In 2025, OQGN demonstrated financial resilience and adaptability with strong core performance and continued efficiency improvements.
OQGN achieved a 35.0% increase in total income in 2025, primarily driven by the increase in construction activity, despite the absence of last year’s one-off gain of X 5.3 Mn from the reimbursement of Price Control 2 OpEx.
The overall period recurring profit, excluding the one-off event, has increased by 20.5%, reflecting the strong operational performance. Absence of the one-off income has resulted in an overall increase in profit of 7.2%. Income and profit remain robust, reflecting the Company’s core operational strength and growth in the Regulatory Asset Base.
OQGN’s Regulatory Asset Base (representing concession receivable and contract assets due from the Shipper) increased by 9.6%, to X 1,158 Mn compared with FY 2024.
Financial Performance, X Mn.
| Metric | The full year ended on December 31 | ||
| 2024 | 2025 | Change | |
| Total income for the period | 154.8 | 209.0 | 35.0% |
| Total income excluding one-off events | 149.5 | 209.0 | 39.8% |
| Total expenses | (107.0) | (157.7) | 47.5% |
| Profit excluding one-off events | 42.5 | 51.2 | 20.5% |
| Profit for the year | 47.8 | 51.2 | 7.2% |
Total income for the year (X Mn.)
EBITDA improved to X 82.4 in FY2025 from X 81.8 in FY2024, reflecting stable operational performance despite the prior year including a one-off gain.
The net profit increased by 7.2% to X 51.2 Mn. OQGN achieved a 20.5% increase in profit excluding one-off events, demonstrating strong operational performance, mainly driven by higher asset base and savings in finance costs.
Net profit for the year (X Mn.)
The Company’s operational efficiency improvements, robust asset management, and cost controls position it well for future growth and resilience in 2025. This is supported by strong CAPEX plans related to new growth projects.
OQGN maintains a conservative and healthy long-term capital structure to support its ambitious growth needs and enable strong shareholder returns. Moreover, the Company successfully repriced its USD loan facilities, reducing the margin from 1.90% to 1.25%, and repriced its OMR facilities from 5.70% to 5.15%.
Efficient Capital Structure, X Mn.
| 2024 | 2025 | |
|
Term loan |
354.9 | 381.2 |
|
Total debt |
354.9 | 381.2 |
|
Cash and cash equivalents |
(15.8) | (23.5) |
|
Net debt |
339.1 | 357.7 |
|
Net debt/Regulated adjusted EBITDA (ratio) |
3.26x | 3.29x |
Net debt / Regulated adjusted EBITDA Ratio (X Mn.)
OQGN announced dividends of X 48.5 Mn. for 2025 and X 46.2 Mn for 2024. The dividend yield for 2025 was 5.77%.
Dividend History
| 2024 | 2025 | |||||
| H1 | H2 | Total | H1 | H2 | Total | |
| Dividend per share, Bz | 5.75 | 4.92 | 10.67 | 5.6 | 5.6 | 11.20 |
| Total announced dividends, X Mn. | 24.9 | 21.3 | 46.2 | 24.25 | 24.25 | 48.5 |
