Profits of Industrial Companies Listed on Muscat Stock Exchange Rise

Muscat: The net profits of industrial companies listed on the Muscat Stock Exchange rose in the first half of this year to approximately 175.3 million Omani rials, compared to 119.4 million Omani rials in the same period last year, registering a growth of 46.8 percent. According to Yemen News Agency, Oman India Fertilizer Company recorded a significant jump in its net profits, which climbed in the first half of this year to 80.2 million Omani rials, compared to 54.1 million Omani rials in the same period last year. The net profits of OQ Basic Industries also increased from 23.4 million Omani rials to 43.3 million Omani rials, while Oman Cables Industry Company recorded a slight increase in its net profits, rising from 11.3 million Omani rials to 11.4 million Omani rials. Voltamp Energy's profits surged from OMR 6.8 million to over OMR 7 million, while Oman Flour Mills' profits jumped from OMR 4.3 million to approximately OMR 6.9 million. Cement companies also achieved positive results, benefiting from incr eased demand for their products and a rise in real estate investments. Oman Cement Company's profits climbed from OMR 4.7 million to approximately OMR 6.7 million, while Raysut Cement Company managed to achieve net profits of OMR 2.7 million, compared to losses of OMR 2.5 million during the first half of last year. The agency reported that several other industrial companies also performed well and saw increases in net profits, notably Galfar Engineering and Contracting, whose net profit rose from 71,000 Omani rials to 2.5 million Omani rials; Dhofar Food and Investment, whose net profit increased from 332,000 Omani rials to approximately 2.2 million Omani rials; and Gulf Mushroom Production, whose net profit climbed from 1.1 million Omani rials to over 1.6 million Omani rials. There are 36 industrial companies listed on the Muscat Stock Exchange, including five companies currently in liquidation. The first half of this year also saw Majan Glass Company transform from a public shareholding company to a singl e-person company following its acquisition by Al Zumurud National Company.