(MENAFN- Mid-East) The Annual Shareholders Meeting approved the 2023 financial results.
Strong performance driven by Innovation for Sustainability.
Muscat – The Annual General Meeting of Oman Cables Industry (OCI), the leading cable solutions provider in the Sultanate of Oman, approved the financial results for 2023 with a turnover of OMR 248.17 million and a net profit of 18.93 million OMR, marking a 69.4% increase compared to the last year.
More than a cable producer, the Company capitalized on its leading position as a technological enabler of the energy transition, aiming to anticipate the needs of its customers, by strengthening its engagement with suppliers and focusing on continuous innovation, leveraging on technological and industrial leadership to amplify the positive impact that it can generate for the community.
The Annual General Meeting also elected the Board of Directors, a renewed board covering a broad spectrum of international skills, educational background, professional qualifications, experience and expertise strengthening the robust corporate governance framework.
The Board of Directors is leaded by Cinzia Farisè as the Chairperson. Cinzia Farisè has a long track record of board membership and chairmanship in various multinational companies, in addition to being a member of the Advisory Board of Sultan Qaboos University of Oman, College of Engineering. She served as the Chief Executive Officer at Oman Cables and as Regional Chief Executive Officer at Prysmian MEART – Middle East,
Africa, Turkey, Russia and India, before moving to her global role as the Executive Vice President Power Grids at Prysmian Group. As a woman, she is the first Chairperson leading a manufacturing listed company in Oman.
As a Vice Chairperson, Mohamed Al Lawati will continue to bring a set of professionalism and experience in the Sultanate, also previously being the Vice Chairperson of the Board of Directors at Oman Cables.
Newly elected, Sayyid Shabib Al Busaidi joins the Board of Directors as a professional in the fields of finance,strategic planning, statistics, actuarial studies and social insurance schemes.
In addition, Laura Figini continues to be a Member of the Board of Directors of Oman Cables, bringing international expertise in finance, acquisitions and human capital.
With huge experience in leadership of human capital, change management and post-merger integration processes across the borders and different cultures, Fabrizio Rutschmann continues to be a Member of the Board of Directors, offering strong support in governance matters, succession planning, remuneration,sustainability and diversity, equality and inclusion. Yasser Al Rashdi also maintains his Board membership in
Oman Cables, bringing more than two decades of experience in the field of investments, accounts and
finance.
In addition, Ian Prescott joins the Board of Directors, with more than 30 years of international experience in managing multi-billion-dollar businesses and projects, spanning across the oil & gas, petrochemical, mining,power and water industries, served in executive and Board positions for various multinational private and publicly listed companies.
Cinzia Farisè, the newly appointed Chairman of the Board of Oman Cables, commented: During the recent years Oman Cables was showing continued growing results and a robust financial performance. The strong focus on differentiation was paying, and the significant increase in profitability is the result of a clear strategy aiming to support the ongoing energy transition, within the frame of Oman vision 2040. Our unwavering
commitment is to elevate the shareholder and stakeholder value further.”
About Oman Cables Industry:
Oman Cables Industry (SAOG) is a leading cable manufacturer based in the Sultanate of Oman. It is a public joint-stock company listed on the Muscat Stock Exchange (MSX). The company specializes in the development, manufacturing, and marketing of a wide range of electrical products, including medium voltage power cables, low voltage power & control cables, instrumentation cables, pilot cables, overhead power transmission line conductors, and building wires. With its offices in Oman, UAE, Qatar, Bahrain, and KSA, and
an extensive network across the Middle East, Africa, Turkey, Russia and India (MEART) region, Oman Cables Industry is part of the Prysmian Group, a global leader in the cable industry.
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