Oman Chromite Company SAOG reported a 52.4 percent increase in net profit for the first half of 2026, driven by a strategic shift to bulk shipping amid rising maritime logistics challenges. The Muscat Stock Exchange-listed miner posted a net profit after tax of RO 623,637 for the six months ending June 30, up from RO 409,172 in the same period last year, according to the company’s unaudited financial results included in a Board of Directors’ report signed by Chairman Humaid bin Masoud al Maqbali.
The company’s net operating profit rose 66.2 percent to RO 743,603, supported by a 49 percent increase in revenues to RO 3.5 million. Oman Chromite attributed the gains chiefly to a 32.9 percent rise in sales volumes, facilitated by the adoption of bulk shipping methods that allowed the export of larger quantities of ore. Additionally, an 8 percent increase in average selling prices helped offset higher shipping expenses, while the cost of sales per tonne remained mostly stable.
Sales reached approximately 58,084 tonnes during the period, compared with 43,706 tonnes in the first half of 2025—nearly double the production during the same timeframe. This was achieved by drawing down export-ready inventory, which had been stockpiled as part of a logistics contingency plan.
While operations at SOHAR Port and Freezone were not directly impacted by regional tensions, the company reported indirect pressures arising from surging maritime freight rates and cargo insurance costs, particularly related to container shipments. Limited container vessel availability also affected transportation options. In response, Oman Chromite partially shifted to bulk shipping, rescheduled exports, and maintained steady production levels while building inventory. These measures, combined with an easing of transportation constraints in the second quarter, contributed to the substantial rise in sales and revenues.
Production for the half-year period was slightly lower, decreasing 1.2 percent to about 29,314 tonnes from 29,684 tonnes a year earlier. Of this total, 25,930 tonnes were sourced from the company’s own mining sites, while 3,384 tonnes came from newly initiated operations managed under an operate-and-develop agreement for one of Minerals Development Oman’s mines. The company views this contract as part of its strategic effort to diversify production and reinforce its position as a key mining operator within Oman.
On the expansion front, Oman Chromite secured its first mining license for Concession Area 11-A in northern Oman after extending exploration activities and applying to convert identified resources into minable reserves. Mining operations at this site are expected to begin in the second half of 2026. Exploration work will continue across the remainder of the concession area, with the company citing encouraging initial results.