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Omani (MSM) Market Analysis & Valuation

UpdatedDec 16, 2025
DataAggregated Company Financials
Companies100
  • 7D1.0%
  • 3M14.1%
  • 1Y26.9%
  • YTD24.9%

Over the last 7 days, the market has remained flat, with no particular sector making any big moves this week. Meanwhile, the market is actually up 27% over the past year. As for the next few years, earnings are expected to grow by 5.9% per annum.

Trending IndustriesOil and GasRenewable Energy

Market Valuation and Performance

Has the Omani Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 17 Dec 2025ر.ع16.2bر.ع12.4bر.ع1.4b10.2x11.6x1.3x
Fri, 14 Nov 2025ر.ع15.6bر.ع12.3bر.ع1.4b10.5x11.5x1.3x
Sun, 12 Oct 2025ر.ع14.5bر.ع12.1bر.ع1.4b10.1x10.6x1.2x
Tue, 09 Sep 2025ر.ع14.1bر.ع12.1bر.ع1.4b10.5x10.3x1.2x
Thu, 07 Aug 2025ر.ع13.4bر.ع12.0bر.ع1.3b10.5x10.3x1.1x
Sat, 05 Jul 2025ر.ع12.8bر.ع11.6bر.ع1.2b10.1x10.5x1.1x
Mon, 02 Jun 2025ر.ع12.5bر.ع11.6bر.ع1.2b10.2x10.2x1.1x
Wed, 30 Apr 2025ر.ع11.7bر.ع11.5bر.ع1.2b9.6x9.6x1x
Fri, 28 Mar 2025ر.ع12.4bر.ع11.5bر.ع1.2b9.9x10.1x1.1x
Sun, 23 Feb 2025ر.ع11.7bر.ع11.5bر.ع1.4b10.4x8.3x1x
Tue, 21 Jan 2025ر.ع12.3bر.ع10.1bر.ع872.5m10.6x14.1x1.2x
Thu, 19 Dec 2024ر.ع11.8bر.ع10.1bر.ع699.7m10.8x16.9x1.2x
Sat, 16 Nov 2024ر.ع11.9bر.ع10.1bر.ع685.2m10.5x17.4x1.2x
Mon, 14 Oct 2024ر.ع9.2bر.ع10.0bر.ع682.3m10.9x13.4x0.9x
Wed, 11 Sep 2024ر.ع9.2bر.ع10.0bر.ع680.1m11x13.5x0.9x
Fri, 09 Aug 2024ر.ع9.0bر.ع10.0bر.ع682.0m11.4x13.2x0.9x
Sun, 07 Jul 2024ر.ع9.1bر.ع9.9bر.ع679.0m11.7x13.4x0.9x
Tue, 04 Jun 2024ر.ع9.3bر.ع9.9bر.ع673.4m12x13.7x0.9x
Thu, 02 May 2024ر.ع9.2bر.ع9.8bر.ع680.2m12.1x13.5x0.9x
Sat, 30 Mar 2024ر.ع9.0bر.ع9.7bر.ع647.1m11.2x13.9x0.9x
Mon, 26 Feb 2024ر.ع8.8bر.ع9.6bر.ع741.1m11.3x11.9x0.9x
Wed, 24 Jan 2024ر.ع9.3bر.ع9.7bر.ع786.6m11.5x11.9x1x
Fri, 22 Dec 2023ر.ع9.2bر.ع9.6bر.ع790.5m11.7x11.7x1x
Sun, 19 Nov 2023ر.ع9.2bر.ع9.7bر.ع776.6m12.2x11.9x1x
Tue, 17 Oct 2023ر.ع8.8bر.ع9.5bر.ع630.6m11.8x13.9x0.9x
Thu, 14 Sep 2023ر.ع8.7bر.ع9.4bر.ع625.2m12.3x13.9x0.9x
Sat, 12 Aug 2023ر.ع8.8bر.ع9.3bر.ع587.4m13.5x15x0.9x
Mon, 10 Jul 2023ر.ع8.8bر.ع9.3bر.ع595.7m13.7x14.7x0.9x
Wed, 07 Jun 2023ر.ع8.5bر.ع9.3bر.ع577.1m12.6x14.8x0.9x
Fri, 05 May 2023ر.ع8.6bر.ع9.1bر.ع619.9m12.8x13.9x1x
Sun, 02 Apr 2023ر.ع8.7bر.ع9.0bر.ع594.5m12x14.6x1x
Tue, 28 Feb 2023ر.ع8.3bر.ع8.7bر.ع555.8m12x14.9x0.9x
Thu, 26 Jan 2023ر.ع8.3bر.ع8.7bر.ع574.8m10.8x14.4x0.9x
Sat, 24 Dec 2022ر.ع8.4bر.ع8.6bر.ع486.0m11x17.3x1x
Price to Earnings Ratio

17.3x


Total Market Cap: ر.ع8.4bTotal Earnings: ر.ع486.0mTotal Revenue: ر.ع8.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Omani Market Price to Earnings3Y Average 12.7x202320242025
Current Market PE
  • Investors are relatively neutral on the Omani market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 12.7x.
Past Earnings Growth
  • The earnings for Omani listed companies have grown 42% per year over the last three years.
  • Revenues for these companies have grown 13% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

Which sectors have driven the changes within the Omani Market?

