17 April 2012
Muscat: Al Omaniya Financial Services (AOFS), Oman's largest non-banking financial institution has announced their approved un-audited first quarter results for the period ended March 31, 2012.
The company announced a pre-tax pre-provision profit of RO1.882 million as compared to RO1.632 million in the same period last year resulting in a growth of 15.3 per cent, the company said in a press statement issued yesterday.
The company made a net profit (after provision and tax) of RO1.072 million as compared to RO973,000 in the same period last year, resulting in a growth of 10.17 per cent. The hire purchase assets of the company stands at RO165.485 million as compared to RO132.159 million in the same period last year, an increase of 25.22 per cent.
The company has provided RO665,000 towards allowance for impairment for the period. The total provision stands at RO6.688 million as of March 31, 2012.
Aftab Patel, Chief Executive Officer stated that increased spending by the government on the infrastructure development and capital projects coupled with buoyant oil prices has propelled good growth in the economy and has created optimism and confidence in the market.
Bond issue oversubscribed
The company's recent fully compulsorily convertible bond issue was subscribed by 120 per cent and this will take the company's net worth to above RO52 million for all regulatory purposes subject to all regulatory approvals.
The company maintains its position of Oman's largest non-banking financial services provider in terms of asset size, net worth, profitability and highest NPL coverage. The company is optimistic about the coming quarters of 2012 and barring unforeseen circumstances, the company is expected to perform very well and maintain its track record of increased earnings and dividends.
Muscat: Al Omaniya Financial Services (AOFS), Oman's largest non-banking financial institution has announced their approved un-audited first quarter results for the period ended March 31, 2012.
The company announced a pre-tax pre-provision profit of RO1.882 million as compared to RO1.632 million in the same period last year resulting in a growth of 15.3 per cent, the company said in a press statement issued yesterday.
The company made a net profit (after provision and tax) of RO1.072 million as compared to RO973,000 in the same period last year, resulting in a growth of 10.17 per cent. The hire purchase assets of the company stands at RO165.485 million as compared to RO132.159 million in the same period last year, an increase of 25.22 per cent.
The company has provided RO665,000 towards allowance for impairment for the period. The total provision stands at RO6.688 million as of March 31, 2012.
Aftab Patel, Chief Executive Officer stated that increased spending by the government on the infrastructure development and capital projects coupled with buoyant oil prices has propelled good growth in the economy and has created optimism and confidence in the market.
Bond issue oversubscribed
The company's recent fully compulsorily convertible bond issue was subscribed by 120 per cent and this will take the company's net worth to above RO52 million for all regulatory purposes subject to all regulatory approvals.
The company maintains its position of Oman's largest non-banking financial services provider in terms of asset size, net worth, profitability and highest NPL coverage. The company is optimistic about the coming quarters of 2012 and barring unforeseen circumstances, the company is expected to perform very well and maintain its track record of increased earnings and dividends.
© Times of Oman 2012
