Private business in Oman suffered a set back in 2015 as falling crude prices forced the government to reduce spendings and rationalise project allocation, resulting in lower income for the most firms in the country. 

Majority of the top 50 companies listed on the Muscat Securities Market have either reported decline in their profits in 2015. Some have even reported losses.

Oman's average earning from crude oil fell to around US$56 per barrel in 2015 from over US$104 per barrel in 2014, resulting in a sharp dip in the government's earning and availability of resources to boost the economy. Though, majority of the top 50 companies have reported growth in their overall earnings, they have suffered set backs in profitability. The reason for lower profits varied from company to company but industry captains maintained that overall economic uncertainty and reduced government spending in 2015 were the biggest reasons.

Despite challenges, most banks and non banking finance companies have performed well in 2015, as most of them, except Islamic banks which are yet to break even, have reported growth in profits as well as overall revenue. Islamic banks have reported the highest growth in earnings among companies and another important development was that they have not reported profit but were able to cut losses compared to the previous year.

Apart from banks, power companies have also reported a healthy increase in their overall earnings as they were able to pass on the impact of increase in the natural gas prices to end users under the long-term power purchase agreements they had signed with authorities.

However, manufacturing companies such as cement-makers and tile-makers have witnessed a decline in their net profits following the increased input cost after the doubling of natural gas prices from January 1, 2015.

Companies like Omantel and Galfar Engineering saw net profits being impacted by one-off events. Omantel, which comes first among the listed companies, based on their market capitalisation, reported around 60 per cent decline in its profit for the last year primarily due to a RO55.1mn impairment of investment in its Pakistan subsidiary, Worldcall Telecom and Voluntary End of Service programme.

Global rude oil prices fell to over 12-year lows in January. But since then prices have recovered by over 50 per cent and experts are predicting a healthy growth in the second half of 2016 and in 2017 providing much needed relief to businesses in the sultanate.


Top 50 listed companies on Muscat Securities Market is based on their market capitalisation as on December 31, 2015.

Companies which were listed last year, and didn't have corresponding comparable figures are excluded from the list.

Investment holding companies, whose earnings are only through their investments in other listed companies have also been excluded from the list.

Companies having July-June financial year also are excluded from list as their full year numbers for the comparable period are not available.

Companies having April-March calender year having normalised for the 12 months period between January and December.

For convenience, up to two decimal point figures have been taken.

All the figures in the table have been taken from companies disclosure made to the Muscat Securities Market.


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