OQ Boasts RO
1.2 Billion Net Profit
Muscat, 13 Apr (ONA) — OQ SAOC announced a Net Profit ofRO 1.2 billion
(USD 3 Billion)in its 2024 standalone financials, attributed to strong overall
business performance and strategic divestments of certain assets.
OQ SAOC’s
strong liquidity position enables further investment in growth initiatives
across the energy value chain, aligned withits energy transition strategy,
while also ensuring dividend distribution to its shareholders.
OQ Group posted
strong results for 2024, achieving record Revenue of RO 15 billion (USD 40
billion) and RO 1.1 billion (USD 2.9 billion) in Consolidated Earnings Before
Interest, Taxes, Depreciation, and Amortization (EBITDA) and RO 513 million
(USD 1.3 billion) in Consolidated Net Profit.
These notable
results reflect OQ’s disciplined portfolio management and its strategic vision
to create sustainable value for its stakeholders.
Mulham Al
Jarf, Chairman of OQ, underscored the company’s steadfast dedication to
advancing its strategic vision, with 2024 representing a pivotal milestone in
this ongoing journey. Central to this progress has been the execution of its
divestment strategy, designed to optimise its asset portfolio and elevate
operational efficiency. In parallel, OQ has been proactively spearheading a
series of renewable energy initiatives, aligning with global sustainability
imperatives and expanding the diversity of its energy portfolio. Additionally, OQ
has laid the foundation stone for its strategic fuel reserves in the Musandam
and Dhofar governorates, positioning itself for long-term stability. A defining
moment of 2024 was the historic inauguration of OQ8, marking another significant
achievement in OQ’s trajectory.
Ashraf Al Mamari,
Group CEO of OQ, stated: “Achieving these results in 2024 is a direct outcome
of well-defined strategies focused on continually enhancing both operational
and financial efficiency, even in the face of global challenges. This has
strengthened our leadership position in Oman and the region, enabling us to
turn challenges into opportunities, while delivering outstanding financial
results.”
On financial
resilience, Al Mamari added: “Our results not only demonstrate robust financial
performance but are also driven by the implementation of our new operating
model and highlight our consistent attention to long-term financial
sustainability. Our targeted strategies focus on optimising resource allocation
and maximising operational efficiency. This is further underscored by our
rigorous approach to transparency, effective cost control, and disciplined
capital management—core tenets of our financial strategy.”
Al Mamari
further highlighted OQ’s commitment to local content: “Guided by our
strong belief that investing in people and communities is central to our
strategy, OQ Group has spent RO 346 million (USD 900 million) locally in 2024.”
“As for social
investment, it remains a cornerstone of our approach with social investment
projects targeting key themes all over the Sultanate of Oman. These include two
major projects in Duqm and Ibri, aimed at establishing an emergency healthcare
facility and a centre for science and innovation”, he added.
In terms of
national workforce development, Al Mamari highlighted: “OQ’s Omanisation rate
has reached 85%, with more than 240 graduates joining the 11th cohort of the OQ
Graduate Development Programme. We also trained over 890 trainees from various
educational institutions, further investing in Omani talent and reinforcing our
commitment to building a sustainable workforce.”
On health,
safety, and environmental performance, Al Mamari said: “Our commitment to
maintaining the highest health, safety, and environmental standards is
reflected in over 34 million safe man-hours and a 64% reduction in workplace
injuries. For the second consecutive year, we recorded zero fatalities,
demonstrating our resolute focus on providing a safe and healthy work
environment for our employees.”
—Ends/AG
