Oman makes steady progress across key listed sectors
The industrial sector exhibited commendable resilience with significant gains in construction and stable manufacturing performance, despite some companies facing cost pressures.
The energy sector showed mixed results, with Sohar Power's return to production offset by lower revenue at SMN Power, following new PPA and WPA agreements. Meanwhile, the oil and gas segment faced challenges from global market volatility despite some companies achieving significant growth, while the tourism sector showed modest gains but continued to struggle with market competition and oversupply.
The financial sector in Oman demonstrated robust growth throughout the first half of 2025, primarily driven by the strong performance of the banking industry and increased lending volumes. Bank Muscat maintained its leadership, posting a 12% profit increase to RO 126 million.
In contrast, Sohar International was the only bank to record a decline, with profits falling 8% below the same period last year to RO 46 million, indicating challenges from increased operational costs and impairment provisions.
Meanwhile, the other listed banks reported net profit increases ranging from 10% to 15%. The insurance sector experienced a strong recovery, notably led by Liva Group, which recorded a profit of RO 9m compared to a RO 16 million loss, following the 2024 insurance losses from storms in the UAE.
Takaful Oman also achieved a significant recovery, turning a prior loss of RO 102k into a profit of RO 1.2 million.
Leasing companies sustained modest but reliable progress in profitability. The industrial sector demonstrated commendable resilience compared to the previous year, with notable growth primarily driven by the construction segment.
Raysut Cement, despite ongoing challenges and fair value losses on assets, made progress in mitigating financial losses, narrowing its loss to RO 2.9 million from RO 4.6 million.
In contrast, Jazeera Steel saw a significant 60% surge in profit, reaching RO 4 million, propelled by increased demand for steel products. Within the manufacturing subsector, performance remained stable.
Dhofar Foods and Investments achieved a remarkable turnaround, posting a profit of RO 239k after a loss of RO 1.5 million in the prior year.
Similarly, Oman Refreshments successfully reversed its previous year's loss of RO 1.4 million, achieving a profitability of RO 1.1 million due to increased revenue.
Voltamp Energy experienced a substantial increase in profit, rising to RO 6.7 million from RO 2 million, reflecting its strong market position in energy equipment manufacturing.
Oman Cables and Oman Flour Mills continued to achieve high profitability, reinforcing their vital role in strengthening the manufacturing sector's resilience and growth.
The service sector, encompassing energy, oil and gas, tourism, and diversified industries, recorded an overall gain of 4% in the first half of 2025.
2025 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
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