Printing, packaging firms optimistic this year

MUSCAT: A number of printing and packaging companies said in their annual reports that they are optimistic about performing better this year; thanks to the recovery of oil prices and the economic diversification efforts by the government. The MSM listed Computer Stationary Industry company said that the last increase in oil price and the economic diversification plan provided the industrial sector with the opportunity to grow. It expected that this economic growth will enhance the company performance during this year. Oman Packing Co hailed the growth witnessed by the industrial sector and expected that this growth will enhance the Sultanate’s economic diversification plan.
The companies said that they have implemented a number of initiatives that enable them to get bigger share in the local and export markets. Such economic movement is still going slowly despite the recovery of oil prices since the second half of 2017. They pointed out that there is a stagnation in demand in many sectors. The companies operating in the sector are witnessing strong competition from the Gulf companies that export its products to the Sultanate. Some local companies print their works outside the Sultanate which affected the Omani companies operating in the sector. — ONA