Interim report
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Oman India Fertiliser Company SAOG (OMIFCO) Executive Summary It is our great pleasure to report on exceptionally strong results for the six-month period ending 30 June 2026 compared with the corresponding period in 2025, reflecting the continued strength of our business fundamentals and the successful execution of our strategic priorities. These results underscore the Company's unwavering commitment to operational excellence, sustainable growth, and disciplined execution across all aspects of its plant operations. The revenue and net profit for the six-month period ended June 30, 2026, increased by 44% and 48%, respectively, compared with the corresponding period in 2025. We remain committed to operational excellence, continuous improvement, and sustainable value creation, while maintaining the financial discipline and strategic focus necessary to deliver attractive long-term returns to our shareholders. Health, Safety, Security, Environment & Quality (QHSSE) The Company maintained a strong QHSSE performance during the second quarter of 2026, recording zero Lost Time Injuries (LTIs) during the period. As of 30 June 2026, the Company had achieved 25.75 million LTI-free man-hours since the last recorded LTI in 2019, underscoring a proactive safety culture across the Company. In addition, all operational permits remain valid during the reporting period, demonstrating the Company’s continued compliance with regulatory requirements and effective governance practices. Operating Performance The second quarter of 2026 evident a period of outperforming for the company for both urea and ammonia. The strong performance was driven by efficient plant operations and optimum capacity utilization, higher netbacks earned on urea from higher urea volume sold and driven by opex optimization which remained the keystones of performance. Financial Performance 30 June 2026 30 June 2025 Change % Revenue (‘000) 191,812 132,871 44% Total Expenses (‘000) (111,590) (78,861) 42% Net Profit ( ‘000) 80,222 54,190 48% The company has also exceeded the production targets for the first half of 2026 against annual business plan targets. Global Fertilizer Market Overview During the first half of 2026, the global ammonia and urea markets experienced significant volatility, driven by geopolitical tensions in the Middle East, supply chain disruptions and subsequent sharp price corrections. Market sentiment softened in June as supply concerns eased following the successful conclusion of a major Indian import tender, China's announcement of urea export quotas, and seasonally weaker demand across key importing regions, resulting to a correction in urea prices. Ammonia markets also moderated towards the end of the period as supply conditions improved. Outlook The Company remains committed to maintaining sustainable operations and delivering long-term value to shareholders while supporting the Sultanate of Oman’s national development objectives. OMIFCO Page 1 of 2
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Acknowledgements The Company has been awarded the Excellence Card by the Tax Authority in recognition of the Company’s compliance with the tax laws and regulations of the Sultanate of Oman. This achievement reflects our strong commitment to good governance, regulatory compliance, and operational excellence. We are grateful for the faith our shareholders continue to display in the company. We acknowledge the continued professionalism and commitment of our Board and leadership. We also extend our gratitude to our stakeholders for their continued confidence and support. We would like to convey our sincere thanks to the Financial Services Authority, the Muscat Stock Exchange and the Muscat Clearing and Depository for their continued trust, guidance, and support. OMIFCO Page 2 of 2
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INTERIM CONDENSED FINANCIAL STATEMENTS, 30/06/2026دﺎﻤﺴﻠﻟ ﺔﯾﺪﻨﮭﻟا ﺔﯿﻧﺎﻤﻌﻟا OMIFCO INTERIM CONDENSED FINANCIAL STATEMENTS WERE APPROVED BY THE BOARD OF DIRECTORS ON 28 Jul 2026 Page 1 of 2 Thousands/Omani Rial/Unaudited Thousands/Omani Rial/Unaudited Statement of Financial position, Current/ non-current Standalone Standalone Standalone 30/06/2026 30/06/2025 31/12/2025 STATEMENT OF FINANCIAL POSITION CONSOLIDATED AND SEPARATE ASSETS NON-CURRENT ASSETS Property, plant and equipment 171,891 137,425 174,596 Total non-current assets 171,891 137,425 174,596 CURRENT ASSETS Current inventories 22,454 23,760 16,434 Trade and other current receivables 37,197 26,114 38,366 Cash and bank balances 85,212 24,693 48,795 Other current financial assets 66,704 51,515 55,469 Total current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners 211,567 126,082 159,064 Total current assets 211,567 126,082 159,064 Total assets 383,458 263,507 333,660 EQUITY AND LIABILITIES EQUITY Issued capital 107,030 107,030 107,030 Statutory reserve 35,677 35,677 35,677 Retained earnings (accumulated Losses) 118,377 54,541 68,972 Total equity 261,084 197,248 211,679 LIABILITIES NON-CURRENT LIABILITIES NON-CURRENT PROVISIONS Non-current provisions for employee benefits 4,914 3,901 4,598 Non-current provision for abandonment and site restoration 40,211 0 39,041 Total non-current provisions 45,125 3,901 43,639 Trade and other non-current payables 7,603 8,037 8,403 Deferred tax liabilities 8,201 9,126 8,562 Total non-current liabilities 60,929 21,064 60,604 CURRENT LIABILITIES CURRENT PROVISIONS Other current provisions 17,333 17,898 18,542 Total current provisions 17,333 17,898 18,542 Trade and other current payables 27,854 15,615 18,342 Current lease liabilities 1,587 1,533 1,620 Current tax liabilities, current 14,671 10,149 22,873 Total current