Four companies from Oman have made it to the Middle East’s Top 100 Companies 2020.
Forbes Middle East has revealed its ranking of the most powerful 100 companies in the Middle East in which Saudi Arabia dominates the list with 33 companies, followed by the UAE with 21, Qatar 18, Kuwait and Bahrain with seven each and Oman with four.
The four companies from Oman are Bank Muscat, Omantel, Oman International Development and Investment Company (Ominvest) and National Bank of Oman (NBO).
GCC countries make up 90% of the list. Among the north African countries, Egypt has five companies on the list and Morocco has four. Only one Jordanian company made it to the list while no Lebanese companies feature on it as none disclosed their financial statements before 23 April 2020.
The 100 companies have a total of US$670bn in sales, US$148bn in net profits, US$3.5tn in assets, and US$2.3tn in market value.
The ranking is compiled from in-depth research based on data from all stock exchanges in Arab countries and analysis of market value, sales, assets, and profits.
According to the magazine, the profits of Bank Muscat in 2019 amounted to about RO185.6mn (US$482mn) and the value of its assets was about RO12.3bn (US$31.9bn).
The profits of NBO reached RO51.35mn (US$133.5mn), and its assets amounted to RO3.65bn, equivalent to US$9.5bn.
The profits of Omantel in 2019 amounted to about RO299.6mn (US$779mn) and the value of its assets was RO7.6bn (US$19.8bn). The profits of Ominvest amounted to RO49.6mn (US$128.96mn) and the value of its assets was RO3bn (US$7.8bn).
The magazine said that the COVID-19 pandemic affected the market values of public companies in the Middle East over the first three months of this year as it fell sharply like the global financial markets.
It also stated, ‘Though the effects of the crisis are not seen on the results of the companies’ businesses in the first quarter of this year, the entry and topping of Saudi Aramco in the list of the most powerful 100 companies in the Middle East led to a breakthrough in the combined values of the list, as the companies’ consolidated sales jumped to US$670bn and recorded net profits of US$148bn, US$3.5tn for assets, and US $2.3tn for market value.’
The banking and financial institutions sector came at the top of the sectors represented in the list by 46 financial institutions, followed by the industrial sector with nine companies. The real estate and communications sectors ranked third with eight companies each.