OQ, the global integrated energy company, announced its financial performance for 2023 today, showcasing a year of significant achievement. The company reported revenue of OMR 13.7 billion, reflecting a robust operational environment. Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached OMR 1.975 billion, while net profit climbed to OMR 970 million.
This impressive performance can be attributed to several key factors. OQ capitalized on increased production volumes across its operations. The company achieved an average daily output of approximately 246,000 barrels of oil equivalent by the end of December 2023, resulting in a total annual production of 89 million barrels of oil equivalent. Additionally, the refining and petrochemicals sector successfully processed 81 million barrels of crude oil in 2023.
Favorable market conditions also played a significant role in OQ's financial success. Strong Oman Export Blend (OEB) and refined product prices bolstered the company's revenue stream. OQ strategically leveraged its operational excellence across its assets to maximize efficiency and profitability. Divestment activities further contributed to the company's positive financial results.
Beyond its core financial performance, OQ demonstrated a commitment to supporting the local economy. The company's focus on In-Country Value (ICV) was evident as its expenditure on local goods and services surpassed OMR 408 million in 2023. This figure represents a remarkable 77% of OQ's total procurement expenditure for the year. The company's ICV index reached an impressive 31.9%, highlighting its dedication to empowering local businesses. Notably, OQ placed a strong emphasis on supporting small and medium enterprises (SMEs) through procurement, with spending on SMEs reaching OMR 95 million, constituting 18% of the total expenditure.
Looking ahead, OQ is well-positioned for continued growth and success. The company's commitment to operational excellence, strategic investment decisions, and focus on In-Country Value development position it as a leader in the global energy sector.