OMIFCO’s profit jumps by 137.6%

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25 July 2021

MUSCAT (WAF): Oman India Fertiliser Company SAOC (OMIFCO) has recorded a net profit of $126.6 million (RO48.7 million) in 2020, a 137.6% increase from 2019’s net profit of $53.3 million (RO20.5 million).

The audited consolidated financial statement of OQ, which owns 50% of the company’s shares, seen by WAF Agency, showed an increase in revenues on an annual basis by 30.6%, from revenues of $348.4 million in 2019 to $455 million in 2020.

It is noteworthy that the consolidated group of OQ incurred losses of $4.4 billion for the year 2020, compared to a net profit of $600.6 million in 2019.

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OMIFCO is a 50-50 joint venture between Oman and India. The company is the developer, owner and operator of the ammonia-urea fertiliser manufacturing complex commissioned in 2005 with $960 million in investment.

The complex has two ammonia plants with an annual production capacity of 1.652 million MT, and two urea plants with an annual production capacity of 1.15 million MT.