OQBI ReportsRO 12.8 Million Net Profit

Muscat, 17 May (ONA) —— The Board of Directors of OQ Base Industries OQBI) has approved the unaudited financial results for the three-month period ended 31 March 2025, demonstrating a robust performance across all key metrics.

OQBI recorded a significant increase in net profit, marking a 70.6% rise compared to the same period last year. Net profit for Q1 2025 reached RO 12.8 million, up from RO 7.5 million in Q1 2024.

In addition to this financial achievement, OQBI continues to uphold its Shariah-compliant status and remains committed to ethical and transparent operations. The company’s strategic focus remains aligned with its objectives to deliver sustainable value to all stakeholders.

OQBI maintained its focus on health and safety, achieving outstanding HSSE performance during the period. The methanol, LPG and ammonia plants successfully secured certifications across environmental, health, safety and quality management systems. These milestones reflect the company's dedication to risk management and sustainability, reinforcing its position as a responsible industrial leader.

As Oman’s only integrated producer of methanol, ammonia and LPG products, which include propane, butane, condensate and LPG (cooking gas), OQBI achieved a notable 7.5% increase in cumulative production for methanol and ammonia. Production for the three-month period ending 31 March 2025 reached 389Kt, up from 362 Kt in the same period in 2024. This growth resulted from exceptional plant utilization rates of 102% for methanol and 101% for ammonia.

LPG production, however, saw a marginal decrease of 3.4% to 84 Kt, compared to 87 Kt in Q1 2024, driven by slightly lower utilization of the LPG plant at 102%. OQBI Group exceeded its production targets for Q1 2025, outperforming the business plan projections.

Revenue for the Group grew by RO 9.2 million, or 19.9%, reaching RO 55.5 million for Q1 2025, compared to RO 46.3 million during Q1 2024. This increase was mainly driven by higher sales prices for methanol, increased ammonia sales volumes contributing RO 3.4 million representing a 60.4% increase and higher LPG sales volumes contributing RO 3.1 million. EBITDA increased by RO 3.6 million or 17.3%, reaching RO 24.7 million versus RO 21.0 million in Q1 2024. This increase was driven by revenue growth, partially offset by an RO 1.5 million increase in gas consumption charges at the Parent Company, an RO 4.6 million provision for notional gas at the subsidiary and an RO 0.5 million increase in other expenditures.

Net profit rose by RO 5.3 million, or 70.6%, reaching RO 12.8 million. This was primarily due to the revenue increase of RO 9.2 million and finance cost savings of RO 3.3 million. These were partially offset by higher natural gas costs amounting to RO 1.5 million, notional gas provision of RO 4.6 million, higher operating expenses of RO 0.8 million and lower finance income of RO 0.3 million.

Following a transformative year in 2024, OQBI continues its positive trajectory in 2025, driven by robust operational performance and a commitment to sustainable and transparent growth.

OQBI remains focused on operational efficiency, HSSE excellence and delivering sustainable growth to meet both shareholder and national economic objectives.

—— Ends/AH