22 April 2013
Muscat: Al Omaniya Financial Services (AOFS), Oman's largest non-banking finance company, has achieved a 14.37 per cent growth in net profit at OMR1.23 million for the first quarter of 2013, from OMR1.07 million for the same period last year.
The company has announced a pre-tax pre-provision profit of OMR 2.23 million as compared to OMR1.88 million in the same period last year, indicating a growth of 18.43 per cent. The hire purchase assets of the company stands at OMR213.52 million as compared to OMR165.48 million in the same period last year, an increase of 29.02 per cent. The company has provided OMR837,000 towards allowance for impairment for the period. The total provision stands at OMR7.59 million as of March 31, 2013.
The earnings per share stood at OMR0.0058, in spite of an increase of more than 30 per cent in the paid up capital of the company as compared to the first quarter of 2012. For regulatory limits, the net worth of the company stands at OMR56.20 million. The book value of the share is OMR0.208 the highest in the industry.
Aftab Patel, CEO, said that the company was rated number one finance company for the year 2012 by OER-GBCM survey released this month. AOFS is the largest company in terms of asset, which is in excess of $550 million and also highest in terms of net worth, profitability, efficiency and asset quality among all the NBFC's in the country with a market share in excess of 30 per cent and has a record of consistent and uninterrupted dividend payment since inception. Patel added that the market capitalisation of AOFS has exceeded OMR75 million and is the only NBFC in large market cap segment. He said that increased spending by the government for infrastructure development and capital projects coupled with buoyant oil prices have propelled good growth in the economy and has created optimism and confidence in the market. Moody's Investors Service has reaffirmed the global scale Ba3 local and foreign currency corporate family rating (CFR) to the company with stable outlook.
The Moody's rating reflects AOFS's good profitability, strong asset quality and sound capitalisation and its niche position as the largest company having a market share of 27 per cent.
The company is optimistic about the coming quarters of 2013 and barring unforeseen circumstances, the company is expected to perform very well and maintain its track record of increased earnings and dividends on the increased capital.
Muscat: Al Omaniya Financial Services (AOFS), Oman's largest non-banking finance company, has achieved a 14.37 per cent growth in net profit at OMR1.23 million for the first quarter of 2013, from OMR1.07 million for the same period last year.
The company has announced a pre-tax pre-provision profit of OMR 2.23 million as compared to OMR1.88 million in the same period last year, indicating a growth of 18.43 per cent. The hire purchase assets of the company stands at OMR213.52 million as compared to OMR165.48 million in the same period last year, an increase of 29.02 per cent. The company has provided OMR837,000 towards allowance for impairment for the period. The total provision stands at OMR7.59 million as of March 31, 2013.
The earnings per share stood at OMR0.0058, in spite of an increase of more than 30 per cent in the paid up capital of the company as compared to the first quarter of 2012. For regulatory limits, the net worth of the company stands at OMR56.20 million. The book value of the share is OMR0.208 the highest in the industry.
Aftab Patel, CEO, said that the company was rated number one finance company for the year 2012 by OER-GBCM survey released this month. AOFS is the largest company in terms of asset, which is in excess of $550 million and also highest in terms of net worth, profitability, efficiency and asset quality among all the NBFC's in the country with a market share in excess of 30 per cent and has a record of consistent and uninterrupted dividend payment since inception. Patel added that the market capitalisation of AOFS has exceeded OMR75 million and is the only NBFC in large market cap segment. He said that increased spending by the government for infrastructure development and capital projects coupled with buoyant oil prices have propelled good growth in the economy and has created optimism and confidence in the market. Moody's Investors Service has reaffirmed the global scale Ba3 local and foreign currency corporate family rating (CFR) to the company with stable outlook.
The Moody's rating reflects AOFS's good profitability, strong asset quality and sound capitalisation and its niche position as the largest company having a market share of 27 per cent.
The company is optimistic about the coming quarters of 2013 and barring unforeseen circumstances, the company is expected to perform very well and maintain its track record of increased earnings and dividends on the increased capital.
© Times of Oman 2013
