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In 2023, the OMRAN Group, Oman’s leading tourism development entity, reported an unprecedented financial and operational success. The company declared a net profit of OMR 31.6 million and saw its revenue escalate by 44.6% to OMR 70.4 million. This impressive growth is attributed to the robust guidance provided by its Board of Directors and Executive Management, alongside fruitful strategic collaborations with key stakeholders in the tourism industry. This progress aligns with Oman’s overall stable economic advancement, leading to favorable results in the tourism sector.
The company experienced an 8% increase in occupancy rates across its resorts and hotels compared to the previous year. This rise contributed to an 11.5% increase in guest numbers, totaling 774,881 for the year.
These milestones were discussed at a recent meeting of the Board of Directors, where there was a unanimous commitment to continue driving economic diversification and enhancing the group’s influential role as a primary driver for tourism investment and development.
The outstanding financial results reflect the effectiveness of the group’s strategies and operational excellence. Increased revenue from its resorts, hotels, and the introduction of new tourism products and experiences played a crucial role, supported by ongoing improvements in spending efficiency and operational management across its subsidiaries and holdings.
The group’s total assets were valued at approximately 671 million Omani Riyals, with equity significantly rising from 379 million Omani Riyals in 2020 to 539 million Omani Riyals.
OMRAN Group remains focused on enhancing financial and operational outcomes, reducing operational costs, and boosting the performance of its assets. The group is committed to expanding tourism through sustainable projects that include recreational, agricultural, environmental, and adventure tourism, ensuring alignment with global trends and maximizing Oman’s distinctive characteristics.
In line with the royal directives from His Majesty Sultan Haitham bin Tarik, OMRAN Group is actively enhancing the local value-added programs and supporting small and medium-sized enterprises (SMEs). This focus is evident in its substantial investments in local businesses, promotion of Omani products, and support for national industries, leading to a local added value index of 51%. The group’s expenditures on national products and local services were OMR 8.5 million and OMR 14.5 million, respectively, with a total SME expenditure reaching about OMR 15 million in 2023.
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