liabilities other than liabilities included in disposal groups classified as held for sale 61,445 45,195 61,377 Total current liabilities 61,445 45,195 61,377 Total liabilities 122,374 66,259 121,981 Total equity and liabilities 383,458 263,507 333,660 Number of outstanding shares 6689396 6689396 6689396 Net assets per share 0.060 0.040 0.050 Subclassifications of Assets, Liabilities and Equity, Current, Non-current Standalone Standalone Standalone 30/06/2026 30/06/2025 31/12/2025 SUBCLASSIFICATIONS OF ASSETS, LIABILITIES AND EQUITIES CONSOLIDATED AND SEPARATE ASSETS NON-CURRENT ASSETS EXPLORATION AND EVALUATION ASSETS INVESTMENT ACCOUNTED FOR USING EQUITY METHOD INVESTMENT PROPERTIES INVESTMENT PROPERTIES AT COST INVESTMENT PROPERTIES AT FAIR VALUE OTHER NON-CURRENT NON-FINANCIAL ASSETS CURRENT ASSETS INVENTORIES Raw materials 15,325 14,525 14,359 Production supplies 529 702 678 Current inventories in transit 52 37 37 Finished goods 8,410 10,290 3,231 Other inventories 260 170 134 Allowance for slow moving and obsolete inventories 2,122 1,964 2,005 Total inventories, current 22,454 23,760 16,434 TRADE AND OTHER CURRENT RECEIVABLES Accounts receivables 25,783 18,281 28,788 PREPAYMENTS, ADVANCES AND ACCRUED INCOME Prepayments (234) (95) (170) Advances 7,776 4,893 6,557 Total prepayments and accrued income 7,542 4,798 6,387 Other receivables 3,872 3,035 3,191 Total trade and other current receivables 37,197 26,114 38,366 CASH AND CASH EQUIVALENTS CASH Cash on hand 4 3 5 Balances with banks 85,208 24,690 48,790 Total cash 85,212 24,693 48,795 CASH EQUIVALENTS Total cash and cash equivalents 85,212 24,693 48,795
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INTERIM CONDENSED FINANCIAL STATEMENTS, 30/06/2026دﺎﻤﺴﻠﻟ ﺔﯾﺪﻨﮭﻟا ﺔﯿﻧﺎﻤﻌﻟا OMIFCO INTERIM CONDENSED FINANCIAL STATEMENTS WERE APPROVED BY THE BOARD OF DIRECTORS ON 28 Jul 2026 Page 2 of 2 Total cash and bank balances 85,212 24,693 48,795 OTHER CURRENT NON-FINANCIAL ASSETS EQUITY OTHER RESERVES LIABILITIES NON-CURRENT LIABILITIES NON-CURRENT PROVISIONS FOR EMPLOYEE BENEFITS Employee End of Term Benefits, non current 4,914 3,901 4,598 Total non-current provisions for employee benefits 4,914 3,901 4,598 BORROWINGS, NON CURRENT CURRENT LIABILITIES CURRENT PROVISIONS FOR EMPLOYEE BENEFITS TRADE AND OTHER CURRENT PAYABLES Trade payable 846 938 828 ACCRUALS AND DEFERRED INCOME Accruals 27,008 14,677 17,514 Total accruals and deferred income 27,008 14,677 17,514 Total trade and other current payables 27,854 15,615 18,342 BORROWINGS, CURRENT
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INTERIM CONDENSED FINANCIAL STATEMENTS, 30/06/2026دﺎﻤﺴﻠﻟ ﺔﯾﺪﻨﮭﻟا ﺔﯿﻧﺎﻤﻌﻟا OMIFCO INTERIM CONDENSED FINANCIAL STATEMENTS WERE APPROVED BY THE BOARD OF DIRECTORS ON 28 Jul 2026 Page 1 of 1 Thousands/Omani Rial/Unaudited Thousands/Omani Rial/Unaudited Thousands/Omani Rial/Unaudited Income Statement - Function of expense Standalone Standalone Standalone Standalone 01/04/2026-30/06/2026 01/04/2025-30/06/2025 01/01/2026-30/06/2026 01/01/2025-30/06/2025 PROFIT OR LOSS CONSOLIDATED AND SEPARATE PROFIT (LOSS) Revenue 111,358 63,345 191,977 133,448 Cost of sales 38,243 19,907 67,312 41,794 Gross profit 73,115 43,438 124,665 91,654 General and administrative expense 17,136 15,425 31,060 28,837 Selling, distribution and marketing expenses 0 289 165 578 Profit (loss) from operating activities 55,979 27,724 93,440 62,239 Finance income 1,148 734 2,297 1,764 Finance costs 680 112 1,348 227 Profit (loss) before income tax, continuing operations 56,447 28,346 94,389 63,776 Income tax expense, continuing operations 8,511 4,288 14,167 9,586 Profit (loss) from continuing operations 47,936 24,058 80,222 54,190 Net Profit / (Loss) for the period 47,936 24,058 80,222 54,190 PROFIT (LOSS), ATTRIBUTABLE TO BASIC AND DILUTED EARNINGS PER SHARE BASIC EARNINGS PER SHARE Total basic earnings (loss) per share 0.007 0.004 0.012 0.008 DILUTED EARNINGS PER SHARE Statement of comprehensive income - Net of tax Standalone Standalone Standalone 01/04/2026- 30/06/2026 01/04/2025- 30/06/2025 01/01/2026- 30/06/2026 STATEMENT OF COMPREHENSIVE INCOME CONSOLIDATED AND SEPARATE Net Profit / (Loss) for the period 47,936 24,058 80,222 OTHER COMPREHENSIVE INCOME OTHER COMPREHENSIVE INCOME (LOSS) TO BE RECLASSIFIED TO STATEMENT OF INCOME IN SUBSEQUENT PERIODS,NET OF TAX OTHER COMPREHENSIVE INCOME (LOSS) NOT TO BE RECLASSIFIED TO STATEMENT OF INCOME IN SUBSEQUENT PERIODS Re-measurement gain (losses) on defined benefit plans 30 74 (17) Total other comprehensive income that will not be reclassified to profit or loss, net of tax 30 74 (17) Total other comprehensive income 30 74 (17) Total comprehensive income 47,966 24,132 80,205 COMPREHENSIVE INCOME ATTRIBUTABLE TO Analysis of Income and Expense - Function of Expense Standalone Standalone Standalone 01/04/2026-30/06/2026 01/04/2025-30/06/2025 01/01/2026-30/06/2026 ANALYSIS OF INCOME AND EXPENSE CONSOLIDATED AND SEPARATE REVENUE Revenue from sale of goods 110,833 62,269 190,861 Other revenue 525 1,076 1,116 Total revenue 111,358 63,345 191,977 OTHER INCOME EXPENSES COST OF SALES Cost of material consumed 40,727 21,999 72,491 Other cost of goods sold (2,484) (2,092) (5,179) Total Cost of sales 38,243 19,907 67,312 SELLING, DISTRIBUTION AND MARKETING EXPENSES Other selling and distribution expenses 0 289 165 Total selling, distribution and marketing expenses 0 289 165 GENERAL AND ADMINISTRATIVE EXPENSES Rent and utility expenses 8 11 16 Employee benefit expenses 7,572 5,916 13,684 Director's remuneration and sitting fees 6 17 54 Depreciation and amortisation 3,348 3,576 6,247 Head office expenses 308 241 444 Legal and professional expense 163 184 265 Vehicle expenses 32 36 58 Printing and stationary 16 29 39 Advertisment and business promotion 9 14 15 Recruitment and training expenses 103 136 218 Other expenses and fees 5,571 5,265 10,020 Total General and administrative expenses 17,136 15,425 31,060
