Jan 25 2011
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Oman Cables posts higher profit, will pay 40% dividend
MUSCAT: Oman Cables said its net profit soared by 22 per cent to RO8.1 million for 2010 and the board has decided to pay a cash dividend of 40 per cent. The company's net profit for 2009 was RO6.6 million.
Sales revenue rose remarkably by 29 per cent to RO200.9 million from RO155.6 million in 2009, a company statement said.
"Oman Cable's revenue increased by 34 per cent on year on year and 12 per cent on quarter on quarter to RO57.7 million, up 21 per cent above our estimate," said EFG Hermes in a research note.
"Traditionally Oman Cable's fourth quarter volume sales have been stronger than other quarters.
However, we were expecting lower sales in the fourth quarter of 2010 due to extended Hijri and National day holidays," it added.
Earnings per share increased to RO0.091 by end-2010 from RO0.074, while net asset per share increased to 502 baisas from 450 baisas.
EFG Hermes estimated the dividend yield at 3.2 per cent on the current price.
"Dividend payout was higher than our estimate of 30 baisas per share," the company statement noted.
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