Oman Cables Industry (OCI), a major cable solutions provider in Oman, held its annual general meeting where it approved the financial results for 2023
The company reported a turnover of OMR 248.17 million (US$644mn) and a net profit of 18.93 million OMR (US$49mn), showing a 69.4% increase compared to the previous year.
The meeting also saw the election of the board of directors, which comprises individuals with diverse international skills, educational backgrounds, and professional qualifications to strengthen corporate governance. Cinzia Farisè was appointed as the chairperson, bringing extensive board membership and chairmanship experience in multinational companies. Mohamed Al Lawati continues as the vice chairperson, having previously served in the same capacity. Newly elected board member Sayyid Shabib Al Busaidi brings expertise in finance, strategic planning, and social insurance schemes.
Existing board members Laura Figini, Fabrizio Rutschmann, and Yasser Al Rashdi retained their positions, contributing international finance, human capital leadership, and investment experience, respectively. Ian Prescott joins the board, bringing over 30 years of international experience in managing businesses across various industries such as oil & gas, petrochemicals, mining, power, and water.
Cinzia Farisè, the newly appointed chairman of the board of Oman Cables, said, "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.”