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INTERIM CONDENSED FINANCIAL STATEMENTS, 30/06/2026دﺎﻤﺴﻠﻟ ﺔﯾﺪﻨﮭﻟا ﺔﯿﻧﺎﻤﻌﻟا OMIFCO INTERIM CONDENSED FINANCIAL STATEMENTS WERE APPROVED BY THE BOARD OF DIRECTORS ON 28 Jul 2026 Page 1 of 1 Thousands/Omani Rial/Unaudited Statement of cash flows, indirect method Standalone Standalone 01/01/2026-30/06/2026 01/01/2025-30/06/2025 STATEMENT OF CASH FLOWS CONSOLIDATED AND SEPARATE CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES Profit (loss) before tax 94,389 63,776 ADJUSTMENTS TO RECONCILE PROFIT (LOSS) Adjustments for depreciation and amortisation expense 6,247 7,017 Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss 117 (108) Adjustments for finance costs 1,348 227 Adjustments for finance income 2,298 1,764 Adjustments for gain (loss) on disposal of investments in subsidiaries, joint ventures and associates (11) 0 Provision for employees' end of service benefits 338 251 Adjustments for other provisions 2,832 1,913 Total adjustments to reconcile profit (loss) 8,595 7,536 Cash flows from (used in) operations before changes in working capital 102,984 71,312 WORKING CAPITAL CHANGES Adjustments for decrease (increase) in inventories (6,138) (4,364) Adjustments for decrease (increase) in trade and other receivables 1,169 2,577 Adjustments for increase (decrease) in trade and other payables 5,511 (2,114) Total adjustments to working capital changes 542 (3,901) Cash flows from (used in) operations 103,526 67,411 Income taxes paid (refund), classified as operating activities (22,730) (17,507) Employees end of service benefits paid (78) (165) Net cash flows from (used in) operating activities 80,718 49,739 CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES Purchase of property, plant and equipment, classified as investing activities 3,553 7,383 Interest received 2,298 1,764 Other inflows (outflows) of cash, classified as investing activities (11,238) (2,503) Net cash flows from (used in) investing activities (12,493) (8,122) CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Payments of lease liabilities 1,008 1,008 Dividends paid 30,800 54,578 Net cash flows from (used in) financing activities (31,808) (55,586) Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 36,417 (13,969) Net increase (decrease) in cash and cash equivalents 36,417 (13,969) Cash and cash equivalents at beginning of period 48,795 38,662 Cash and cash equivalents at end of period 85,212 24,693
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INTERIM CONDENSED FINANCIAL STATEMENTS, 30/06/2026دﺎﻤﺴﻠﻟ ﺔﯾﺪﻨﮭﻟا ﺔﯿﻧﺎﻤﻌﻟا OMIFCO INTERIM CONDENSED FINANCIAL STATEMENTS WERE APPROVED BY THE BOARD OF DIRECTORS ON 28 Jul 2026 Page 1 of 1 Thousands/Omani Rial/Unaudited Statement of changes in equity Issued capital Retained earnings (accumulated Losses) Statutory reserve Standalone Issued capital Retained earnings (accumulated Losses) Statutory reserve Standalone Standalone Standalone Standalone 01/01/2026- 30/06/2026 Standalone Standalone Standalone 01/01/2025- 30/06/2025 01/01/2026- 30/06/2026 01/01/2026-30/06/2026 01/01/2026- 30/06/2026 01/01/2025- 30/06/2025 01/01/2025-30/06/2025 01/01/2025- 30/06/2025 STATEMENT OF CHANGES IN EQUITY STATEMENT OF CHANGES IN EQUITY Equity at beginning of period (before adjustments) 107,030 68,972 35,677 211,679 107,030 54,782 35,677 197,489 Equity at beginning of period (after adjustments) 107,030 68,972 35,677 211,679 107,030 54,782 35,677 197,489 CHANGES IN EQUITY COMPREHENSIVE INCOME Net Profit / (Loss) for the period 80,222 80,222 54,190 54,190 Other comprehensive income (17) (17) 147 147 Total comprehensive income 80,205 80,205 54,337 54,337 Dividends 30,800 30,800 54,578 54,578 Total increase (decrease) in equity 49,405 49,405 (241) (241) Equity at end of period 107,030 118,377 35,677 261,084 107,030 54,541 35,677 197,248
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OMAN INDIA FERTILISER COMPANY SAOG Notes to the unaudited condensed interim financial statements for the six-month period ended 30 June 2026 (continued) 1 Legal status and principal activities Oman India Fertilizer Company SAOG (the “Company” or “OMIFCO”) is an Omani public joint stock company registered in the Sultanate of Oman. The Company commenced commercial operations from 14 July 2005 and is engaged in the production and supply of fertiliser products, namely Urea and Ammonia. The registered office and principle place of business of the Company is at PO Box 157, Postal Code 118, Qalhat, Sur, South Al Sharqiya Governorate, Sultanate of Oman. The Company’s non-current assets are located in Sur, Sultanate of Oman. The details of the major Shareholders are as follows 2026 2025 Percentage Percentage OQ SAOC 37.5 50 Indian Farmers Fertiliser Cooperative Limited (IFFCO) 18.75 25 Krishak Bharati Co-operative limited (KRIBHCO) 18.75 25 The remaining 25% of the shares have been issued to the general public in secondary sale as part of the initial public offering on the 8th July 2026 (listing date). 