MUSCAT: The net profits of public joint stock companies listed on the Muscat Stock Exchange (MSX) in the first quarter of the current year rose to RO 212.7 million, compared to RO 187.3 million in the same period last year, recording a growth of 13.5 per cent.
The preliminary financial data announced by the companies on the Muscat Stock Exchange website showed an improvement in the financial results of most companies. Five companies moved from losses to profits, while five other companies moved from profits to losses. The losses recorded in the first quarter of the current year decreased to RO 17.8 million, compared to losses of RO 19.3 million in the same period last year.
Most leading companies announced their preliminary financial results, except for Omantel, which awaits financial results from Zain Group of Kuwait. The financial results announced until the end of last week showed that 67 companies recorded profits during the first quarter of the current year, while 24 companies recorded losses.
The profitable companies were distributed across various sectors, with 25 companies in the financial sector, 21 companies in the services sector, 18 companies in the industrial sector, and 3 funds recording profits.
On the other hand, the losses were concentrated in the industrial sector with 12 companies, followed by the services sector with 7 companies, and the financial sector with 5 companies.
Bank Muscat recorded the highest profits at RO 54.2 million, leading public joint stock companies in net profits. Sohar Bank International came second with RO 25.1 million, and National Bank of Oman (NBO) ranked third with RO 15.4 million. OQ Gas Networks ranked fourth with RO 13.6 million, and Bank Dhofar ranked fifth with RO 10.8 million.
The banks listed on the Muscat Stock Exchange managed to increase their net profits in the first quarter of the current year to RO 124.5 million, compared to RO 106.3 million in the same period last year, registering a 17 per cent increase. All banks recorded growth in their profits, with Bank Muscat leading in profits, followed by Sohar Bank International in second place, National Bank of Oman in third place, Bank Dhofar in fourth, and ahlibank in fifth with profits of RO 8.6 million. Oman Arab Bank ranked sixth with RO 6.4 million, and Bank Nizwa seventh with RO 3.8 million.
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