Latest news with #OMR1.1
Zawya
14-04-2025
- Business
- Zawya
Oman: OQ reports strong 2024 results, net profit rises to $2bln
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. © Muscat Media Group Provided by SyndiGate Media Inc. (
Times of Oman
13-04-2025
- Business
- Times of Oman
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.
Zawya
07-04-2025
- Business
- Zawya
Oman: Infrastructure upgrade continues in Jabal Al Akdhar to promote tourism
Al Jabal Al Akdhar: Various development projects are being implemented in the Wilayat of Jabal Al Akhdar in the Governorate of Al Dakhiliyah, with the prime aim of upgrading the infrastructure and promoting the tourism and service sectors. Worth over OMR4.5 million, the projects include improving the road network, constructing recreational facilities and enhancing public services. Sheikh Hilal Said Al Hajri, Governor of Al Dakhiliyah affirmed that the projects and strategic plans in the Wilayat of Jabal Al Akhdar aim at boosting the role of the region as a promising tourist and investment destination. He explained that construction work of the ongoing projects is progressing steadily according to the schedule. The completion rate of the Green Mountain Park project has reached 25 percent, and its cost exceeds OMR1.1 million. The project aims to provide a modern recreational outlet for the visitors to the wilayat, with integrated facilities that keep pace with the aspirations of tourism development. He pointed out that the governorate pays great attention to enhancing the tourism sector, as the project to design and implement internal roads in Jabal Al Akhdar has been completed at a cost of OMR1.37 million to facilitate traffic movement within the wilayat. Work is also underway to implement internal roads at a cost of OMR1.4 million, with the completion rate exceeding 10 percent. He explained that improving the road network contributes to strengthening connectivity between different regions, facilitating the movement of residents and visitors, and supporting tourism and economic activities. He said that the dual carriageway project at the entrance to Jabal Al Akhdar State, which is nearing completion of the consultancy phase, includes the rehabilitation and development of the main entrance and updating engineering design standards to meet the needs of population growth and urban expansion. For his part, Sheikh Sultan bin Mansour Al Ghafili, Wali of Jabal Al Akhdar, said that the ambitious development projects currently being implemented in the Wilayat reflect the government's commitment to developing infrastructure and enhancing public services. These projects include improving the road network and establishing integrated recreational facilities, including the Wilayat Public Park project, which aims to provide a modern and enjoyable recreational space for all, raising the quality of life for citizens and enhancing the tourism experience. He added that the collaboration with the Governor's Office has significantly contributed to accelerating the implementation of these projects and providing them with the necessary support. He emphasised that these joint efforts will contribute to the development of the wilayat, ensuring sustainable development and the well-being of its residents. He explained to the Oman News Agency that there is a clear trend towards developing the infrastructure and stimulating investment in tourism facilities, in addition to organising cultural and heritage festivals that highlight the identity of the Green Mountain. He said that work is currently underway to establish the Green Mountain Park and implement the Celebrations and Festivals Square project, which is an integrated project that aims to provide an organised environment for entrepreneurs and owners of small and medium enterprises, as it includes all the necessary services to support commercial and tourism activities in the wilayat. Jagdeip Thakral, General Manager, dusitD2 Naseem Resort Jabal Akhdar, said: 'We are proud to be part of Jabal Akhdar's remarkable transformation. The region's thoughtful development is attracting a new generation of travellers seeking immersive, authentic experiences rooted in nature. As one of the leading resorts here, we are seeing firsthand how improved infrastructure and curated attractions are elevating Jabal Akhdar's profile, both internationally and locally. The momentum is tangible — and inspiring.' He added: 'At dusitD2 Naseem Resort, our focus has always been on delivering exceptional guest experiences that honour the area's cultural and ecological richness. This new wave of development aligns perfectly with our vision for sustainable luxury. We're not just witnessing change — we're actively shaping it, ensuring that growth goes hand in hand with preservation and purpose.' A leading hospitality industry expert commented: 'The ongoing development of Jabal Akhdar is a game-changer for Oman's luxury and eco-tourism landscape. This pristine mountain plateau is evolving into a world-class destination — one that successfully balances modern hospitality with environmental and cultural integrity. That balance is exactly what today's conscious travellers are looking for. 