Muscat – Companies listed on the Muscat Stock Exchange (MSX) posted a sharp improvement in earnings in the second quarter of 2026, with aggregate net profits rising 24.2% year-on-year to $1.4bn (around RO540mn) from $1.1bn in the same period a year ago, according to a new research report.

The increase marked a significant acceleration from the first quarter performance, when aggregate net profits of Omani listed companies grew 4.0% year-on-year to $838.5mn.

As a result, aggregate net profits for the first half of 2026 rose 14.6% year-on-year to $2.3bn, compared with $2.0bn in the corresponding period of 2025, the report released by Kamco Invest on Sunday said.

The earnings growth in the second quarter was led by the energy, banking and materials sectors. Eight of the 14 sectors on the MSX recorded year-on-year growth in net profits during the quarter.

Aggregate revenues of MSX-listed companies also increased significantly, rising 18.0% year-on-year to $10.3bn in Q2 2026.

The energy sector remained the largest contributor to aggregate earnings, with net profits rising 44% year-on-year to $448.9mn in Q2 from $311.7mn a year earlier. For the first half of 2026, energy-sector net profits increased 27.1% to $732.8mn from $576.7mn in H1 2025.

OQ Exploration & Production (OQEP) was the largest contributor to the sector’s earnings, reporting a 19.4% increase in net profit to $517mn in H1 2026 from $432.8mn a year earlier.

The banking sector recorded a 9.2% increase in aggregate Q2 2026 net profits to $418mn from $382.6mn in Q2 2025. For the first half, banking-sector earnings rose 9.7% to $792.9mn from $722.6mn a year ago.

Telecom companies reported one of the strongest rates of earnings growth, with aggregate net profits almost doubling to $107.6mn in Q2 2026 from $54.4mn a year earlier. For H1 2026, telecom-sector profits rose 74% to $173.7mn from $99.8mn in 2025.

Energy sector drives GCC earnings growth

Across the GCC, listed companies reported their second consecutive quarter of year-on-year earnings growth in Q2 2026, with aggregate net profits reaching a record $74.8bn, up 31.3% from the same quarter a year earlier.

Kamco Invest said the sharp increase in GCC earnings was mainly driven by higher average crude oil prices amid regional geopolitical tensions, which more than offset a decline in crude oil exports.

Average Brent crude prices rose 27% for the second consecutive quarter, helping more than a third of listed energy companies in the region report higher earnings during Q2 2026.

At the country level, profit growth was led by double-digit increases among listed companies in Kuwait, Saudi Arabia, Abu Dhabi and Oman. Companies listed on Dubai’s exchange recorded a more moderate 4.9% increase in profits.

In contrast, aggregate quarterly profits declined 20.0% for Qatari-listed companies and 0.4% for Bahraini-listed companies.

Most GCC sectors recorded earnings growth during the second quarter, including major sectors such as energy, food and beverages, real estate, materials and transportation. Banking and telecom companies also reported profit growth, albeit at mid- to low-single-digit rates.

Aggregate revenues of GCC-listed companies rose 17% year-on-year to $381.6bn in Q2 2026 from $326.3bn in Q2 2025.