Sohar International has been recognized as the ‘Best Performing Company’ in the Large Cap category at the prestigious Alam Al-Iktisaad Awards 2024.
This accolade comes as part of the 16th edition of the annual survey conducted by United Securities, recognizing top-performing companies listed on the Muscat Stock Exchange (MSX) based on seven key financial performance metrics.
Sohar International’s exceptional performance across Revenue Growth, Operating Profit (EBIT) Growth, Net Profit Growth, Return on Average Assets, Return on Average Equity, Operating Profit Margin, and Net Profit Margin placed the bank at the forefront of the large-cap segment. This recognition reflects the bank’s unwavering commitment to delivering sustainable growth, profitability, and value to its stakeholders.
Mr. Ahmed Al Musalmi CEO – Sohar International
“We are honored to be recognized as the Best Performing Large Cap Company on the MSX, an achievement that truly embodies our journey of growth with excellence. This accolade is not just a reflection of our financial strength but also a testament to our strategic vision, the dedication of our team, and our relentless pursuit of innovation and customer-centricity. As we continue to expand our footprint, we remain committed to setting new standards in the industry, delivering sustainable value to our shareholders, and contributing positively to the economic landscape of our nation.”
Sohar International’s financial performance for 2023 and the first half of 2024 reflects significant growth and resilience. In 2023, net profit soared by 101 percent to RO 70.3 million ($183 million), with total operating income increasing by 23 percent to RO 163.4 million ($425 million).
While operating expenses rose by 40 percent to RO 76.9 million ($200 million) due to investments in strategic initiatives, the bank has continued to strengthen its foundation. In the first half of 2024, Sohar International achieved a remarkable 112 percent growth in net profit, a 65 percent increase in total assets, and a 32 percent rise in loans and advances, with deposits surging by 107 percent and a return on equity of 14.2 percent. These results demonstrate the bank’s commitment to driving value and supporting the national economy.
In addition to receiving this distinguished award, Sohar International has earned several notable accolades throughout the year. The bank was recognized as ‘Best Mobile App Oman 2024’ and was honored as Oman’s Best Bank by the prestigious Middle East Euromoney Awards for Excellence.
Furthermore, at the Oman Banking & Finance Awards 2024, Sohar International secured multiple honors, further solidifying its reputation as a leading financial institution. Among its other esteemed recognitions, the bank was awarded the ‘Highest Year-on-Year Growth in Total Assets among GCC Banks’ by the Alam Al-Iktisaad Awards, as well as the title of ‘Most Innovative Digital Bank for Ecosystem Services – Oman 2023’ by The Global Economics, UK.
