Muscat: The Oman Tourism Development Company (OMRAN Group) has announced an unprecedented financial and operational achievement in 2023, securing a net profit of OMR31.6 million and a remarkable 44.6 percent increase in revenue, reaching OMR70.4 million.
This exceptional growth is a testament to the unwavering support from the Group's Board of Directors and Executive Management, as well as the strategic collaborations with stakeholders and partners within the tourism sector. It is also a reflection of the steady and comprehensive economic growth experienced by the country, which has yielded positive outcomes across various sectors.
The Group has observed an 8 percent increase in the occupancy rate of its resorts and hotels compared to the previous year. This growth is evident in the surge of guests, with a total of 774,881 visitors, marking an 11.5 percent rise from the previous year.
These accomplishments were highlighted during the recent Board of Directors meeting, where the board reaffirmed the Group's dedication to bolstering its role in driving economic diversification and significantly amplifying its influence as a leading force in development and investment within the tourism sector.
This remarkable performance is a testament to the success of the Group's endeavors and the effectiveness of its strategic plans, underpinned by outstanding operational performance across all sectors. The significant revenue generated from resorts, hotels, existing projects, and new tourism experiences and products, coupled with continuous efforts to enhance spending efficiency and operational performance within its subsidiaries and assets, have contributed significantly to this achievement.
The total value of the Group's assets stands at approximately OMR671 million, with equity surpassing half a billion Omani Riyals, increasing to OMR539 million, a notable rise from OMR379 million in 2020.
The Group is committed to further developing and enhancing its financial and operational performance, reducing operational expenses, bolstering the competitive edge of its owned assets, and focusing on maximizing the potential of the sector and achieving tourism diversification. This includes investing in sustainable projects aimed at enhancing recreational, agricultural, environmental, and adventure tourism, in line with global tourism development trends and effectively leveraging the unique attributes of Oman.
In response to the directives of His Majesty Sultan Haitham bin Tarik to prioritize local value-added programs (local content) and support Small and Medium Enterprises (SMEs), OMRAN Group continues its efforts to promote local value addition. This strategic focus is evident in its investments, businesses, and various activities, which support local companies, create employment opportunities, empower Omani talents, promote Omani products, and encourage national industries.
The Group has achieved a record 51 percent in the local added value index, demonstrating its commitment to supporting SMEs and enhancing local content. Expenditure on national products has exceeded OMR8.5 million, with approximately OMR14.5 million allocated to local services. The total expenditure on SMEs in 2023 amounted to approximately OMR15 million.
