MUSCAT: The combined net profit of MSX-listed companies grew by about 13% YoY during 1H2023 to about RO 369.7 million, according to Ubhar Capital, well-known Omani investment services firm.
On a sector basis, the Financial Sector showed a solid YoY growth of about 14% while the Industrial Sector posted a 96%YoY growth in combined net profits of the companies compared to 1H22 and supported the combined net profit of the stock market.
The Industrial sector performance was led by Electrical & Mechanical sub-sector performance (+140% YoY) and partial recovery in losses in the Cement (+213% YoY) and Mining (+81% YoY) subsectors. the Industrial sub-sector’s performance was partially weighed down by significant drop in combined profits of Food & Beverage sub-sector (-41%YoY).
The Services sector, saw a drop of 1.8%YoY in its combined net profit, led by Telecom sub-sector and Oil & Gas marketing subsector. Omantel, among a few other companies, are yet to report their 1H23 results. These companies have also been excluded from the 1H22 results as well for a like-to-like comparison.
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