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OQ Group posts $3.8bn net profit for 2022

1 Apr 2023

Muscat – Oman’s global integrated energy company OQ Group has announced its full-year 2022 financial results, reporting the highest net profit in the group’s history.

OQ Group’s net profit rose to RO3.85bn for the full year 2022, while its total revenues and adjusted EBITDA stood at RO39.126bn and US$6.179bn, respectively.

The record performance was driven by strong operational performance in the majority of the group’s businesses and an advantageous market environment, OQ said in a press statement.

The group’s robust performance was higher than both the 2022 budget and 2021 actual performance. This was primarily driven by higher production volumes, favorable prices in both its upstream and downstream businesses and a strong performance from its trading arm.

“This year has been an exceptional year for OQ, witnessing the strongest financial and operational performance in its history, while at the same time anchoring OQ as an energy transition enabler in Oman,” said Mulham al Jarf, OQ Group chairman.

Talal al Awfi, OQ Group chief executive officer said, “With an increased focus on building financial resilience, improving operations, optimising cost, and establishing an operating model that drives accountability, we are more equipped than ever to face market challenges and be more resilient in the face of adverse conditions.”

OQ manages direct energy investments within the sector such as oil and gas exploration and production, infrastructure and transportation for energy, oil refining, petrochemical production, oil marketing, and power generation. Through strategic partnerships, the group has brought foreign investments to Oman, contributing to the nation’s economic growth and further enhancing the energy security.

OQ operates across 17 countries covering the energy value chain from exploration and production to marketing and distribution of end-user products to serve more than 3,000 customers across 80 countries. As part of its commitment to responsible growth, OQ strategically applies innovation, technology and extensive experience towards the development of energy opportunities.

OQ’s endeavors are fueled by the vision to be the nation’s partner for energy transition in tandem with Oman’s Vision 2040 to create a progressive and diverse society.

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