Al Omaniya Financial Services, Oman's largest non-banking financial company (NBFC), has posted a 16.94 per cent year-on-year rise in profit for 2011 to RO4.83mn. Earnings per share stood at 31bz.
On the basis of its performance, the board of directors of the company has recommended a dividend of 25 per cent - comprising 20 per cent cash and five per cent stock dividend on the paid-up capital for 2011.
The results and dividend, according to a press release, are subject to the approval of the Central Bank of Oman and the company's annual general meeting (AGM).
Total revenues stood at RO14.43mn. In 2011, the company made a provision of RO197,000 for doubtful debts and cumulative provisions stand at RO6.02mn. For regulatory limits, the net worth of the company stands at RO45.46mn.
According to Aftab Patel, chief executive officer, "The company has maintained its track record of paying uninterrupted dividend since inception and the cumulative percentage of dividend paid so far is 278 per cent. The cash dividend is the highest amongst NBFCs in Oman."
The company is expected to improve its performance and profitability in 2012 and maintain its No 1 position, he added. Moody's had recently reaffirmed the global scale long term issuer rating of Ba3 to Al Omaniya for the year 2011-2012.
The company will launch its rights issue of unsecured compulsorily convertible bonds worth RO10mn in the first quarter of this year with a tenor of five years.
© Muscat Daily 2012
