Muscat: Oman Cables Industry (OCI), the leading cable solutions provider in the Sultanate of Oman, held its Annual General Meeting (AGM) today. The shareholders reviewed and approved the Group’s financial results for the year 2024: the company records another excellent year, with sales turnover marking 8.3% year-on-year increase, reaching 268.7 million OMR, and net profit surging 19.5%, reaching 22.622 million OMR.
Strong Performance
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.
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.
The Group also recorded a net profit of 22.6 million OMR, up from 18.9 million OMR in the previous year, reflecting a 19.5% year-on-year increase. This growth was 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.
Strategic Integration with Prysmian to Drive Sustainable Growth
Through the partnership with Prysmian – the undisputed 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. 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.
Cinzia Farisè, Chairman of the Board of Directors of Oman Cables, commented: “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 East. We have created and nurtured a talent pool through advanced leadership programs and our employees are appreciated in every part of the globe, where they have the opportunity to work at all Prysmian affiliates. 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”.
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ABOUT OMAN CABLES INDUSTRY (SAOG)
Oman Cables Industry (SAOG), a public joint stock company listed on Muscat Stock Exchange (MSX), is a leading cable manufacturer based in the Sultanate of Oman that develops, manufactures, and markets a wide range of electrical products, which include medium voltage power cables, low voltage power & control cables, instrumentation cables, pilot cables, overhead power transmission line conductors and building wires. In addition, Oman Cables Industry provides cables with unique specifications – for various applications and environmental conditions, or as per customer requirements. Part of the Prysmian Group – A truly global worldwide group leader in the cable industry – Oman Cables Industry ranks within the Top Global Wire and Cable Producers. Originally established in 1984, Oman Cables Industry now has offices located in Oman, UAE, Qatar, Bahrain and KSA. The company also enjoys an extensive network of distributors and agents throughout the Middle East, Africa, Turkey & India (MEAT) region.
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Jad Atallah
jad.atallah@omancables.com
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