Oman Cables Industry (OCI), the leading cable solutions provider in the Sultanate of Oman, today held its Annual General Meeting (AGM), where the Board of Directors reviewed the company’s financial performance for the year ended 31 December 2024.

During the AGM, shareholders approved the Group’s strong financial results, with revenue reaching OMR 268.7 million, marking an 8.3% year-on-year increase. Net profit surged 19.5%, reaching OMR 22.622 million. The meeting also highlighted the company’s commitment to sustainable growth, driven by its vision of "Empowerment, Innovation, and Excellence" and guided by four key ambitions: Climate, Innovation, Social, and Governance.

Strong Operational Performance
The Group's revenue rose by OMR 20.6 million, reaching OMR 268.7 million for the year. This 8.3% year-on-year increase was fueled by higher exports, particularly in the renewable energy sector, and increased shipments to power grid projects.

Oman Cables Industry recorded a net profit of OMR 22.6 million, up from OMR 18.9 million in the previous year, reflecting a 19.5% year-on-year increase. This growth was driven by dynamic pricing strategies, agile design-to-cost initiatives, strong fixed cost management, and a diverse product portfolio, including high-value-added solutions and services.

Strategic Integration with Prysmian to Drive Sustainable Growth

Through the partnership with Prysmian, a global leader in energy transition and digital transformation, Oman Cables Industry continues to strengthen its innovation and market reach. Key benefits include:

● Access to cutting-edge R&D through 25 Prysmian research centers worldwide, accelerating the development of innovative products and integrated solutions.
● A broader product portfolio and enhanced service offerings, providing comprehensive solutions to diverse industries.
● Global testing facilities ensuring the highest international quality standards by leveraging advanced expertise and industry best practices.

Cinzia Farisè, Chairman of the Board of Directors of Oman Cables, said: "We are pleased with the company’s strong financial performance and are committed to continuing our efforts to enhance shareholder value. As part of our commitment to Oman Vision 2040 and the journey toward net zero by 2050, Oman Cables is dedicated to driving sustainable innovation. We are at the forefront of developing advanced, eco-friendly products and solutions that support energy transition and grid hardening across Oman and the region. As the Renewable Excellence Center in the region, we provide cutting-edge solutions tailored to the evolving needs of the energy sector. Through these efforts, we contribute to building a more resilient and sustainable future.”

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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.

Investor Relations
Jad Atallah
jad.atallah@omancables.com