From the editor’s desk
Published: 10/05/2017 12:00 pm
2016 is a year that the majority in the business world would like to forget. Low oil prices cast a dark shadow over the economy in the GCC, especially in Oman. Most companies saw their revenues and profits fall and market value decline. A few companies have a different story to tell, which comes as a ray of positivity.
BusinessToday's Top 50 Companies on MSM survey ranks the companies based on their market capitalisation. And this year's survey holds a mirror to market realities in 2016. Reduction in government spending created havoc in the market and almost all companies operating in Oman felt the pinch. This is evident from the fact that 20 out of the top 50 companies reported a decline in their overall sales in 2016 compared to the previous year. Similarly in terms of net profit, the situation is even worse as nearly 21 out of the top 50 companies showed negative growth in net profit.
There are companies that have slid from their positions and a few who have delisted like Areej Vegetable Oils and Derivatives. Bank Nizwa and Phoenix Power Co are two companies who have entered the top 20. Bank Muscat holds the first position in this year's survey taking over from Omantel.
Most of the power generating companies, who had reported robust growth in 2015, continued to perform well in 2016 as demand for electricity continues to rise in the country. Another highlight of 2016 is that Bank Dhofar became the fourth company to achieve a market capitalisation of over RO400mn apart from Bank Muscat, Omantel and Ooredoo.
This edition also includes interviews of people from diverse sectors like banking, trading and public relations along with our regular features.