MUSCAT: Oman Food Capital (OFC), the food sector investment arm of Oman Investment Authority (OIA), has reported significant growth in its maiden annual report for 2025, marking the first full year following the landmark consolidation of OIA’s food-related investments under one integrated group.
Established to build and manage a diversified investment portfolio across food, agriculture, livestock and fisheries, OFC recorded a strong financial performance in 2025, with consolidated revenue rising by 40 per cent to RO 105.1 million, compared with RO 75.4 million in 2024. Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) also increased by 28 per cent, reflecting improved operational efficiency, cost optimisation initiatives and portfolio enhancement programmes.
The year was defined by major structural milestones, most notably the completion of the merger between Nitaj and Fisheries Development Oman (FDO), a move that strengthened integration across the group’s assets, improved operational efficiency and enhanced portfolio management effectiveness.
“The completion of the merger between Nitaj and Fisheries Development Oman represented a significant structural milestone, strengthening integration across the portfolio’s assets, improving operational efficiency and enhancing the effectiveness of portfolio management,” said Muneer bin Ali al Muneeri, Chairman of Oman Food Capital.
OFC Chief Executive Officer Abdullah bin Mohammed al Rashdi said the group’s improved performance reflected the impact of transformation initiatives implemented across its businesses.
“Portfolio revenue increased by 40 per cent compared with 2024, supported by improved operating efficiency. EBITDA improved by 28 per cent, reflecting the impact of performance improvement programmes and optimisation of the cost base”, he said.
The group’s operating businesses delivered broad-based growth across its core sectors. The dairy business remained the largest contributor, generating RO 43.7 million in revenue, followed by fisheries at RO 29.1 million, dates processing at RO 16.2 million and animal feed at RO 12.3 million.
Fisheries recorded the strongest year-on-year growth among the operating businesses, increasing from RO 13.1 million in 2024, while dairy, dates and animal feed operations also recorded positive gains.
OFC’s associate companies further strengthened the group’s overall performance, with animal feed generating RO 73.4 million, followed by flour milling at RO 44.5 million, egg production at RO 27 million, baked goods at RO 18.6 million and poultry at RO 11.8 million.
The results highlight OFC’s expanding role across Oman’s integrated food value chain, covering seven strategic sectors — grain and flour, agriculture, animal feed, dairy, meat and poultry, aquaculture and fisheries.
During 2025, OFC also advanced its portfolio optimisation strategy through selective divestments and capital reallocation initiatives. The company completed a partial divestment of its stake in Oman Flour Mills, reducing its ownership from 51 per cent to 31 per cent, as part of a strategy focused on higher-return opportunities and long-term value creation.
Additional reforms included restructuring boards and executive management structures across subsidiaries, strengthening financing arrangements, enhancing risk management frameworks and improving decision-making efficiency.
OFC’s portfolio now comprises 15 strategic investments across Oman’s food ecosystem, combining wholly owned businesses with strategic equity holdings. The group maintains full ownership of Oman Pelagic and its aquaculture business, while holding strategic stakes in companies including Oman Aquaculture Development Company, Marsa International Investment, Oman Fisheries, Dana Maris, Blue Waters, Aquinex, Al Bashayer Meat Company, A’Saffa Foods, Mazoon Dairy, Dhofar Cattle Feed Company, Oman Agricultural Development Company, National Feed and Oman Flour Mills.
