The Muscat Securities Market (MSM) said the profits of the Omani companies listed on the stock exchange decreased during 2020 due to the Coronavirus repercussions.
MSM said profits decreased 17% compared to 2019.
Financial statements of 58 companies listed on MSM, gains decreased to 565.71 million riyals, compared to profits of 681.16 million riyals in 2019.
Omani companies’ gains
The banking sector topped the list of the most profitable sectors with a value of 273.1 million riyals, capturing 48% of the total profits during 2020.
Profits of the listed banks decreased by 32.51% over the past year, compared to 404.67 million riyals in 2019.
Bank Muscat, the largest bank in the country, topped the most profitable Omani companies with a value of 163.36 million riyals, but recorded an annual decline of 11.9% in profits.
According to available data, 28 Omani companies increased their profits during the past year, compared to a loss of 11 companies, as well as a decline in profits of 29 companies.
There are 59 companies listed on MSM, distributed over seven sectors banking, insurance, industry, finance, investment, oil marketing, and services.
The losing Omani companies list included: HSBC Bank Oman, Raysut Cement, Dhofar Feed, Oman Chromite, Majan Glass, Muscat Finance, Oman Fisheries, United Power, ACWA Power, and Galfar Engineering And Contracting.
The Omani economy was affected by COVID-19 last year and drop in oil prices, which left profound effects on the business results of companies operating in the local market.
The International Monetary Fund (IMF) said Oman’s economy recorded a contraction of 6.4% in 2020.
IMF also said this contraction will be less than the 19% decline it expected for Oman’s economy last year.
However, the blow to the Sultanate’s economy remains violent, as it is estimated that the non-oil GDP has contracted by 10%.