MSM-listed firms post RO 700m profits

MUSCAT: The 2018 results of 105 MSM listed companies pointed out that they have posted 23 per cent growth in profits in 2018 compared to 2017.
Seventy-eight per cent of the companies that announced their financial results posted more than RO 700 million profits compared to RO 630 million in 2017.
Sector-wise, 89 per cent of the financial sector companies achieved profits in their announced results for 2018 compared to 87 per cent for the service sector companies and 71 per cent for the industry sector companies.
Sixty-two companies achieved growth in their financial results last year including 53 companies that posted growth in profits and 9 companies that managed to reduce their losses.
It should be noted that the initial results disclosure compliance by MSM listed companies now stands at 98 per cent.
Meanwhile, MSM30 closed the week down by 1.34 per cent at 4,180.14. All sub-indices ended down led by the Services Index (-2.77 per cent) then the Industrial Index (-1.55 per cent) and the Financial Index (-1.07 per cent). The MSM Shariah Index also closed down by 2.73 per cent.
The initial annual results of 2018 indicate that 12 companies have been able to post net profit compared with their net loss for 2017, an incremental addition of RO 77.1 million.
Five companies were in the Services sector including Renaissance Services and Dhofar Tourism, four companies in the Financial sector including Al Izz Islamic Bank and Dhofar Insurance and, three in the Industrial Sector including Galfar Engineering and Contracting. Renaissance Services posted a net profit of RO 6.7 million versus net loss of RO 44.48 million for 2017 largely due to better operating profits.