MSX-listed firms begin to announce preliminary financial results

Muscat: The public joint stock companies listed on the Muscat Stock Exchange (MSX) began announcing their preliminary financial results for the fiscal year ending on December 31 last week.

The results announced last week showed an improvement in the performance of most companies that were able to increase their net profits, while other companies moved from losses to profits, and several companies were able to reduce their losses.

Sohar International Bank recorded the highest declared profits until the end of last week. The bank said that the preliminary financial results indicated that its net profits increased to OMR34.8 million compared to OMR28.3 million in 2021. Oman Cables Industry Company ranked second reporting profits at about OMR11.2 million recorded at the end of last year compared to OMR5.9 million reported in 2021.

Oman Chlorine announced an increase in the net profits of the parent company from OMR1.8 million to OMR2.8 million, while the group recorded a net profit of OMR3.6 million, compared to losses amounting to OMR258,000 in 2021. The net profits of the Omani Finance Services Company increased from OMR2.5 million to OMR2.7 million while the net profit of Barka Water Desalination Company rose to OMR1,277,000, compared to OMR1,153,000 in 2021.

Al Khaleejia for Mushroom Production said that the company's board of directors recommended distributing cash dividends to shareholders at a rate of 10 per cent, equivalent to 10 baisas per share, explaining that this recommendation will be presented to the annual ordinary general assembly of the company, which will be held on March 15.

Initial financial results showed the transformation of companies operating in the hotel sector from losses to profits. Gulf Hotels (Oman) Company recorded net profits amounting to OMR319,000 compared to losses amounting to OMR699,000 in 2021. Global Hotel Management recorded net profits of OMR195,000.

On the other hand, the net profits of Al-Anwar Ceramic Tiles Company declined last year to OMR2.4 million, compared to profits of OMR6.2 million in 2021, and the net profits of the Muscat Desalination Company declined to OMR2.26 million compared to OMR2.35 million in 2021. The net profits of the Dhofar Generating Company decreased from OMR2.8 million to OMR1.9 million.

Last year, a number of energy companies recorded losses. Barka Water and Power Company recorded losses of OMR2.2 million, compared to profits of OMR2.8 million in 2021, and Sohar Power recorded losses of OMR3.3 million, compared to losses of OMR34.9 million in 2021. In 2021, most companies are expected to complete announcing preliminary financial results before the end of this month.