{"id":188642,"date":"2021-02-28T20:53:38","date_gmt":"2021-02-28T20:53:38","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=188642"},"modified":"2021-02-28T20:53:40","modified_gmt":"2021-02-28T20:53:40","slug":"omani-companies","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/omani-companies\/","title":{"rendered":"Omani listed companies&#8217; gains still falling due to COVID"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The Muscat Securities Market (<a href=\"http:\/\/www.msm.gov.om\/\">MSM<\/a>) said the profits of the Omani companies listed on the stock exchange decreased during 2020 due to the Coronavirus repercussions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">MSM said profits decreased 17% compared to 2019.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Omani companies&#8217; gains<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Profits of the listed banks decreased by 32.51% over the past year, compared to 404.67 million riyals in 2019.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Loss-making companies<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">There are 59 companies listed on MSM, distributed over seven sectors banking, insurance, industry, finance, investment, oil marketing, and services.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The International Monetary Fund (IMF) said Oman&#8217;s economy recorded a contraction of 6.4% in 2020.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">IMF also said this contraction will be less than the 19% decline it expected for Oman&#8217;s economy last year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, the blow to the Sultanate\u2019s economy remains violent, as it is estimated that the non-oil GDP has contracted by 10%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read more:<\/strong> <a href=\"https:\/\/www.bnreport.com\/british-petroleum-sells-oman-gas-stake-to-thailands-ptt\/\">British Petroleum Sells Oman Gas Stake To Thailand\u2019s PTT<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":188643,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[513,278,1044,960,394],"class_list":["post-188642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-covid","tag-featured","tag-gulf","tag-oman","tag-stock-market"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Omani listed companies&#039; gains still falling due to COVID - Bnreport<\/title>\n<meta name=\"description\" content=\"Bnreport - The Muscat Securities Market said the profits of the Omani companies listed on the stock exchange decreased during 2020.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/omani-companies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Omani listed companies&#039; 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