2 Significant agreements The Company has entered into various agreements. A summary of the significant agreements is as follows; a) Sales Agreements Urea off-take agreements The Company entered into Urea off-take agreement (UOTA) with OQ Trading Ltd (OQT) dated 8 July 2020, whereby the Company shall supply and sell, FOB loading terminal, annual contracted quantities of Urea at market price. In January 2023, the existing UOTA contract with OQT was amended and extended till 28 February 2026. Management has agreed in principle with OQT to renew the agreement until 24 February 2031. The renewal of the agreement is currently in the process of execution and management expects it to be formally signed in due course. Urea local supply agreement The Company has entered into an agreement with OQ Marketing LLC to supply Urea locally at a price mutually agreed by both parties. The prices will be revised at the start of each contract year based on mutual consent of both the parties. The agreement commences from 1 February 2014 for an initial period of 5 years and extended for another 5 contract years from 1 February 2019 on the same terms and condition of the agreement. The agreement has been further extended until 31 October 2026 under the same terms and conditions.. Ammonia off-take agreement (i) The Company has entered into an Ammonia off-take agreement (AOTA) with OQ Trading Ltd (OQT) dated 1 January 2020, whereby the Company shall supply and sell to OQT, FOB loading
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OMAN INDIA FERTILISER COMPANY SAOG Notes to the unaudited condensed interim financial statements for the six-month period ended 30 June 2026 (continued) 2 Significant agreements (continued) Terminal, annual contracted quantities of Ammonia at market price. The agreement was initially signed for a period of 3 contract years from the date of contract which was further extended till 14 October 2025. Management has agreed in principle with OQT to renew the agreement until 14 October 2030. The renewal of the agreement is currently in the process of execution and management expects it to be formally signed in due course. (ii) The Company has also entered into an Ammonia off -take agreement (AOTA) with Kisan International Trading FZE (KIT) dated 01 January 2020, whereby the Company shall offer to supply and sell to KIT, FOB the loading terminal, annual contracted quantities of Ammonia at market price. The agreement shall remain in effect for a period of 3 contract years from the date of contract which was further extended till 14 October 2025. Further, the agreement was extended till 14 October 2030. b) Gas Supply Agreement The Company has entered into a long-term ‘take-or-pay’ Gas Supply Agreement (GSA), dated 22 May 2002, with the Government of the Sultanate of Oman, represented by Integrated Gas Company SAOC (“IGC”). The GSA provides dedicated supply of Natural Gas, at an agreed price, required by the Company for the production of Urea and Ammonia. The primary term of the contract is twenty years from the date of commercial production, i.e., 14 July, and this agreement has since expired. Following expiry, the Company continued to receive Gas from IGC under the previous terms while discussions were ongoing regarding contract renewal. A new GSA was subsequently signed on 15 September 2025, with the renewed agreement effective retrospectively from 15 July 2025 and expiring on 15 July 2035. 3 Change in accounting policy 3.1 New and amended standards adopted by the Company Except as described below, the accounting policies applied in these condensed interim financial statements are the same as those applied in the financial statements as at and for the year ended 31 December 2025. The policy for recognising and measuring income taxes in the interim period is disclosed in Note 5 and is consistent with that applied in the comparative interim period. 3.2 New standards and interpretations not yet adopted A number of new accounting standards are effective for annual reporting periods beginning after 1 January 2026 and earlier application is permitted. However, the Company has not early adopted the following new or amended accounting standards in preparing these condensed interim financial statements. A. IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new accounting standard introduces the following key new requirements.
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OMAN INDIA FERTILISER COMPANY SAOG Notes to the unaudited condensed interim financial statements for the six-month period ended 30 June 2026 (continued) 3.2 New standards and interpretations not yet adopted (Continued) a. Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly -defined operating profit subtotal. Entities’ net profit will not change. b. Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements. c. Enhanced guidance is provided on how to group information in the financial statements. In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method. The Company is still in the process of assessing the impact of the new accounting standard, particularly with respect to the structure of the Company’s statement of profit or loss, the statement of cash flows and the additional disclosures required for MPMs. The Company is also assessing the impact on how information is grouped in the financial statements, including for items currently labelled as ‘other’. B. Other accounting standards (issued but not yet adopted by the Company) The following new and amended accounting standards are not expected to have a significant impact on these interim financial statements: New standards or amendments Effective date • Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 01 January 2026 • Contracts Referencing Nature -dependent Electricity – Amendments to IFRS 9 and IFRS 7 01 January 2026 • Annual Improvements to IFRS Accounting Standards – Volume 11 01 January 2026 • IFRS 19 Subsidiaries without Public Accountability: Disclosures 01 January 2027 • Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28) Available for optional adoption/effective date deferred indefinitely There are no other standards, amendments and interpretations that are not yet effective that are expected to have a material impact in the current or future reporting periods or on foreseeable future transactions.
