Muscat: The profits of 45 Muscat Securities Market (MSM) listed companies stood at RO99 million during the third quarter of 2012 compared to RO90 million during the corresponding period last year, a 10 per cent growth.

The data published on MSM website by the companies about their un-audited financial statements for the third quarter 2012 show that 67 per cent of the companies that unveiled their results posted growth in profits compared to last year.
This constitutes a growth by 46 per cent compared to the results of the second quarter of 2012.

Lo’ay Batainah, deputy general manager for Investment at Oman Arab Bank, said that the performance of the banks has been good during the last period, adding that there has been a great improvement in service sector. The industrial companies are still suffering from high cost of operation and competition, which make their performance unstable.

He added that the banks tried to achieve growth in credit portfolios. He pointed out that while they posted profits, still the profits less than the second quarter of this year. This decline is attributed to the pressures by the decline in operation profits, as well as certain kinds of profits that were in the second quarter, are not there in the third quarter
Good returns.

Haitham bin Salim Al Salmi, general manager of the International Financial Services Company, said that investors have realised good returns on investments and that the unveiled results are good. He pointed out that investors are waiting for the remainder results of the companies that have not yet announced their results.

“I expect the market to witness activity after Eid Al Adha holidays, especially some leading companies have not yet announced their results. The outcomes of the company will affect the trend of the market in the upcoming period especially investors focus on stocks that provide high return,- he added.