MUSCAT: Public joint-stock companies listed on the Muscat Stock Exchange (MSX) recorded a remarkable 52.6% increase in net profits in 2024, reaching RO 1.339 billion compared to RO 877.3 million in 2023. This surge was driven by strong performances across multiple sectors, particularly banking, industry, investment, services, and telecommunications. The listing of OQ Exploration and Production and OQ Base Industries in 2024 also contributed to the overall profit growth, while several energy companies successfully turned losses into profits.
According to preliminary financial results from around 90 publicly listed firms, 69 companies reported profits in 2024, up from 68 in the previous year. At the same time, total losses among public joint-stock firms dropped to RO 38.1 million, down from RO 50.6 million in 2023, despite the number of loss-making companies rising from 20 to 21.
OQ Exploration and Production topped the list of the most profitable companies, recording net earnings of RO 326.5 million, followed by Bank Muscat with RO 225.5 million and Bank Sohar International with RO 100.2 million. Omantel ranked fourth with domestic net profits of RO 69.4 million, while National Bank of Oman secured the fifth position with RO 63.1 million. Other top performers included OQ Gas Networks with RO 47.8 million, Bank Dhofar with RO 43.6 million, Ahli Bank with RO 41.6 million, Ominvest with RO 35.9 million, and Oman Arab Bank, which rounded out the top ten with RO 30.4 million in net profits.
Several companies experienced significant financial turnarounds, shifting from losses in 2023 to profits in 2024. Among them, SMN Power Holding made the most notable recovery, reporting RO 4.5 million in net profits compared to losses of RO 26.4 million the previous year. Similarly, Sohar Power Company rebounded strongly, recording RO 22 million in net profits after incurring losses of RO 5.1 million in 2023.
Conversely, six companies saw their financial performance decline, moving from profits in 2023 to losses in 2024. Liva Group posted a RO 5 million loss after earning RO 6.3 million in 2023, while Oman Refreshments also fell into the red, recording losses of RO 1.5 million. Galfar Engineering and Contracting suffered a RO 3.9 million loss, a significant drop from its RO 574,000 profit in 2023.
The overall financial performance of MSX-listed companies in 2024 highlights growing market confidence, sector-wide resilience, and the positive impact of strategic expansions and new listings. While some companies faced setbacks, the strong profit growth across key industries reflects a solid year for Oman’s capital markets. — ONA
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