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OMAN INDIA FERTILISER COMPANY SAOG Notes to the unaudited condensed interim financial statements for the six-month period ended 30 June 2026 (continued) 4 Summary of material accounting policies 4.1 Basis of preparation These condensed interim financial statements (“the interim financial statements”) of the Company are prepared in accordance with International Accounting Standard 34, Interim Financial Reporting. The accounting policies used in the preparation of the interim financial statements are consistent with those used in the preparation of the annual financial statements of the Company for the year ended 31 December 2025 except for the adoption of new and amended standards as disclosed in note 3 above. The interim financial statements do not contain all information and disclosures required for full financial statements prepared in accordance with International Financial Reporting Standards and should be read in conjunction with the Company’s annual financial statements for the year ended 31 December 2025. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Company’s financial position and performance since the last annual financial statements. The interim financial statements are prepared on the historical cost basis except for employees end of service benefits and earned leave liabilities which are measured at present value. The interim financial statements are presented in Omani Rials (“ ”). The Rial Omani ( ) is the currency of the country in which the Company is domiciled and is used to meet the requirement of the Oman Tax Authority to present the amounts in for tax return purposes. All financial information presented in Rial Omani has been rounded to the nearest thousand, unless otherwise stated. 5 Use of judgement and estimate In preparing these interim financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgements made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements. 6 Measurement of fair values A number of the Company's accounting policies require the measurement of fair values, for both financial assets and liabilities and non-financial assets and liabilities. The Company has an established control framework with respect to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values, and reports directly to the chief financial officer.
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OMAN INDIA FERTILISER COMPANY SAOG Notes to the unaudited condensed interim financial statements for the six-month period ended 30 June 2026 (continued) 6 Measurement of fair values (continued) The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that these valuations meet the requirements of the Accounting Standards, including the level in the fair value hierarchy in which the valuations should be classified. Significant valuation issues are reported to the audit committee. When measuring the fair value of an asset or a liability, the Company uses market observable data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability are categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Company recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.
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OMAN INDIA FERTILISER COMPANY SAOG Notes to the unaudited condensed interim financial statements for the six-month period ended 30 June 2026 (continued) 7 Revenue Disaggregation of revenue from contracts with customers The Company manufactures and sells Urea and Ammonia. The Company derives revenue from transfer of goods at a point in time from the following segments: Unaudited Unaudited Unaudited Audited Three months period ended Six months period ended 30-June 30-June 30-June 30-June 2026 2025 2026 2025 ’000 ’000 ’000 ’000 Export sales (Ammonia) 8,996 6,079 12,696 10,461 Export sales (Urea) 100,299 54,662 175,081 118,183 Local Sales (Urea) 1,538 1,239 2,920 2,499 Total 110,833 61,980 190,697 131,143 Sales are recognised when control of goods has transferred, being when goods are loaded on the ship at the loading terminal of the Company, the customer has full discretion over the use of product, and there is no unfulfilled obligation that could affect the customer’s acceptance of the product. During the period, the Company paid an amount of RO 0.165 Million (30 June 2025: RO 0.578 Million towards marketing management fees to OQ Trading Limited. This is netted from export sales revenue from Urea. The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money. 8 Cost of materials consumed Unaudited Unaudited Unaudited Audited Three months period ended Six months period ended 30 June 2026 30 June 2025 30 June 2026 30 June 2025 ’000 ’000 ’000 ’000 Natural gas consumption 28,419 20,473 58,506 42,568 Creaming related to NGSA 10,235 - 10,433 - UFC - 85 and other chemicals 1,951 1,359 3,371 2,707 Electricity charges 122 167 181 219 40,727 21,999 72,491 45,494
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OMAN INDIA FERTILISER COMPANY SAOG Notes to the unaudited condensed interim financial statements for the six-month period ended 30 June 2026 (continued) 9 Employee remuneration and benefits Three months period ended Six months period ended 30 June 2026 30 June 2025 30 June 2026 30 June 2025 ’000 ’000 ’000 ’000 Wages, salaries and allowances 4,017 3,890 7,870 7,560 Variable incentive 1,010 945 2,015 1,872 Social security costs 333 319 666 634 End of service benefits 192 128 338 251 Staff training expenses 87 77 205 186 Medical expenses 170 220 392 397 Other staff related costs 1,865 473 2,415 964 7,674 6,052 13,901 11,864 10 Other expenses Unaudited Unaudited Unaudited Audited Three months period ended Six months period ended 30 June 2026 30 June 2025 30 June 2026 30 June 2025 ’000 ’000 ’000 ’000 Repairs and maintenance 2,678 2,993 4,750 4,831 Social development contribution 1,694 850 2,832 1,913 Insurance expenses 307 431 645 807 Office expenses 356 308 572 451 Environment studies and consultants 164 187 267 240 Security expenses 201 158 371 316 Canteen expenses 141 183 270 313 IT related expenses (EDP) 180 237 354 329 Casual expenses 71 65 134 132 Rent expenses 7 10 16 22 Miscellaneous expenses 313 375 700 603 6,113 5,797 10,912 9,957 Social development expenses contribution is determined at the rate of 3% (2025: 3%) of profit before tax in accordance with the Company’s approved policy. Unaudited Unaudited Unaudited Audited
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OMAN INDIA FERTILISER COMPANY SAOG Notes to the unaudited condensed interim financial statements for the six-month period ended 30 June 2026 (continued) 11a Finance income Unaudited Unaudited Unaudited Audited Three months period ended Six months period ended 30 June 2026 30 June 2025 30 June 2026 30 June 2025 ’000 ’000 ’000 ’000 Interest on deposits 1,148 734 2,298 1,764 1,148 734 2,298 1,764 11b Finance cost Unaudited Unaudited Unaudited Audited Three months period ended Six months period ended 30 June 2026 30 June 2025 30 June 2026 30 June 2025 ’000 ’000 ’000 ’000 Interest expense on lease liabilities (92) (112) (178) (227) Unwinding of discount (588) - (1,170) - (680) (112) (1,348) (227) 12 Taxation The taxation charge for the period is comprised of: Unaudited Unaudited Unaudited Audited Three months period ended Six months period ended 30 June 2026 30 June 2025 30 June 2026 30 June 2025 ’000 ’000 ’000 ’000 Current tax 8,497 4,348 14,528 10,019 Deferred tax 14 (60) (361) (433) 8,511 4,288 14,167 9,586 The Company’s tax assessments have been agreed with the Tax Authorities up to tax year 2021. Management believes that additional taxes, if any, in respect of open tax assessments would not be material to the financial position as at 30 June 2026.
