Revealed: Top 10 Companies In Oman

Banks form the majority of the top companies in the Gulf State.

Gulf Business
November 27, 2012

1. Bank Muscat

MCap: $2.7 billion Sector: Banking and Investment Services Oman’s largest lender by market value, Bank Muscat posted a nine-month net profit of RO104.19 million ($270.5 million), up 19.5 per cent compared to the same period last year.

2. Oman Telecommunications Co (Omantel)

MCap: $2.6 billion Sector: Telecommunications Services A former monopoly, Omantel began operations in 1970 and offers landline, mobile and broadband facilities. The operator posted a 9.2 per cent rise in nine-month profit this year, mainly thanks to a 67 per cent year-on-year increase in mobile broadband subscribers.

3. HSBC Bank Oman

MCap: $1.2 billion Sector: Banking and Investment Services Formed earlier this year by the merger of HSBC’s Oman unit with Oman International Bank, HSBC Bank Oman currently boasts a network of 88 branches across the country.

5. Omani Qatari Telecommunications Company (Nawras)

MCap: $0.8 billion Sector: Telecommunications Services The No.2 telecoms operator in Oman, Nawras is majority owned by Qatar’s Qtel Group, and had 2.13 million mobile and fixed customers as of end September 2012, up 9.3 per cent from a year ago.

6. National Bank of Oman

MCap: $0.8 billion Sector: Banking and Investment Services National Bank of Oman, listed on the Muscat Securities Market, is the second-largest bank in Oman and is 34.9 per cent owned by the Commercial bank of Qatar, 14.7 per cent by the Suhail Bahwan Group and 20 per cent by Omani government entities.

7. Raysut Cement Company

MCap: $0.7 billion Sector: Mineral Resources The biggest producer of cement in Oman, Raysut recently reported a 12 per cent year-on-year rise in group revenue to RO70.35 million ($182.7 million) in the first nine months of this year. The company produced 2.82 million tones during the period, up 21 per cent year-on-year.

8. Shell Oman Marketing Company

MCap: $0.6 billion Sector: Energy A public joint stock company, Shell Oman Marketing Company is part the UK’s Royal Dutch Shell and is primarily involved with the marketing and distribution of petroleum products and blending of lubricants in Oman.

9. Oman Cement Company

MCap: $0.5 billion Sector: Mineral Resources Formed in 1978, the Oman Cement Company recorded total sales of RO41.76 million ($108.4 million) in the nine months ended September 30, 2012 up 15 per cent compared to the same period last year.

10. Ahli Bank

MCap: $0.4 billion Sector: Banking and Investment Services Ahli Bank, erstwhile the Alliance Housing Bank, was re-created in 2008, following its strategic partnership with Ahli United Bank and International Finance Corporation (IFC), a member of the World Bank Group. The bank recently announced that its assets grew 22 per cent year-on-year to cross the RO1 billion mark, and reach RO1.096 billion ($2.84 billion) at the end of September 2012.
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The tiny Gulf state of Oman is expected to witness GDP growth of around five per cent in 2012, aided by increased hydrocarbon revenue and government spending. Growth in the non-hydrocarbon sector is expected to grow to six per cent.

The banking sector expects lending opportunities in the consumer segment to rise, given the substantial increase in salaries for public sector employees announced by the government since 2011 and new job creation for Omanis.

Major projects in progress in Oman include a rail network and new air and sea ports. In addition, the Sohar and Duqm industrial areas are expected to see a burst of activity in the petro-chemicals, oil-refining, metals and other industrial sectors as investments worth billions of dollars get underway.

Click here to view 1-50 top GCC Companies

Click here to view 51-100 top GCC companies

(Research by Kuwait Financial Centre (Markaz); financial data from Reuters July 31 2012).

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