MUSCAT: Oman Flour Mills Company (OFM) is advancing its initiatives to support food security in the Sultanate of Oman by promoting self-sufficiency in key commodities.
Haitham bin Mohammed al Fannah, CEO of Oman Flour Mills, said the company continues to prioritise food security by expanding its storage and logistics capabilities. As part of this strategy, OFM has acquired a 50,000-square-metre plot of land adjacent to its facilities and reinforced its presence at Port Sultan Qaboos through grain silos and unloading operations.
Al Fannah noted that the company’s lease at the port has been extended for another 50 years, underscoring its long-term commitment to Oman’s food security. Growth through mergers and acquisitions, he added, remains a cornerstone of OFM’s strategy, with two acquisition opportunities currently under evaluation in line with the group’s core businesses and five-year plan.
The CEO highlighted that OFM achieved significant progress in 2024, both financially and operationally, by successfully delivering key projects.
Audited financial statements for the year ending December 2024 showed strong results. Group revenues rose by 3.9 per cent to RO 128.8 million, while the cost of goods sold fell by 2.2 per cent, largely due to lower global commodity prices. This contributed to an improvement in the gross profit margin. The feed sector grew by 3.7 per cent, while the bakery and flour segment saw a slight decline.
At the company level, Oman Flour Mills recorded a 6.5 per cent increase in revenues, reaching RO 109.35 million compared to RO 102.68 million in 2023. Total sales volume grew from 616,000 tonnes to 690,000 tonnes, and gross profit jumped by 68.8 per cent to RO 18.63 million.
Stronger cost management and lower commodity prices helped reduce the cost of goods sold by 1 per cent, boosting the gross profit margin by 67 per cent. — ONA
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