment of a long-term vision for Al Maha to be a refueling service provider to all industries in Oman.
Al Maha Ceramics announced on MSX during the week, in reference to Sales and Purchase agreement between Al Maha and Al Hael Ceramics Company LLC that was made on May 30, 2022 on MSX, that the acquisition of a 45-per cent stake in Al Hael Ceramics has now been completed.
Al Maha will manage and operate Al Hael factory for the next 5 years as per the management agreement. Al Hael’s factory is one of the largest in the Middle East, which is equipped with the latest Italian technologies in tiles manufacturer from SACMI.
Acquiring 45 per cent stake in Al Hael Ceramics at a consideration of $5.4 million is one of Al Maha Ceramics strategic moves to increase its production capacity and thus its future sales.
Al Maha Ceramics has a production of 6m sqm and Al Hael Ceramics has a production capacity of 18m sqm.
A number of companies have been hosting Investor & Analyst Calls to discuss 1H22 financial results. This has provided an opportunity to investors as well as analysts to find out about the company’s performance and future plans through direct interaction with the senior management of the companies.
The total number of vehicles registered in Oman stood at 1.576 million in July 2022, representing an increase over June 2022 registered vehicles at 1.752 million, according to the National Centre for Statistics and Information.
Private vehicles topped the list of vehicles registered at 1.252 million, followed by 0.235 million commercial vehicles and 0.028 million taxis. The number of vehicles with temporary registration increased to 7.003 in July 2022 compared to 7,152 vehicles in June 2022.
OQ, the integrated energy group of the Sultanate of Oman, posted a 62-per cent jump in consolidated during 2021, which surged to $22.768 billion, compared to $14.006 billion a year earlier.
The state-owned energy conglomerate – part of Oman Investment Authority – posted a net profit of $1.818 billion for the year, compared to a net loss of $4.460 billion in 2020.
OQ Group Chairman Mulham Basheer al Jarf described the group’s performance in 2021 as “exceptional”, driven primarily by the “improved market environment, as well as strong operational performance across the business”.
The aggregate volume of agricultural, livestock and fisheries production increased rapidly from 2015 to 2021 at an average growth rate of 8.1 per cent in Oman. Total output aggregated 4.6 million tonnes in 2021.
According to the annual report of the Ministry of Agriculture, Fisheries and Water Resources, the agriculture and fisheries sectors contributed 2.5 per cent to the country’s Gross Domestic Product (GDP) last year. The data also indicated an increase in the value of exports and imports from the end of the eighth Five-Year Plan (2015) until the end of last year.
Total agricultural and fishery exports last year amounted to RO 305 million, compared to RO 270 million in 2015, while imports amounted to RO 991 million, compared to RO 847 million in 2015.
[Courtesy: U-Capital]
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