Omani OQGN Reports H1 Net Profit

OQ Gas Networks (OQGN) reported a 6.7% year-on-year increase in net profit for the first half of 2026, supported by higher revenue, strong operational performance and increased construction activity.

According to its unaudited financial results submitted to the Muscat Stock Exchange, the company posted a net profit of RO27.1 million (US$70.48 million) for the six months ended June 30, 2026, compared with RO25.4 million (US$66.06 million) in the corresponding period of 2025.

Revenue for the first half of this year rose 7.0% to RO96.4 million (US$250.72 million), up from RO90.1 million (US$234.33 million) a year earlier. The company attributed the increase to higher construction activity and the continued expansion of its regulated asset base.

OQGN said the improvement in profitability reflected sustained operational efficiency, disciplined cost management and steady business growth. The company said it maintained a strong focus on operational excellence, safety, sustainability and future energy development.

During the second quarter, OQGN maintained 99.9% gas network availability, achieved a record single-day gas dispatch of 139.44mn standard cubic metres (SCM) on June 3, 2026, and recorded zero Lost Time Injuries (LTIs), underscoring its continued emphasis on operational reliability and workplace safety.

Looking ahead, the company said it remains focused on creating long-term value through resilient operations, sustainable business practices and strategic investments that support the evolving needs of Oman’s energy sector.

OQGN also reaffirmed its commitment to the sultanate’s energy transition by supporting the launch of Oman’s first 3D-printed Hydrogen Lab at the German University of Technology in Oman (GUtech). The initiative is aimed at advancing green hydrogen research, strengthening national clean energy capabilities and supporting the country’s Net Zero 2050 ambitions.