Thursday 18 / April / 2024
Muscat: OQ recorded consolidated revenue of $22.768 billion by the end of 2021, compared to $14.006 billion in 2020, an increase of 63 per cent.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at $3.699 billion, an increase of 154 per cent as compared to 2020. The net profit amounted to $1.818 billion. This was stated in OQ’s third sustainability report for 2021.
The report highlights the group’s achievements in various fields, as well as its economic progress, in-country value (ICV), social investment, health, safety and environment, digital transformation, and human resources.
The report, issued as part of OQ’s efforts to achieve sustainability goals, was developed in accordance with the guidelines issued by the Global Reporting Initiative, which promotes integrity, transparency, and business governance standards.
According to the report, there was an increase in spending on goods and purchases from local markets by 30 per cent, amounting to $931 million in 2021, compared to 2020. The increase in spending comes as part of the efforts made to enhance in-country value (ICV), which is one of the areas of focus for OQ.
It also highlights OQ's belief in the importance of increasing the procurement of goods and services from the local markets. OQ makes it mandatory for contractors and suppliers to help national companies become globally competitive and enhance their ability to innovate and grow.
Supporting small and medium enterprises (SMEs) and fostering entrepreneurship, is one of the key Omani government priorities. As part of the group’s ICV programme, OQ supports and encourages the growth and progress of SMEs. In 2021, OQ awarded 147 tenders, worth $165 million, for SMEs, an increase of 54 per cent compared to 2020.
As part of OQ's social responsibility and its commitment to serve the local communities in which it operates, the group allocated $10.5 million for social investment programmes. The emergency support for those affected by the climatic conditions (Shaheen) amounted to $5.10 million. More than 730 volunteers participated in relief efforts for the affected families, completing 8,796 voluntary hours which benefited 11,260 people.
Within its efforts to preserve the environment and natural resources, as well as promote business sustainability, OQ has adopted the decarbonisation policy and given it the necessary priority. Work is currently underway on four major projects in green hydrogen. OQ has also implemented a number of initiatives to manage water consumption and produce 30 megawatts of renewable energy in 2021.
As for digital transformation and cybersecurity, OQ has introduced the Cybersecurity Management System. The group carried out 11 cybersecurity risk assessments on cloud hosting service providers. It also implemented advanced models of artificial intelligence.
OQ continues its efforts to provide employment opportunities to the national workforce. The number of male and female employees in the Group companies in the Sultanate of Oman stood at 4,700, of which 82 per cent are Omanis. About 65 per cent of employees are under 30 years old.
In 2021, OQ sponsored the education of 22 male and female students in international universities and colleges under the Takatuf Scholarship programme. The group has nine training programmes to develop and rehabilitate national human resources. The training programmes are in line with the government's efforts to provide Omanis with training, job, and career development opportunities.
As a global energy company, OQ has established a presence in 17 countries across five continents, exporting its products to more than 70 countries. The Group seeks to further strengthen its position globally by meeting the voluntary reporting and disclosure of its business activities.