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OMAN INDIA FERTILISER COMPANY SAOG Notes to the unaudited condensed interim financial statements for the six-month period ended 30 June 2026 (continued) 12 Taxation (continued) The movement in current taxation liability for the period comprises: Unaudited Audited 30 June 2026 31 December 2025 ’000 ’000 At 1 January 22,873 17,637 Charge for the period/ year 14,528 22,743 Paid during the period/ year (22,730) (17,507) At 30 June / 31 December 14,671 22,873
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OMAN INDIA FERTILISER COMPANY SAOG Notes to the unaudited condensed interim financial statements for the six-month period ended 30 June 2026 (continued) 13 Property, plant and equipment Buildings Plant and Machinery Capital spares Vehicle Furniture and fixtures Office equipment Site restoration Right of use assets Capital work- in- progress Total Cost ’000 ’000 ’000 ’000 ’000 ’000 ’000 ’000 ’000 ’000 At 1 January 2025 (Audited) 37,469 332,959 18,160 3,249 1,563 5,720 - 18,885 3,238 421,243 Reassessment - - - - - - 1,076 1,076 Additions - - - - - - 39,041 - 11,795 50,836 Transfers 55 4,523 830 157 130 836 - - (6,531) - Disposals - - - (151) - (69) - - - (220) At 1 January 2026 (Audited) 37,524 337,482 18,990 3,255 1,693 6,487 39,041 19,961 8,502 472,935 Additions - - - - - - - - - Transfers 4,005 1,391 769 25 13 525 - - (3,175) 3,553 Disposals - (31) - - - - - - (31) At 30 June 2026 (Unaudited) 41,529 338,842 19,759 3,280 1,706 7,012 39,041 19,961 5,327 476,457 Accumulated depreciation and amortization At 1 January 2025 (Audited) 22,795 236,694 8,342 2,048 928 4,079 - 9,298 - 284,184 Charge for the year 1,411 9,297 975 340 163 589 - 1,585 - 14,360 Disposals - - - (144) - (62) - - - (206) At 1 January 2026 (Audited) 24,206 245,991 9,317 2,244 1,091 4,606 - 10,883 - 298,338 Charge for the period 691 2,820 380 173 75 336 997 776 - 6,248 Disposals - (20) - - - - - - - (20) At 30 June 2026 (Unaudited) 24,897 248,791 9,697 2,417 1,166 4,942 997 11,659 - 304,566 Net-book value At 30 June 2026 (Unaudited) 16,632 90,051 10,062 863 540 2,070 38,044 8,302 5,327 171,891 At 31 December 2025 (Audited) 13,318 91,491 9,673 1,011 602 1,881 39,041 9,078 8,502 174,597
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OMAN INDIA FERTILISER COMPANY SAOG Notes to the unaudited condensed interim financial statements for the six-month period ended 30 June 2026 (continued) 16 13 Property, plant and equipment (continued) Capital work-in-progress comprises of construction of new buildings and renovation of urea and ammonia plant. Right-of-use assets represents the leased land with a carrying value of RO 1.958 million (31 December 2025 – RO 2.008 million), tugboats with a carrying value of RO 5.164 million (31 December 2025 - RO 5.867 million) and Training and welfare Center land with a carrying value of RO 1.180 million (31 December 2025 – RO 1.203 million). The Company’s fertilizer plant and buildings are constructed on land leased from the Public Establishment for Industrial Estates, Sur, at an annual lease rent of RO 175,655 for a period of 30 years from 7 July 2002. On 18 February 2023, the Company entered into a new lease contract for tugboats for a period of 7 years at daily lease rent. Further, on 17 August 2023, the Company entered into a new lease contract for Training and welfare Center land for a period of 30 years at a quarterly lease rent, which will start, from 01 January 2026. 14 Inventories Unaudited Audited 30 June 2026 31 December 2025 ’000 ’000 Stores, spares and chemicals 15,930 15,089 Raw materials 236 118 Less: Allowance for slow-moving (2,122) (2,005) 14,044 13,202 Finished stock – Urea 6,654 2,733 Finished stock – Ammonia 1,756 498 At 30 June / 31 December 22,454 16,433 The movement in allowance for slow-moving inventories is given below: Unaudited Audited 30 June 2026 31 December 2025 ’000 ’000 At 1 January 2,005 2,072 Change during for the period / year 117 (67) At 30 June / 31 December 2,122 2,005
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OMAN INDIA FERTILISER COMPANY SAOG Notes to the unaudited condensed interim financial statements for the six-month period ended 30 June 2026 (continued) 17 15 Trade and other receivables Unaudited Audited 30 June 2026 31 December 2025 ’000 ’000 Trade receivables 25,783 28,787 Other receivables 2,615 2,061 Advance to contractors and suppliers 7,776 6,557 Prepaid expenses 1,023 961 At 30 June / 31 December 37,197 38,366 Trade and other receivables include an amount of RO 25.783 million (2025 - RO 28.809 million) due from related parties (Note 23) which is included within trade receivables and other receivables. 16 Cash and cash equivalents Unaudited Audited 30 June 2026 31 December 2025 ’000 ’000 Cash at bank 85,208 48,790 Cash in hand 4 5 At 30 June / 31 December 85,212 48,795 17 Other balances with banks Unaudited Audited 30 June 2026 31 December 2025 ’000 ’000 Deposits with banks 66,706 55,468 The above deposits have maturity of more than 3 months and less than a year from the date of placement and hence not considered as part of cash and cash equivalents. The deposits have maturity of less than one year from the reporting date with interest rates ranging from 4.0% to 4.8% (2025: 4.0 % to 4.8%). The above do not contain any impaired balances.
