MUSCAT - OQ Group, Oman's global integrated energy group, reported a resilient first half of 2025, driven by strong financial performance and a significant rise in in-country value (ICV) contributions, underscoring the company’s growing role in supporting Oman’s economic diversification goals.

The energy conglomerate achieved a net profit after tax of $731 million, marking a 12% increase from $651 million in the first half of 2024. Earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at $1.6 billion, marginally down by 2% compared with $1.64 billion in H1 2024. The average realised oil price during the period was $74 per barrel, a 9.5% decline from $82 per barrel last year.

Despite the softer oil prices, OQ maintained its investment-grade standing, with FitchRatings assigning a bbb- standalone credit profile and S&P Global reaffirming a BBB- rating with a stable outlook, reflecting market confidence in the group’s fundamentals and disciplined portfolio management.

The group’s contribution to Oman’s local economy strengthened notably during the period. Total spend in contracts and procurement rose to $729 million, a 35% increase from $ 541 million in H1 2024. Local spend reached $565 million, up 34% from $ 421 million, highlighting the company’s ongoing efforts to maximise domestic participation in its operations.

OQ also achieved significant growth in ICV retained value, which climbed to $238 million, a 37% rise compared with $174 million last year. Spending on small and medium enterprises (SMEs) reached $128 million, up 29%, while Riyada spend — investments directed towards national capacity-building — increased 30% to $44 million.

Ashraf Hamed al Mamari, Group CEO of OQ, said the performance reflects both operational strength and commitment to national priorities. “Our performance reflects the strength of our portfolio and the discipline of our strategy as we continue to deliver steady growth and create lasting value, driven by efficiency, diversification and a clear vision for Oman’s energy future. Our local spend reaffirms our commitment to national value”, he said.

Analysts noted that OQ’s strong local spend and ICV performance align closely with Oman Vision 2040 objectives, particularly in strengthening domestic supply chains, enhancing SME participation and fostering employment.

While the slight decline in EBITDA indicates continued sensitivity to oil price movements, the growth in profitability and procurement spend demonstrates OQ’s operational resilience and focus on value creation beyond hydrocarbons. The H1 2025 performance reinforces the company’s position as one of Oman’s key economic drivers, balancing robust financial returns with a growing contribution to the Sultanate of Oman’s sustainable development agenda.

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