Oman: OQBI reports $33mln Q1 profit on strong revenue growth
MUSCAT: OQ Base Industries (OQBI) posted a robust 70.6% surge in net profit for the first quarter of 2025, reaching RO 12.8 million, up from RO 7.5 million in the same period last year.
According to the company's unaudited financial results, the impressive performance was driven by a revenue increase of RO 9.2 million and a RO 3.3 million reduction in financing costs. These gains were partially offset by a rise in natural gas costs (RO 1.5 million), a RO 4.6 million provision for hypothetical gas, a RO 800,000 increase in operating expenses, and a RO 300,000 drop in financing income.
CEO Khalid bin Khalfan al Asmi stated that adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 17.3% to RO 24.7 million, compared to RO 21 million in Q1 2024. The improvement was largely attributed to higher revenues, although partially offset by additional gas and operating expenses.
Group revenues reached RO 55.5 million during the quarter, marking a 19.9% rise from RO 46.3 million a year earlier. This increase was supported by stronger methanol prices, a 60.4% jump in ammonia sales volumes, and higher LPG sales, which added RO 3.1 million to the topline.
Khalid bin Khalfan al Asmi, OQBI CEO
Al Asmi highlighted the company's continued excellence in health, safety, security, and environmental performance. He noted that the methanol, LPG, and ammonia plants all received certifications for their environmental, health, safety, and quality management systems—underscoring OQBI's commitment to risk management and sustainability.
Operationally, OQBI recorded a 7.5% rise in total methanol and ammonia production, reaching 389,000 tons in Q1 2025, compared to 362,000 tons a year ago. This was driven by high plant utilization rates of 102% for methanol and 101% for ammonia. LPG production, however, dipped by 3.4% to 84,000 tons due to a slight reduction in plant utilization.
Al Asmi affirmed that OQ Base Industries exceeded its production targets for the quarter and is continuing on a strong growth trajectory. The company remains focused on operational efficiency, environmental stewardship, and delivering long-term value to shareholders while contributing to the national economy.
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