OQ issues Third Sustainability Report

OQ issues Third Sustainability Report

- 30 % increase in ICV index compared to 2020

Muscat: OQ, the Global Integrated Energy Group, issued its 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.

OQ pays great attention to achieving financial sustainability. Therefore, it develops necessary plans and programs to raise the efficiency of its operational performance. By the end of 2021, OQ recorded consolidated revenue of USD 22.768 billion compared to USD 14.006 billion in 2020, an increase of 63%. Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at USD 3.699 billion, an increase of 154% as compared to 2020. The net profit amounted to USD 1.818 billion.

According to the report, there was an increase in spending on goods and purchases from local markets by 30%, amounting to USD 931 million in 2021, compared to 2020. The increase in spending comes as part of the efforts made to enhance