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Muscat-listed companies report 11% rise in Q2 profits to $468m

By Pramod Kumar
Muscat Securities Market
Profit of the banking sector - the biggest on the exchange by market cap - improved 11 percent year-on-year to $276.4 million.

Total net profit of Muscat Securities Market-listed company rose 11 percent year-on-year to OR180.3 million ($468.4 million) in Q2 2022, investment bank Kamco Invest said in a report.

Profit of the banking sector – the biggest on the exchange by market cap – improved 11 percent year-on-year to $276.4 million. The utilities sector followed with net earnings of $57.7 million in Q2 2022.

The profit growth for the telecom sector was driven by Omantel, which reported a net profit of $41.8 million in the second quarter.

Total net earnings of the energy sector hit $16.7 million, from $5 million in Q2 2021, witnessing a 235 percent year-on-year increase.

Last month, Oman’s budget recorded a surplus of OR357 million ($929.7 million) by the end of the first quarter, boosted by a more than 70 percent rise in oil revenue as output and prices surged.

Net oil revenue was OR1.565 billion at the end of the first quarter, up by 70.2 percent from the same period a year earlier, the finance ministry said.

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