Printing and packaging firms in Oman looking to better performance

Muscat: A number of printing and packaging companies said in their annual reports that they are optimistic about performing better this year, thanks to the recovery of oil prices and the economic diversification efforts by the government.
The Muscat Securities Market (MSM) listed Computer Stationery Industry Company said that the last increase in oil prices and the economic diversification plan provided the industrial sector with the opportunity to grow. It expected that this economic growth will improve the company’s performance this year.
Oman Packing Co. also hailed the growth witnessed by the industrial sector and expected that this growth will enhance the Sultanate's economic diversification plan.
The companies said that they have implemented a number of initiatives that enable them to receive larger shares of the local and export markets. However, it believes that an economic upturn has not accelerated, despite the recovery of oil prices since the second half of 2017. They pointed out that there is a stagnation in demand in many sector.
The companies operating in the sector are witnessing strong competition from Gulf companies that export its products to the Sultanate. Some local companies have their printing done outside the Sultanate, which affected Omani companies operating in the sector.