OM Market0.99%
Materials2.92%
Utilities2.33%
Industrials2.08%
Consumer Staples1.83%
Consumer Discretionary1.76%
Energy1.57%
Telecom0.42%
Financials0.065%
Real Estate0%0
Healthcare0%0
Sector PE
  • Investors favour the Real Estate sector the most for future growth even though it's trading below its 3-year average PE ratio of 26.3x.
    • It looks like investors are confident that earnings will grow faster in the future than they have historically.
  • The Utilities sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 5.9x.
Forecasted Growth
  • Analysts are most optimistic on the Industrials sector, expecting annual earnings growth of 13% over the next 5 years.
  • However this is lower than its past earnings growth rate of 29% per year.
  • In contrast, the Materials sector is expected to see its earnings decline by 4.3% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
OQBI OQ Base Industries (SFZ) SAOGر.ع0.192.2%
+ر.ع13.8m		68.5%PE11xMaterials
SSPW Sembcorp Salalah Power & Water Company SAOGر.ع0.203.6%
+ر.ع6.7m		112.6%PE8.4xUtilities
OETI Oman Education & Training Investment Company SAOGر.ع1.605.3%
+ر.ع5.6m		55.3%PE10xConsumer Discretionary
OCAI Oman Cables Industry SAOGر.ع2.512.5%
+ر.ع5.5m		-7.3%PE9.9xIndustrials
ABOB Ahli Bank SAOGر.ع0.171.2%
+ر.ع5.4m		11.8%PB0.7xFinancials
See more

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OQGN
ر.ع0.19
OQ Gas Networks SAOG
7D
-1.0%
1Y
46.2%

OQGN: Dividend Proposal And CFO Transition Will Support Fairly Valued Outlook

Analysts have held their price target on OQ Gas Networks SAOG steady at 0.19 OMR, citing unchanged fair value expectations supported by broadly consistent assumptions for the discount rate, revenue growth, profit margins, and future valuation multiples. What's in the News Board meeting scheduled for October 27, 2025, to review and approve unaudited financial results for the third quarter ended September 30, 2025 (Key Developments) Extraordinary shareholders meeting set for October 09, 2025, at 15:00 Arabian Standard Time to approve financial statements for the period ending June 30, 2025, and consider a proposed cash dividend of 5.60 baisa per share for the first half of 2025 (Key Developments) Board meeting on September 14, 2025, to approve audited financial statements, propose a dividend to the Ordinary General Meeting, consider the appointment of an Acting CFO, and address other matters (Key Developments) Appointment of Mr. Sultan Al Balushi as Acting CFO effective October 1, 2025, bringing over 11 years of experience in treasury, accounting, financial planning and analysis, and strategic finance (Key Developments) Valuation Changes Fair Value Estimate unchanged at approximately OMR 0.189 per share, reinforcing the current price target of OMR 0.19 as the central valuation reference point.
BKMB
ر.ع0.34
Bank Muscat SAOG
7D
-1.7%
1Y
32.7%

BKMB: Fair Value Will Likely Remain Stable Amid Unchanged Forecasts

Narrative Update on Bank Muscat SAOG Analysts have maintained their price target for Bank Muscat SAOG at OMR 0.37, reflecting unchanged assumptions on discount rate, revenue growth, profit margin, and future valuation multiples. They continue to see the bank fairly valued under current fundamentals.
OETI
ر.ع1.60
Oman Education & Training Investment Company SAOG
7D
5.3%
1Y
55.3%
BKSB
ر.ع0.16
Sohar International Bank SAOG
7D
-2.4%
1Y
22.6%

BKSB: Steady Risk Profile And Profit Margins Will Shape Future Outlook

Analysts have modestly raised their price target on Sohar International Bank SAOG to approximately OMR 0.17, reflecting slightly lower perceived risk and sustained expectations for double digit revenue growth and strong profit margins. Valuation Changes The fair value estimate remains unchanged at approximately OMR 0.17 per share, indicating no material reassessment of intrinsic value.
OCAI
ر.ع2.51
Oman Cables Industry SAOG
7D
2.5%
1Y
-7.3%
PHPC
ر.ع0.16
Phoenix Power Company SAOG
7D
2.0%
1Y
169.0%
ABOB
ر.ع0.17
Ahli Bank SAOG
7D
1.2%
1Y
11.8%
BKNZ
ر.ع0.11
Bank Nizwa SAOG
7D
-3.5%
1Y
10.1%
OCOI
ر.ع0.49
Oman Cement Company SAOG
7D
2.1%
1Y
31.6%
OQBI
ر.ع0.19
OQ Base Industries (SFZ) SAOG
7D
2.2%
1Y
68.5%
OQEP
ر.ع0.38
OQ Exploration and Production SAOG
7D
-1.6%
1Y
14.3%
BKDB
ر.ع0.15
Bank Dhofar SAOG
7D
-2.0%
1Y
-7.9%
SSPW
ر.ع0.20
Sembcorp Salalah Power & Water Company SAOG
7D
3.6%
1Y
112.6%
AACT
ر.ع0.18
Al Anwar Ceramic Tiles Company SAOG
7D
5.7%
1Y
105.6%
OAB
ر.ع0.17
Oman Arab Bank SAOG
7D
-2.8%
1Y
19.4%
DIDI
ر.ع0.26
Dhofar International Development & Investment SAOG
7D
-6.8%
1Y
24.9%