The profits of the companies listed on the Muscat Stock Exchange rose 6.2% in the first quarter to 581 million dollars

The net profit of public companies listed on the Muscat Stock Exchange in the first quarter of questyear rose to 223.1 million riyals ($ 581.27 million), compared to 210.1 million riyals ($ 547.4 million) in the same period last year, recording a growth of 6, 2%.

The financial results of 97 public joint-stock companies that announced their preliminary financial results through the beginning of May showed that 71 companies made profits, while 26 companies recorded losses and the number of companies whose profits increased in the first quarter of questyear reached 41 companies.

While the profits of 23 companies fell and 7 companies were in able to convert from losses to profits, these companies have been spread across the three main sectors listed on the Muscat Stock Exchange, which are the financial sector, the service sector and the industrial sector, according to the Omani news agency.

Financial results showed a 2.2% decrease in losses recorded by companies listed on the Muscat Stock Exchange in the first quarter of questyear to reach approximately 17.6 million riyals, compared with losses of 18 million Omani riyals recorded by listed companies in the same period last year 10 companies whose losses decreased in the first quarter of questyear, while 9 companies recorded an increase in their losses.

The first quarter of quest’year saw the transformation of 7 companies from profits to losses, recording losses of 5.5 million riyals, compared with profits of 1.7 million riyals recorded by these companies in the first quarter of last year, and the seven companies they are all listed in the industrial sector.

The financial sector was in first line among the profitable sectors, recording a net profit of approximately 122.3 million riyals, compared to a profit of 112.1 million riyals in the same period last year, benefiting from the strong profits recorded by the banks.

The number of profitable companies in the financial sector reached 32 compared to a listed company in the sector which recorded losses, and the sector saw the transformation of 3 companies from losses to profits, recording net profits of 930,000 riyals, compared to losses of 861 thousand riyals recorded in the same period last year.

The service sector was in able to realize a net profit of 87.8 million riyals, compared to 78.1 million riyals in the same period last year.The sector benefited from the net profit recorded by Omantel, which stood at 62.5 million riyals, compared with profits of 56 million riyals in the same period last year.

The number of profitable listed companies in the service sector has reached 20 compared to 10 companies that have recorded losses. Losses recorded in the sector amounted to 10.9 million riyals, compared to losses of 12.9 million riyals registered by these companies in the first quarter of last year.

Two companies, Gulf Hotels – Oman and International Hotel Management, managed to move from losses to profits, taking advantage of the relative recovery from the “Covid-19” pandemic locally and globally, recording net profits of approximately 673,000 riyals, compared to losses equal to to 797 thousand riyals in the same period last year.

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