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OMAN INDIA FERTILISER COMPANY SAOG Notes to the unaudited condensed interim financial statements for the six-month period ended 30 June 2026 (continued) 18 18 Share capital Unaudited Audited 30 June 2026 31 December 2025 ’000 ’000 6,689,375,000 shares of RO 0.016 each issued and fully paid 107,030 107,030 The authorised share capital of the Company is RO 160,000,000 (2025 – RO 160,000,000). The details of the major Shareholders are as follows 2026 2025 Percentage Percentage OQ SAOC 37.5 50 Indian Farmers Fertiliser Cooperative Limited (IFFCO) 18.75 25 Krishak Bharati Co-operative limited (KRIBHCO) 18.75 25 The remaining 25% of the shares have been issued to the general public in secondary sale as part of the initial public offering on the 8th July ( listing date). 19 Legal reserve In accordance with the Article 132 of Commercial Companies Law of Oman 2019, annual appropriation of 10% of the profit for the year is made to this reserve until the accumulated balance of the reserve is equal to one-third of the value of the Company’s paid-up share capital. This reserve is not available for distribution. The Company had discontinued the transfers to legal reserve, since the reserve equals one-third of paid up share capital. 20 Employees’ end of service benefits The amount recognised in the statement of financial position are determined as follows: Unaudited Audited 30 June 2026 31 December 2025 ’000 ’000 At 1 January 4,598 3,894 Current service costs 229 361 Interest expense 109 195 Total amount recognised in profit or loss (note 9) 338 556 - Experience loss 55 357 Total amount recognised in other comprehensive income 55 357 Benefit paid (78) (209) At 30 June / 31 December 4,914 4,598
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OMAN INDIA FERTILISER COMPANY SAOG Notes to the unaudited condensed interim financial statements for the six-month period ended 30 June 2026 (continued) 19 21 Trade and other payables Unaudited Audited 30 June 2026 31 December 2025 ’000 ’000 Accrued expenses 27,010 17,513 Trade payables 845 828 At 30 June / 31 December 27,855 18,341 Trade and other payables include an amount of 9.344 million (2025 - 10.252 million) due to related parties (Note 23) which is included within accruals. Accruals include expense booked towards purchases from related parties for which invoices were not received but are payable within 30 days. Trade payables are unsecured and are normally paid within 30 days of recognition. The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term nature. 22 Other current liabilities The movement in provision for social development expenses is set out below: Unaudited Audited 30 June 2026 31 December 2025 ’000 ’000 At 1 January 18,542 17,930 Charge for the period / year 2,832 4,358 Payments made during the period / year (4,014) (3,746) At 30 June / 31 December 17,333 18,542 The provision for social development will be utilised on demand and hence classified under current liabilities. As at 30 June 2026, the Company has a commitment of 17.118 million (31 December 2025: 11.123) towards various social projects.
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OMAN INDIA FERTILISER COMPANY SAOG Notes to the unaudited condensed interim financial statements for the six-month period ended 30 June 2026 (continued) 20 23 Related parties Related parties comprise the shareholders, directors, key management personnel and business entities in which they have the ability to control or exercise significant influence in financial and operating decisions (other related parties). The Company maintains balances with these related parties which arise in the normal course of business from the commercial transactions. Prices and terms of these transactions are on mutually agreed terms and conditions. Government of Sultanate of Oman (the Government) indirectly owns the Company. The Company has applied the exemption under IAS 24 paragraphs 25 and 26, and have not disclosed the related party transactions and outstanding balances, including commitments related to: (a) a government that has control or joint control of, or significant influence over, the reporting entity; (b) another entity that is a related party because the same government has control or joint control of, or significant influence over, both In applying the exemption, the Group has disclosed the following related to the transactions and related outstanding balances: (a) the nature of its relationship with the reporting entity. (b) the following information in sufficient detail to enable users of the entity's financial statements to understand the effect of related party transactions on its financial statements: • the nature and amount of each individually significant transaction; and • for transactions that are collectively, but not individually significant, a qualitative / quantitative indication of their extent.
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OMAN INDIA FERTILISER COMPANY SAOG Notes to the unaudited condensed interim financial statements for the six-month period ended 30 June 2026 (continued) 21 23 Related parties (continued) Outstanding balances at period end are unsecured and settlement occurs in cash. No expense has been recognised in the period ended 30 June 2026 (2025 - nil) for bad and doubtful debts in respect of amounts owed by related parties. During the period, Company engaged in significant transactions with the following related parties: Related party name Related party relationship OQ Marketing LLC See below* OQ Trading Limited See below* Kisan International Trading FZE (KIT) See below* Integrated Gas Company SAOC See below** OQ SAOC Shareholder having significant influence KRIBHCO Shareholder having significant influence IFFCO Shareholder having significant influence * Entities controlled by the shareholders have significant influence over the Company ** Entity controlled by the ultimate shareholder of a shareholder having significant influence . Sale of goods Unaudited Unaudited Unaudited Audited Three months ended Six months ended 30 June 2026 30 June 2025 30 June 2026 30 June 2025 ’000 ’000 ’000 ’000 Under common control: OQ Marketing LLC 1,539 1,238 2,920 2,498 OQ Trading Limited 105,764 57,538 180,711 124,295 Kisan International Trading FZE 3,530 3,493 7,230 4,927 110,833 62,269 190,861 131,720 Other income Unaudited Unaudited Unaudited Audited Three months ended Six months ended 30 June 2026 30 June 2025 30 June 2026 30 June 2025 ’000 ’000 ’000 ’000 Under common control: OQ Trading Limited (34) 221 52 260 (34) 221 52 260
