OQ Gas Networks (OQGN), the owner and operator of the Sultanate of Oman’s natural gas transportation network, has announced a net profit of RO 44.8 million for the nine months ending on September 30, 2023. This compares with a net profit of RO 34.5 million for the corresponding period of 2022.

It was OQGN’s first quarterly performance report before its listing on the Muscat Stock Exchange (MSX) on October 24, 2023, following a landmark public subscription covering 49 per cent of its equity capital.

Commenting on the increase in net profit, the company stated: “This is mainly due to the increase in finance income on the concession arrangement by RO 1.8 million as a result of growth in asset base, income on termination of hedge of RO 8.8 million, and increase in interest/profit income on deposits by RO 0.8 million. This is partly offset by higher finance cost of RO 3.7 million mainly due to higher interest rates during the year.” Capital expenditure, however, climbed to RO 39.4 million for the Jan – Sep 2023 period, up from RO 33.9 million during the corresponding period of 2022.

The value of OQGN’s regulatory asset base (RAB) assets increased by 3.2 per cent to RO 1.003 billion, up from RO 972 million as of December 31, 2022.

OQGN offered its shares for listing on MSX at a price of 126 Baizas for individual investors and 140 Baizas for institutional investors. The shares commenced trading on October 24, 2023 and opened for trading at a price of 159 Baizas. Three international anchor investors acquired 30 per cent of the total offered shares.

Oman Daily Observer