- 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 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 mandatory for contractors and suppliers to help national companies become globally competitive and enhance their ability to innovate and grow.
Supporting small and medium enterprises (SMEs) and fostering entrepreneurship, is one of the key Omani government priorities. As part of the Group’s ICV program, OQ supports and encourages the growth and progress of SMEs. In 2021, OQ awarded 147 tenders, worth USD 165 million, for SMEs, an increase of 54% compared to 2020.
As part of OQ's social responsibility and its commitment to serve the local communities in which it operates, the Group allocated USD 10.5 million for social investment programs. The emergency support for those affected by the climatic conditions (Shaheen) amounted to USD 5.10 million. More than 730 volunteers participated in relief efforts for the affected families, completing 8,796 voluntary hours which benefited 11,260 people.
Within its efforts to preserve the environment and natural resources, as well as promote business sustainability, OQ has adopted the decarbonization policy and given it the necessary priority. Work is currently underway on four major projects in green hydrogen. OQ has also implemented several initiatives to manage water consumption and produce 30 megawatts of renewable energy in 2021.
As for digital transformation and cybersecurity, OQ has introduced the Cybersecurity Management System. The Group carried out 11 cybersecurity risk assessments on cloud hosting service providers and has also implemented advanced models of artificial intelligence.
OQ continues its efforts to provide employment opportunities to the national workforce. The number of male and female employees in the Group companies in the Sultanate of Oman stood at 4,700, of which 82% are Omanis. About 65% of employees are under 30 years old.
In 2021, OQ sponsored the education of 22 male and female students in international universities and colleges under the Takatuf Scholarship Program. The Group has nine training programs to develop and rehabilitate national human resources. The training programs are in line with the government's efforts to provide Omanis with training, job, and career development opportunities.
As a global energy company, OQ has established a presence in 17 countries across five continents, exporting its products to more than 70 countries. The Group seeks to further strengthen its position globally by meeting the voluntary reporting and disclosure of its business activities.
OQ is a global integrated energy company with roots in Oman. With operations across 17 countries, we cover the entire value chain from exploration and production to marketing and distribution of end-user products. Our fuels and chemicals are sold in over 60 countries worldwide, making us a pioneer in the energy sector.
For more information, please contact:
Shaima Al Aufi
Head of Branding & Corporate Communications