'With enhanced infrastructure, bespoke experiences, and sustainable tourism practices taking root, Jabal Akhdar is quickly emerging as a must-visit location in the Middle East. It's an ideal hub for wellness retreats, mountain escapes, and nature-based travel — all of which are growing sectors. The potential here is vast, and the momentum is only just beginning.' Work has also been ongoing since the beginning of this year to implement the Saih Qatna-Al Hail Road project, explaining that it is a strategic project that contributes to improving the internal road network and facilitating the movement of citizens and visitors. © Muscat Media Group Provided by SyndiGate Media Inc. (
Times of Oman
06-04-2025
- Business
- Times of Oman
Infrastructure upgrade continues in Jabal Al Akdhar to promote tourism
Al Jabal Al Akdhar: Various development projects are being implemented in the Wilayat of Jabal Al Akhdar in the Governorate of Al Dakhiliyah, with the prime aim of upgrading the infrastructure and promoting the tourism and service sectors. Worth over OMR4.5 million, the projects include improving the road network, constructing recreational facilities and enhancing public services. Sheikh Hilal Said Al Hajri, Governor of Al Dakhiliyah affirmed that the projects and strategic plans in the Wilayat of Jabal Al Akhdar aim at boosting the role of the region as a promising tourist and investment destination. He explained that construction work of the ongoing projects is progressing steadily according to the schedule. The completion rate of the Green Mountain Park project has reached 25 percent, and its cost exceeds OMR1.1 million. The project aims to provide a modern recreational outlet for the visitors to the wilayat, with integrated facilities that keep pace with the aspirations of tourism development. He pointed out that the governorate pays great attention to enhancing the tourism sector, as the project to design and implement internal roads in Jabal Al Akhdar has been completed at a cost of OMR1.37 million to facilitate traffic movement within the wilayat. Work is also underway to implement internal roads at a cost of OMR1.4 million, with the completion rate exceeding 10 percent. He explained that improving the road network contributes to strengthening connectivity between different regions, facilitating the movement of residents and visitors, and supporting tourism and economic activities. He said that the dual carriageway project at the entrance to Jabal Al Akhdar State, which is nearing completion of the consultancy phase, includes the rehabilitation and development of the main entrance and updating engineering design standards to meet the needs of population growth and urban expansion. For his part, Sheikh Sultan bin Mansour Al Ghafili, Wali of Jabal Al Akhdar, said that the ambitious development projects currently being implemented in the Wilayat reflect the government's commitment to developing infrastructure and enhancing public services. These projects include improving the road network and establishing integrated recreational facilities, including the Wilayat Public Park project, which aims to provide a modern and enjoyable recreational space for all, raising the quality of life for citizens and enhancing the tourism experience. He added that the collaboration with the Governor's Office has significantly contributed to accelerating the implementation of these projects and providing them with the necessary support. He emphasised that these joint efforts will contribute to the development of the wilayat, ensuring sustainable development and the well-being of its residents. He explained to the Oman News Agency that there is a clear trend towards developing the infrastructure and stimulating investment in tourism facilities, in addition to organising cultural and heritage festivals that highlight the identity of the Green Mountain. He said that work is currently underway to establish the Green Mountain Park and implement the Celebrations and Festivals Square project, which is an integrated project that aims to provide an organised environment for entrepreneurs and owners of small and medium enterprises, as it includes all the necessary services to support commercial and tourism activities in the wilayat. Work has also been ongoing since the beginning of this year to implement the Saih Qatna-Al Hail Road project, explaining that it is a strategic project that contributes to improving the internal road network and facilitating the movement of citizens and visitors.
