March 29, 2014
Muscat: The net profit of Al Omaniya Financial Services, Oman's largest non-banking financial institution in the Sultanate, stands at OMR6.068 while the total revenue of the company in 2013 was OMR18.738 million.
The announcement was made during the Annual General Meeting of Al Omaniya on Thursday, which was presided over by the company's chairman, Khalid Said Al Wahaibi.
Al Wahaibi said that the shareholders have approved the audited financial statements of the company and also a dividend of 25 per cent for the financial year 2013, comprising 17.5 per cent cash and 7.5 per cent compulsorily convertible unsecured bonus stock bonds.
According to Aftab Patel, the company's chief executive officer, Al Omaniya's loan book stood at about OMR227 million by the end of 2013, a record for the non-banking financial services companies.
The loan book grew by 10.47 per cent.
The pre-tax profit stands at OMR7.149 million. For regulatory limits, the net worth of the company stands at OMR61.047. The book value of the share is OMR0.233, the highest in the industry.
The company has a well-diversified portfolio of assets with the lowest NPA (non-performing asset) ratio of 1.11 per cent in the industry.
The cumulative provisions stand at OMR7.14 million.
According to Patel, the company's performance for the year 2014 till date has been in line with the projections, and barring unforeseen circumstances, the company is expected to maintain its track record of profitability and dividend payments.
© Times of Oman 2014
