The MSM30 Index ended the week up by 1.41 per cent, supported by the Financial & Industrial index, which rose by 2.38 per cent and 2.04 per cent, respectively. The Services Index, however, declined by 0.35 per cent. The MSM Shariah Index was higher by 0.29 per cent.
ONEIC, in line with its strategic approach to enhance the electronic collection channels, has entered into an agreement with a government entity pertaining to the collection of some of its fees via electronic payment channels. It is expected that the agreement shall take effect during March 2021.
National Gas disclosed net loss of RO 130k for 2020 compared to profit of RO 114k earlier. 4Q20 net loss got revised to RO 363k compared to loss of RO 119k earlier. The loss was largely because of expected credit losses amounting to RO 167k in parent and RO 485.5k at group level, which were not considered during initial disclosures.
Oman Ceramic in its annual report announced that emerging market opportunities available in Qatar on account of Fifa 2022 are most likely to provide the Company with much needed impetus to both top and bottom line of the Company.
The company also announced that it is all set to increase its presence in the Pakistan market by expanding its presence in all geographical and market segments across the country during the year.
Al Maha Marketing announced that it has received a letter of intent for the supply of aviation fuel to Oman Air SAOC to the extent of 50 per cent of their total fuel requirement at Muscat International Airport for two years starting from March 1, 2021 to February 28, 2023.
Oman Oil Marketing disclosed that it has received a letter of intent to supply jet fuel to Oman Air at Muscat International Airport with a volumes of 50 per cent commencing March 1, 2021 for a period of 2 years.
The company further announced that it has signed a Memorandum of Understanding with Otaxi, Oman’s on demand transportation service, to provide more than 1800 Otaxi drivers with access to a range of exclusive benefits and features when refuelling and shopping at OOMCO service stations across the Sultanate.
Oman’s government is transferring its stake in one of the Middle East’s largest oil blocks to a newly-established energy firm as the cash-strapped Sultanate looks to use the asset to raise debt.
State-controlled Energy Development Oman will hold the country’s 60 per cent ownership of Block 6, according to a royal decree published last week. The stake is being moved from another government company, Petroleum Development Oman.
Oman recorded nearly 8 per cent year-on-year increase in the country’s budget deficit in January 2021, mainly due to reduced oil production and lower oil prices during the month. The Sultanate’s budget deficit widened to RO 370.8 million in the first month of this year against RO 344.4 million recorded in January 2020, an increase of 7.7 per cent, the Ministry of Finance said last week.
‘In January 2021, the state’s general budget recorded a decline in public spending and revenue, with an increase in deficit as compared to the same period of 2020’, the MoF said. (Courtesy: U-Capital)
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