Muscat – Total net profits of companies listed on the Muscat Stock Exchange (MSX) rose by 16.6% year-on-year to $3.7bn in 2025, compared with $3.2bn in the previous year, driven largely by strong growth in earnings from the banking, insurance and utilities sectors.

Total revenues generated by Oman’s listed firms grew by 6.9% during 2025 to reach $36.5bn, up from $34.1bn in 2024. Banks accounted for nearly 19% of total revenues during the year, according to a report by Kamco Invest.

The report noted that the rise in aggregate profits was primarily supported by the banking sector, which contributed more than 40.6% of total net profits on the Omani exchange. Insurance, utilities and food & beverage (F&B) sectors also recorded notable year-on-year growth in net earnings.

Growth in the banking sector was led by Bank Muscat, which reported net profits of $663.7mn for 2025, compared with $554.5mn in 2024, the report added.

In contrast, the energy sector recorded a 7.7% year-on-year decline in total net profits to $1.07bn in 2025, down from $1.14bn in the previous year.

Within the energy sector, OQ Exploration & Production remained the largest contributor, posting net profits of $722.2mn, although this marked a 13.5% year-on-year decline, weighing on overall sector performance.

Meanwhile, OQ Gas Networks and Asyad Shipping reported profit growth of 7.2% and 12.2%, reaching $133.1mn and $154.1mn, respectively.

The utilities sector firms delivered a particularly strong performance, with aggregate net profits surging by 66.9% to $267.4mn in 2025, compared with $160.2mn in 2024. This growth was largely driven by Sohar Power, which returned to profitability with net earnings of $48.5mn in 2025, against a loss of $44.2mn a year earlier. Phoenix Power recorded the highest net profit in the sector at $67.6mn, up from $59.7mn in 2024.

On a quarterly basis, total net profits of MSX-listed companies increased by 23.5% year-on-year to $841.7mn in the fourth quarter of 2025, compared with $681.3mn in the corresponding period of 2024.

The banking sector again led the quarterly performance, with net profits rising by 56.8% to $406mn in Q4 2025, up from $258.9mn a year earlier. The energy sector followed, reporting total net profits of $203mn, compared with $194mn in Q4 2024.

GCC earnings decline for third consecutive year

Across the GCC, total net profits of listed companies declined for the third consecutive year, falling by 2.4% to $235.6bn in 2025, compared with $241.5bn in 2024, according to the Kamco Invest analysis.

The decline reflected mixed performance across countries, with profit contractions in Saudi Arabia and Kuwait more than offsetting growth in other GCC markets.

At the sector level, energy and materials exerted the largest drag on overall earnings, alongside declines in telecom, F&B and transportation sectors.

Quarterly earnings across the GCC also weakened, with aggregate profits falling to their lowest level in 12 quarters during Q4 2025. Total profits declined by 24.7%, or $16.2bn, to $49.4bn, as widespread declines across most markets outweighed gains in Abu Dhabi and Bahrain.

On a year-on-year basis, GCC profits fell by 13.2%, or $7.5bn, in Q4 2025, as strong growth in several markets was offset by declines in Saudi Arabia and Kuwait.

Among individual markets, Abu Dhabi and Dubai recorded the strongest growth in the fourth quarter of 2025, with profits rising by 36.0% and 17.9%, respectively. In contrast, Saudi-listed companies reported a sharp decline of 34.6%, or $12.1bn, with total profits reaching $22.8bn. Companies listed on Kuwait exchange posted a 25.1% drop in profits to $1.5bn during the quarter.