OQ reports strong 2024 results, net profit rises to OMR1.2bn
Muscat: OQ announced a net profit of OMR1.2 billion (USD 3 billion) in its 2024 standalone financials, attributed to strong overall business performance and strategic divestments of certain assets.
OQ's strong liquidity position enables further investment in growth initiatives across the energy value chain, aligned with its energy transition strategy, while also ensuring dividend distribution to its shareholder.
OQ Group posted strong results for 2024, achieving record Revenue of OMR15 billion (USD 40 billion) and OMR1.1 billion (USD 2.9 billion) in Consolidated Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) and OMR513 million (USD 1.3 billion) in Consolidated Net Profit.
These notable results reflect OQ's disciplined portfolio management and its strategic vision to create sustainable value for its stakeholders.
Mulham Al Jarf, Chairman of OQ, underscored the company's steadfast dedication to advancing its strategic vision, with 2024 representing a pivotal milestone in this ongoing journey. Central to this progress has been the execution of its divestment strategy, designed to optimise its asset portfolio and elevate operational efficiency. In parallel, OQ has been proactively spearheading a series of renewable energy initiatives, aligning with global sustainability imperatives and expanding the diversity of its energy portfolio.
Additionally, OQ has laid the foundation stone for its strategic fuel reserves in the Musandam and Dhofar governorates, positioning itself for long-term stability. A defining moment of 2024 was the historic inauguration of OQ8, marking another significant achievement in OQ's trajectory.
Ashraf Al-Mamari, Group CEO of OQ, stated: 'Achieving these results in 2024 is a direct outcome of well-defined strategies focused on continually enhancing both operational and financial efficiency, even in the face of global challenges. This has strengthened our leadership position in Oman and the region, enabling us to turn challenges into opportunities, while delivering outstanding financial results.'
On financial resilience, Al-Mamari added: 'Our results not only demonstrate robust financial performance but are also driven by the implementation of our new operating model and highlight our consistent attention to long-term financial sustainability. Our targeted strategies focus on optimising resource allocation and maximising operational efficiency. This is further underscored by our rigorous approach to transparency, effective cost control, and disciplined capital management—core tenets of our financial strategy.'
Al-Mamari further highlighted OQ's commitment to local content: 'Guided by our strong belief that investing in people and communities is central to our strategy, OQ Group has spent OMR 346 million (USD 900 million) locally in 2024.'
'As for social investment, it remains a cornerstone of our approach with social investment projects targeting key themes all over the Sultanate of Oman. These include two major projects in Duqm and Ibri, aimed at establishing an emergency healthcare facility and a centre for science and innovation', he added.
In terms of national workforce development, Al-Mamari highlighted: 'OQ's Omanisation rate has reached 85%, with more than 240 graduates joining the 11th cohort of the OQ Graduate Development Programme. We also trained over 890 trainees from various educational institutions, further investing in Omani talent and reinforcing our commitment to building a sustainable workforce.'
On health, safety, and environmental performance, Al-Mamari said: 'Our commitment to maintaining the highest health, safety, and environmental standards is reflected in over 34 million safe man-hours and a 64% reduction in workplace injuries. For the second consecutive year, we recorded zero fatalities, demonstrating our resolute focus on providing a safe and healthy work environment for our employees.'
OQ Group's remarkable achievements in 2024 underpins its dedication to sustainable growth and the ongoing evolution of the energy sector. As the group continues to lead this critical industry, it remains laser-focused on driving its vision forward, transforming strategy into action and delivering tangible, lasting impact. These efforts are primed to position Oman as a powerhouse in global sustainable energy, empowering it to meet ambitious energy targets.
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