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OMAN INDIA FERTILISER COMPANY SAOG Notes to the unaudited condensed interim financial statements for the six-month period ended 30 June 2026 (continued) 22 23 Related parties (continued) Purchase of goods Unaudited Unaudited Unaudited Audited Three months ended Six months ended 30 June 2026 30 June 2025 30 June 2026 30 June 2025 ’000 ’000 ’000 ’000 Under common control: Integrated Gas Company SAOC 28,419 20,473 58,506 42,568 Directors’ remuneration Unaudited Unaudited Unaudited Audited Three months ended Six months ended 30 June 2026 30 June 2025 30 June 2026 30 June 2025 ’000 ’000 ’000 ’000 Sitting fees 22 6 38 11 Other expenses 12 18 54 36 34 24 92 47 Key management compensation Key management personnel are those having authority for planning, directing and controlling the activities of the Company, directly or indirectly, including any director (whether executive or otherwise). Total compensation paid to key management personnel for the period ended 30 June are as follows: Unaudited Unaudited Unaudited Audited Three months ended Six months ended 30 June 2026 30 June 2025 30 June 2026 30 June 2025 ’000 ’000 ’000 ’000 Wages, salaries and allowances 249 236 815 830 End of service benefits 20 16 39 33 Social security costs 12 12 24 24 Other benefits and expenses 204 1 218 10 485 265 1,096 897
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OMAN INDIA FERTILISER COMPANY SAOG Notes to the unaudited condensed interim financial statements for the six-month period ended 30 June 2026 (continued) 23 23 Related parties (continued) Marketing management fees Unaudited Unaudited Unaudited Audited Three months ended Six months ended 30 June 2026 30 June 2025 30 June 2026 30 June 2025 ’000 ’000 ’000 ’000 Under common control: OQ Trading Limited - 289 165 578 Other expenses Unaudited Unaudited Unaudited Audited Three months ended Six months ended 30 June 2026 30 June 2025 30 June 2026 30 June 2025 ’000 ’000 ’000 ’000 Shareholders: OQ SAOC 29 29 29 29 KRIBHCO 33 51 33 51 IFFCO 30 40 30 40 92 120 92 120 Balances arising from sales / purchases of goods / services. These balances are interest free and repayable / receivable on demand. Unaudited Audited 30 June 2026 31 December 2025 ’000 ’000 Due from related parties OQ Trading Limited (*) 25,272 26,409 OQ Marketing LLC (*) 510 598 Kisan International Trading FZE - 1,802 25,782 28,809 Due to related parties Integrated Gas Company SAOC 9,252 10,147 KRIBHCO 33 42 IFFCO 30 34 OQ SAOC 29 29 At 30 June / 31 December 9,344 10,252 * The receivable balances has been recovered subsequently.
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OMAN INDIA FERTILISER COMPANY SAOG Notes to the unaudited condensed interim financial statements for the six-month period ended 30 June 2026 (continued) 24 24 Lease liabilities Unaudited Audited 30 June 2026 31 December 2025 ’000 ’000 At 1 January 10,022 10,352 Reassessment - 1,076 Addition during the period / year - - Add: interest expense on lease liabilities (finance cost) 178 440 Less: payment (1,008) (1,845) At 30 June / 31 December 9,192 10,023 Current portion 1,589 1,620 Non-current portion 7,603 8,403 9,192 10,023 25 Capital expenditure commitments Unaudited Audited 30 June 2026 31 December 2025 ’000 ’000 Estimated capital expenditure contracted for at the reporting date but not provided for 9,680 13,206 26 Purchase commitments The Company is committed to a long-term take-or-pay Gas Supply Agreement (GSA) dated 22 May 2002 with the Government of the Sultanate of Oman (Integrated Gas Company SAOC), which provides the dedicated supply of gas required by the Company for its long-term deliveries. The details of amendment are set out in note 2 to the financial statements. The primary term of the contract is twenty years from the date of commercial production. Minimum Guaranteed Commitments as per GSA at the reporting date based on amendment agreement dated 16 July 2012 was as follows: Unaudited Audited 30 June 2026 31 December 2025 ’000 ’000 Due: Not later than one year 61,171 122,342 Later than one year and not later than five years 669,017 527,189 Later than five years 699,942 841,770 At 30 June / 31 December 1,430,130 1,491,301
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OMAN INDIA FERTILISER COMPANY SAOG Notes to the unaudited condensed interim financial statements for the six-month period ended 30 June 2026 (continued) 25 27 Purchase commitments (continued) At 30 June 2026, the Company had other purchase commitments to the extent of 3.990 million (2025 - 1.207 million). 28 Category of financial instruments The accounting policies for financial instruments have been applied to the line items below: Unaudited Audited 30 June 2026 31 December 2025 ’000 ’000 Financial assets measured at amortized cost Trade and other receivables (excluding prepaid and advances) 28,397 30,848 Balances with banks 151,912 104,258 180,309 135,106 Liabilities measured at amortized cost Trade and other payables 27,855 18,342 Credit quality of financial assets As per the credit policy of the Company, a normal credit period of up to 21 days is extended to all the customers in the normal course of business. The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to external ratings (if available) or to historical information about counterparty default rates. Trade receivables Counterparties without external credit rating and no default history Unaudited Audited 30 June 2026 31 December 2025 ’000 ’000 Within normal credit period 25,783 28,787
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INTERIM CONDENSED FINANCIAL STATEMENTS, 30/06/2026دﺎﻤﺴﻠﻟ ﺔﯾﺪﻨﮭﻟا ﺔﯿﻧﺎﻤﻌﻟا OMIFCO INTERIM CONDENSED FINANCIAL STATEMENTS WERE APPROVED BY THE BOARD OF DIRECTORS ON 28 Jul 2026 Page 1 of 1 Filing Information 01/04/2026-30/06/2026 GENERAL INFORMATION ABOUT FINANCIAL STATEMENTS Type of company SAOG Commercial Registration (CR) number 1584898 Name of reporting entity Oman India Fertiliser Company Listing status Listed Ticker code (Symbol) OMIF Licensing Status Not Licensed with FSA Licensed for Not Applicable Type of Fund Not Applicable Sector Industrial Sector Sub-sector Chemicals Category of filer Manufacturing Companies Reporting period frequency Quarter 2 Whether reporting entity is preparing financial statements for the first financial period since its establishment No Reporting period start date 01/04/2026 Reporting period end date 30/06/2026 Description of reporting currency Omani Rial Level of rounding off for monetary values Thousands Description of nature of financial statements Unaudited Preparation format Standalone