OMRAN Group Sets New Records in the Financial Performance
Oman Tourism Development Company (OMRAN Group) announced a record-breaking financial and operational performance in 2023, achieving a net profit of OMR 31.6 million and a 44.6% revenue growth reaching OMR 70.4 million. This record growth underscores the continued support from the Group’s Board of Directors and Executive Management, as well as the strategic partnership with the stakeholders and partners in the tourism sector, amidst the steady and comprehensive economic growth the country is experiencing, resulting in positive outcomes in the sector.
The Group witnessed an 8% growth in the occupancy rate of its resorts and hotels compared to 2022. This rise was reflected in the number of guests, with a total of 774,881 guests, representing an 11.5% increase compared to 2022.
These achievements were highlighted during the recent Board of Directors meeting. The board reaffirmed the Group’s commitment to strengthening its role in driving economic diversification and significantly increasing its impact as a leading catalyst for development and investment in the tourism sector.
This record performance translates the success of the efforts made and the efficiency of the implemented plans, driven by outstanding operational performance across the board. The high revenue rates from resorts, hotels, existing projects, and new tourism experiences and products contributed significantly, alongside continued efforts to improve spending efficiency and operational performance in its subsidiaries and assets.
The total book value of the Group’s assets amounted to approximately 671 million Omani Riyals, and equity exceeded half a billion Omani Riyals, reaching 539 million Omani Riyals, a substantial increase from 379 million Omani Riyals in 2020.
The Group continues to develop and enhance financial and operational performance, improve operating expenses, boost the competitive capabilities of all owned assets, and focus on maximizing the sector’s potential and achieving tourism diversification. This includes investing in sustainable projects to enhance recreational, agricultural, environmental tourism, and adventure tourism, aligning with international tourism development trends and optimally leveraging Oman’s unique elements.
In response to the royal directions of His Majesty Sultan Haitham bin Tarik to maximise local value-added programmes (local content) and support SMEs, OMRAN Group continues its efforts to enhance local added value. This strategic priority is reflected in its investments, businesses, and various activities, supporting local companies, creating job opportunities, empowering Omani talents, supporting Omani products, and encouraging national industries. The Group achieved a record 51% in the local added value index, reflecting its efforts to support SMEs and enhance local content. Spending on national products exceeded 8.5 million Omani Riyals, with about 14.5 million Omani Riyals spent on local services. Total spending on SMEs in 2023 amounted to approximately 15 million Omani Riyals.