22 April 2013
MUSCAT -- Al Omaniya Financial Services SAOG, Oman's largest non-banking financial institution, has announced its approved un-audited first quarter results for the period ended March 31, 2013. The company has announced a pre-tax pre-provision profit of RO 2.229 million as compared to RO 1.882 million in the same period last year resulting in a growth of 18.43 per cent.
The company made a net profit (after provision and tax) of RO 1.226 million as compared to RO 1072K in the same period last year, resulting in a growth of 14.37 per cent. The hire purchase assets of the company stands at RO 213.516 million as compared to RO 165.485 million in the same period last year, an increase of 29.02 per cent. The company has provided RO 837K towards allowance for impairment for the period. The total provision stands at RO 7.59 million as of March 31, 2013.
The Earnings per Share is RO .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 RO 56.204 million. The book value of the share is RO 0.208 the highest in the industry.
Aftab Patel, Chief Executive Officer stated that the company has been rated No. 1 finance company for the year 2012 by OER-GBCM survey released this month. He further stated that 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 amongst 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 was pleased to mention that the market cap of AOFS has exceeded RO 75 million and is the first and only NBFC in large Market Cap Segment. Patel 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.
MUSCAT -- Al Omaniya Financial Services SAOG, Oman's largest non-banking financial institution, has announced its approved un-audited first quarter results for the period ended March 31, 2013. The company has announced a pre-tax pre-provision profit of RO 2.229 million as compared to RO 1.882 million in the same period last year resulting in a growth of 18.43 per cent.
The company made a net profit (after provision and tax) of RO 1.226 million as compared to RO 1072K in the same period last year, resulting in a growth of 14.37 per cent. The hire purchase assets of the company stands at RO 213.516 million as compared to RO 165.485 million in the same period last year, an increase of 29.02 per cent. The company has provided RO 837K towards allowance for impairment for the period. The total provision stands at RO 7.59 million as of March 31, 2013.
The Earnings per Share is RO .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 RO 56.204 million. The book value of the share is RO 0.208 the highest in the industry.
Aftab Patel, Chief Executive Officer stated that the company has been rated No. 1 finance company for the year 2012 by OER-GBCM survey released this month. He further stated that 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 amongst 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 was pleased to mention that the market cap of AOFS has exceeded RO 75 million and is the first and only NBFC in large Market Cap Segment. Patel 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.
© Oman Daily Observer 2013
