OQ records consolidated revenue of $22.768 billion in 2021

OQ records consolidated revenue of $22.768 billion in 2021

Muscat: OQ recorded consolidated revenue of $22.768 billion by the end of 2021, compared to $14.006 billion in 2020, an increase of 63 per cent.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at $3.699 billion, an increase of 154 per cent as compared to 2020. The net profit amounted to $1.818 billion. This was stated in OQ’s third sustainability report for 2021.

The report highlights the group’s achievements in various fields, as well as its economic progress, in-country value (ICV), social investment, health, safety and environment, digital transformation, and human resources.

The report, issued as part of OQ’s efforts to achieve sustainability goals, was developed in accordance with the guidelines issued by the Global Reporting Initiative, which promotes integrity, transparency, and business governance standards.

According to the report, there was an increase in spending on goods and purchases from local markets by 30 per cent, amounting to $931 million in 2021, compared to 2020. The increase in spending comes as part of the efforts made to enhance in-country value (ICV), which is one of the areas of focus for OQ.

It also highlights OQ's belief in the importance of increasing the procurement of goods and services from the local markets. OQ makes it