Oman Cables 2024 net profit up 19.5pc; sales soar to $697m
MUSCAT, 3 days ago
Oman Cables Industry (OCI), a leading cable solutions provider in the sultanate, has announced that it has delivered solid results for yet another year with its sales turnover for 2024 soaring to RO269 million ($697 million), thus marking 8.3% year-on-year increase over the previous year.
Announcing the results for the 12-month period ended December 31, 2024 at its Annual General Meeting today (March 29), Oman Cables Industry said its net profit rose to RO22.6 million, up from RO18.9 million the previous year, reflecting a 19.5% year-on-year increase.
This growth was mainly driven by a careful commercial strategy that has favoured diversification and penetration in the various business areas and a strong push towards sustainable innovation, with the expansion of the product portfolio, including high-value-added solutions and services.
Driven by its vision of "Empowerment, Innovation, and Excellence", the Group is committed to sustainable growth, and guided by four key ambitions: Climate, Social, Innovation, and Governance, embedded in the business model of the company.
At the AGM, the shareholders reviewed and approved the Group’s financial results for the year 2024.
Through the partnership with Prysmian - a global leader in the cable manufacturing and system solutions for the energy transition and digital transformation - Oman Cables Industry continues to strengthen its position in and outside Middle East, it stated.
The opportunities offered during 2024 were including access to a broader product portfolio of green cables and eco-friendly solutions, together with enhanced service offerings, from monitoring to tracking systems, covering the new needs of the diverse industries.
This was made possible through accessing to 27 Prysmian cutting-edge research centers worldwide, accelerating the development of innovative products and integrated solutions, but also through leveraging global testing facilities, ensuring the highest international quality standards, advanced expertise and industry best practices, preparing and qualifying the company to compete with highest European standards.
According to Oman Cables Industry, the growth recorded in 2024 was fueled by higher exports, particularly in the renewable energy sector, thanks to its unique Renewable Excellence Center, and the concrete support the Company is providing to power grid enhancement – in the Middle East and not only - boost by the ongoing energy transition.
On the solid performance, Chairman Cinzia Farisè, said: "During the last 5 years the company has increased its net profit tenfold, creating value for its shareholders, for its employees - who have since become shareholders of the group according to a rewarding profit share based system - and for the Omani community."
"As part of our commitment to Oman Vision 2040 and the journey toward net zero by 2050, Oman Cables is dedicated to driving sustainable growth. We have transferred know-how and technology to the Sultanate and today the company is able to compete outside the Middle Eastm," he stated.
"We have created and nurtured a talent pool through advanced leadership programmes and our employees are appreciated in every part of the globe, where they have the opportunity to work at all Prysmian affiliates," he noted.
:"Furthermore, we have opened our Omani Sustainability Academy, that enjoys collaboration with the best universities in the world, to the 33,000 Prysmian employees and to all our partners. Achieving results is our responsibility, giving back to the Omani community is our commitment. I am proud of our management and our team, the great Oman Cables family," he added.-TradeArabia News Service
