Oman LNG profit rise by 3% in 2019

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هذه الصفحة متوفرة بهذه اللغة: العربية

3 July 2020

MUSCAT (WAF): The net profit of Oman LNG Company increased from $1.08 billion (RO415 million) in 2018 to $ 1.11 billion (RO427 million) in 2019, the company’s annual report shows.

Although Oman LNG’s slight decrease in total revenues from $ 3.5 billion (RO 1.346 billion) to $ 3.48 billion (RO 1.338 billion). With operating expenses reduced by about $ 12 million compared to the approved operating budget for the year, and the implementation the “lean” approach that contributed during the year 2019 to achieve financial savings of $ 22 million.

Oman LNG Company is one of the largest taxpayers in the Sultanate. The total commercial taxes for the year 2019 amounted to about 78.8 million Omani Rials, while official statistics issued by the National Center for Statistics and Information indicate that the total income from corporate income tax until the end of December 2019 amounted to 617.9 million Omani Rial.

Qalhat LNG -which was merged under Oman LNG in 2013- also had a good year with a 6.3% return on investment (ROI). The company’s operations resulted in revenues, in 2019, amounting to $ 1.285 billion (RO 494 million), and ROI equivalent to $ 1.354 billion (500 million Omani rials).