Muscat – Oman’s industrial sector achieved an unprecedented performance during the second quarter of this year, with the combined net profits of industrial companies listed on the Muscat Stock Exchange rising to approximately RO24.47mn, compared with just RO4.25mn in the same period of 2024, representing a growth rate of over 476%.

This remarkable achievement highlights the sector’s resilience and its ability to adapt to changing economic conditions, further cementing its position as a key pillar of the national economy.

The results were driven by substantial gains from several major companies. OQ Base Industries (OQBI) achieved a strategic turnaround, moving from a loss of RO3.38mn in Q2 2024 to a record profit of RO9.95mn this year, making it the largest contributor to the sector’s improved performance. Al Jazeera Steel continued its upward trajectory, posting a 168% increase in profits to RO2.05mn.

Voltamp Energy also delivered strong results, with profits more than doubling to RO2.69mn, compared with RO1.20mn in the same period last year. Oman Beverages Company surprised the market with an impressive 822% increase in profits, reaching RO1.23mn in Q2 2025, while Oman Flour Mills maintained steady growth, with profits rising by 23%.

Conversely, some companies continue to face structural challenges. Oman Cement Company’s profits declined by 32% to RO1.76mn, while Majan Glass Company’s losses deepened to RO0.39mn. However, companies such as Dhofar Foods and Investment and Raysut Cement reported a reduction in losses compared with previous periods, signalling gradual improvement in their operational performance.

Eng Khalid bin Salim al Qasabi, Director General of Industry at the Ministry of Commerce, Industry and Investment Promotion, said that the significant growth achieved by industrial firms during Q2 2025 reflects the strength and resilience of Omani industries and their ability to navigate regional and global challenges.

In a statement to Oman News Agency, he said, “These results underscore the importance of continued investment in manufacturing industries, supporting innovation and technological development, and encouraging mergers and strategic alliances in sectors facing operational pressures, such as cement and glass, thereby enhancing the competitiveness of national industries both locally and regionally.”

He emphasised that the Ministry of Commerce, Industry and Investment Promotion continues to create an attractive environment for industrial investment by offering incentives and facilities and developing industrial infrastructure, in line with the objectives of the Industrial Strategy 2040, reinforcing the industrial sector’s role as a key driver of economic diversification.

Eng Jassem bin Saif al Najadi, Technical Director at the Ministry, explained that the Omani industrial sector is undergoing an unprecedented period of positive transformation, driven by strong performance in key sectors such as basic industries, consumer goods, and energy. These sectors are not only achieving growth but are also strengthening the overall manufacturing sector.

Najadi added that the ministry is working effectively to address current challenges faced by some sectors, such as construction, due to external competition. This is being achieved through innovative initiatives and programmes aimed at opening new export markets and enhancing the competitiveness of these industries locally and internationally.

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