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08-01-17

Omani firms to record 24pct increase in revenue

(MENAFN) Major Omani firms are projected to post a 23.7 percent increase in net profit for 2016 at OMR673.58mn, due to one-off provisions reported by many firms last year.Moreover, the joined incomes of the Sultanate's listed firms for 2016 were estimated to grow by 4.7 percent to OMR4.06bn.However, the earnings were estimated to decline by 23 percent due to an overall weakness in the economic environment, which would reflect the corporate performances.Meanwhile, the total incomes of the firms, excluding investment holding firms, were estimated to have increased by 2.7 percent to OMR3.83bn.