By: Salama AbdelRahman
Mubasher: The financial statements of companies in Oman’s oil marketing sector revealed that profits retreated 13.6% in the fourth quarter of 2016, compared to the same period in 2015.
Profits stood at OMR 7.73 million ($20 million) in 2016, compared to OMR 8.95 million ($23.17 million) in the corresponding period of the year before.
Annual profits rose 1.03% to OMR 39.16 million in 2016, compared to OMR 38.76 million in the year earlier.
The Q4-16 profits of four companies edged down, while only one company went up. On an annual basis, profits of two companies increased in 2016, and profits of another three companies declined.
Muscat Gases’ Q4-16 net profits dropped 59.3% reaching OMR 117,880, compared to OMR 290,000 in Q4-15.
Oman Oil Marketing Company’s Q4-16 profits slid 38.7% reaching OMR 2.04 million, compared to OMR 3.33 million year-to-year.
National Gas Company’s profits in Q4-16 levelled down 18.44%, standing at OMR 567,720 compared to OMR 696,090 in Q4-15.
Al Maha Petroleum Products Marketing Company tumbled 16% in profits amounting to OMR 1.05 million in Q4-16, compared to OMR 1.25 million in the corresponding period of 2015.
Shell Oman’s profits increased 16.9% reaching OMR 3.95 million in Q4-16, compared to OMR 3.38 million in the same period the year before.
Consequently, Shell made up for 51.13 of the sector’s total profits, followed by Oman Oil Marketing with 26.41%.
Annual statements of the sector’s companies for 2016 showed an increase, topped by National Gas with a rise in profits of 120.45%, reaching OMR 4.05 million, compared to OMR 1.84 million in 2015.
Shell Oman’s 2016 net profits rose 13% reaching OMR 16 million, compared to OMR 14.2 million in the year before.
On the other hand, Muscat Gases annual profits dragged down 41.79% reaching OMR 763,586 in 2016, compared to OMR 1.31 million in the year earlier.
Oman Oil Marketing profits decreased 21.4% to OMR 9.6 million in 2016, compared to OMR 12.21 million in 2015.
Al Maha’s annual profits of 2016 slid 4.9% reaching OMR 8.75 million, compared to OMR 9.2 million in the year before.
Translated by: Mohamed Hesham Azab
