Muscat: OQ SAOC announced a Net Profit of RO 1.2 billion (USD 3 billion) in its 2024 standalone financials, attributed to strong overall business performance and strategic divestments of certain assets.
According to Oman News Agency, OQ SAOC’s strong liquidity position enables further investment in growth initiatives across the energy value chain, aligned with its energy transition strategy, while also ensuring dividend distribution to its shareholders. OQ Group posted strong results for 2024, achieving record Revenue of RO 15 billion (USD 40 billion), RO 1.1 billion (USD 2.9 billion) in Consolidated Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), and RO 513 million (USD 1.3 billion) in Consolidated Net Profit. These results reflect OQ’s disciplined portfolio management and strategic vision to create sustainable value for its stakeholders.
Mulham Al Jarf, Chairman of OQ, underscored the company’s dedication to advancing its strategic vision, with 2024 representing a pivotal milestone in this ongoing journey. Central to this progress has been the execution of its divestment strategy, designed to optimize its asset portfolio and elevate operational efficiency. In parallel, OQ has been proactively spearheading a series of renewable energy initiatives, aligning with global sustainability imperatives and expanding the diversity of its energy portfolio. Additionally, OQ has laid the foundation stone for its strategic fuel reserves in the Musandam and Dhofar governorates, positioning itself for long-term stability. A defining moment of 2024 was the historic inauguration of OQ8, marking another significant achievement in OQ’s trajectory.
Ashraf Al Mamari, Group CEO of OQ, stated that the 2024 results are a direct outcome of well-defined strategies focused on continually enhancing both operational and financial efficiency, even in the face of global challenges. This strategy has strengthened OQ’s leadership position in Oman and the region, enabling the company to turn challenges into opportunities while delivering outstanding financial results.
On financial resilience, Al Mamari added that the results not only demonstrate robust financial performance but are also driven by the implementation of a new operating model, highlighting consistent attention to long-term financial sustainability. The company’s targeted strategies focus on optimizing resource allocation and maximizing operational efficiency, further underscored by a rigorous approach to transparency, effective cost control, and disciplined capital management, which are core tenets of OQ’s financial strategy.
Al Mamari further highlighted OQ’s commitment to local content, noting that OQ Group spent RO 346 million (USD 900 million) locally in 2024. As for social investment, it remains a cornerstone of OQ’s approach, with projects targeting key themes across the Sultanate of Oman, including major projects in Duqm and Ibri aimed at establishing an emergency healthcare facility and a center for science and innovation.
In terms of national workforce development, Al Mamari highlighted that OQ’s Omanisation rate has reached 85%, with more than 240 graduates joining the 11th cohort of the OQ Graduate Development Programme. The company also trained over 890 trainees from various educational institutions, investing in Omani talent and reinforcing its commitment to building a sustainable workforce.
On health, safety, and environmental performance, Al Mamari said OQ is committed to maintaining the highest standards, reflected in over 34 million safe man-hours and a 64% reduction in workplace injuries. For the second consecutive year, OQ recorded zero fatalities, demonstrating a focus on providing a safe and healthy work environment for its employees.