Latest news with #OMR15
Zawya
21-04-2025
- Business
- Zawya
Oman Air achieves significant progress in workforce restructuring plan
Muscat: Oman Air has achieved significant progress in its strategic plan for workforce restructuring, an essential component of its broader transformation efforts aimed at enhancing financial flexibility and long-term business sustainability. Over the past 18 months, the company has worked closely with stakeholders to carefully align its workforce restructuring process with industry standards and strategic requirements. As part of this programme, Oman Air has offered various options to affected employees, including end-of-service benefits, priority for vacancies within the company and the sector, and customised employment support. To balance its long-term profitability goals with its commitment to employee welfare, the company has invested OMR15 million to support the affected staff and ensure their financial security. Additionally, with a reduction of 487 expatriate employees replaced by Omani nationals, Oman Air increased its Omanisation rate to 79.4%, up from 74.8% in 2023. This highlights the airline's dedication to empowering Omani talent and ensuring their continued role in shaping the company's future. Of the 415 surplus employees, 74 have been successfully redeployed within the company, while 87 positions were offered within other sector companies. Meanwhile, 293 employees opted for voluntary resignation packages ranging between 12 to 24 months. Oman Air continues to collaborate with the Ministry of Labour and the General Federation of Oman Workers to find suitable solutions for the remaining employees. Kone Korvettis, CEO of Oman Air, expressed pride in the successful redeployment of many employees, affirming the company's commitment to building an airline that not only advances Oman's aviation sector but also leaves a positive and sustainable impact on the nation and its citizens. © Muscat Media Group Provided by SyndiGate Media Inc. (
Times of Oman
19-04-2025
- Business
- Times of Oman
Oman Air achieves significant progress in workforce restructuring plan
Muscat: Oman Air has achieved significant progress in its strategic plan for workforce restructuring, an essential component of its broader transformation efforts aimed at enhancing financial flexibility and long-term business sustainability. Over the past 18 months, the company has worked closely with stakeholders to carefully align its workforce restructuring process with industry standards and strategic requirements. As part of this programme, Oman Air has offered various options to affected employees, including end-of-service benefits, priority for vacancies within the company and the sector, and customised employment support. To balance its long-term profitability goals with its commitment to employee welfare, the company has invested OMR15 million to support the affected staff and ensure their financial security. Additionally, with a reduction of 487 expatriate employees replaced by Omani nationals, Oman Air increased its Omanisation rate to 79.4%, up from 74.8% in 2023. This highlights the airline's dedication to empowering Omani talent and ensuring their continued role in shaping the company's future. Of the 415 surplus employees, 74 have been successfully redeployed within the company, while 87 positions were offered within other sector companies. Meanwhile, 293 employees opted for voluntary resignation packages ranging between 12 to 24 months. Oman Air continues to collaborate with the Ministry of Labour and the General Federation of Oman Workers to find suitable solutions for the remaining employees. Kone Korvettis, CEO of Oman Air, expressed pride in the successful redeployment of many employees, affirming the company's commitment to building an airline that not only advances Oman's aviation sector but also leaves a positive and sustainable impact on the nation and its citizens.
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.
