Muscat Stock Exchange listed firms post over $466mln total net profits

Muscat Stock Exchange listed firms post over $466mln total net profits

Muscat: Total net profits of MSX-listed companies in Oman increased by 17.4 percent in the first quarter of 2023 to reach $466.4 million compared to $397.2 million in the first quarter of 2022, according to a new report.

This was on the back of higher profits of the banking, telecom, and diversified financial sectors during the first quarter, the Kuwait-based investment, strategy and research firm Kamco Invest said in its GCC Corporate Earnings Report: Q1-2023 report.

The banking sector witnessed net profits growth of 19.4 percent to reach $290.9 million in the first quarter of 2023, up from $243.6 million in the first quarter of 20211. In the banking sector, seven out of the eight constituents reported growth in their net earnings while Ahli Bank reported a 26.2 percent decline in profits that reached $14.4 million during the first quarter (Q1) 2023. HSBC Oman led the banks in terms of absolute growth in year-on-year (y-o-y) profits that reached $31.7 million against $14.0 million. Comparatively, NBO reported the largest absolute profits among the banks in the sector at $37.3 million up from $26.6 million in Q1-2022. HSBC Oman’s quarterly profit growth was primarily driven by a 42.8 percent growth in net operating income