MUSCAT: OQ SAOC announced a net profit of RO 1.2 billion ($3 billion) in its 2024 standalone financials, attributed to strong overall business performance and strategic divestments of certain assets.
OQ SAOC’s strong liquidity position enables further investment in growth initiatives across the energy value chain, aligned with its energy transition strategy, while also ensuring dividend distribution to its shareholders.
OQ Group posted strong results for 2024, achieving record revenue of RO 15 billion ($40 billion) and RO 1.1 billion ($2.9 billion) in consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) and RO 513 million ($1.3 billion) in consolidated net profit.
These notable results reflect OQ’s disciplined portfolio management and its strategic vision to create sustainable value for its stakeholders.
Mulham al Jarf, Chairman of OQ, underscored the company’s steadfast dedication to advancing its strategic vision, with 2024 representing a pivotal milestone in this ongoing journey. Central to this progress has been the execution of its divestment strategy, designed to optimise its asset portfolio and elevate operational efficiency. In parallel, OQ has been proactively spearheading a series of renewable energy initiatives, aligning with global sustainability imperatives and expanding the diversity of its energy portfolio.
Additionally, OQ has laid the foundation stone for its strategic fuel reserves in Musandam and Dhofar governorates, positioning itself for long-term stability. A defining moment of 2024 was the historic inauguration of OQ8, marking another significant achievement in OQ’s trajectory.
Ashraf al Mamari, Group CEO of OQ, stated: “Achieving these results in 2024 is a direct outcome of well-defined strategies focused on continually enhancing both operational and financial efficiency, even in the face of global challenges. This has strengthened our leadership position in Oman and the region, enabling us to turn challenges into opportunities, while delivering outstanding financial results.”
On financial resilience, Al Mamari added: “Our results not only demonstrate robust financial performance, but are also driven by the implementation of our new operating model and highlight our consistent attention to long-term financial sustainability. Our targeted strategies focus on optimising resource allocation and maximising operational efficiency. This is further underscored by our rigorous approach to transparency, effective cost control and disciplined capital management - core tenets of our financial strategy.”
Al Mamari further highlighted OQ’s commitment to local content: “Guided by our strong belief that investing in people and communities is central to our strategy, OQ Group has spent RO 346 million ($900 million) locally in 2024.”
“As for social investment, it remains a cornerstone of our approach with social investment projects targeting key themes all over the Sultanate of Oman. These include two major projects in Duqm and Ibri, aimed at establishing an emergency healthcare facility and a centre for science and innovation,” he added.
In terms of national workforce development, Al Mamari highlighted: “OQ’s Omanisation rate has reached 85 per cent, with more than 240 graduates joining the 11th cohort of the OQ Graduate Development Programme. We also trained over 890 trainees from various educational institutions, further investing in Omani talent and reinforcing our commitment to building a sustainable workforce.” — ONA
Strong business performance gives OQ RO 1.2 billion net profit in 2024
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