24 March 2016
Muscat: Shareholders of Al Omaniya Financial Services, Oman's largest non-banking financial institution, have approved a dividend of 25 per cent for 2015, which comprises 17 per cent cash, 3 per cent stock dividend and 5 per cent compulsory convertible unsecured bonus stock bonds.

The company's chairman, Khalid Said Al Wahaibi, presided over the annual general meeting on Wednesday. Khalid Al Wahaibi, chairman stated that the shareholders have approved the audited financial statements of the company and also a dividend payment.

The board of directors appreciated the measures taken by the Central Bank of Oman and the Capital Market Authority with a view to strengthening the financial sector in the Sultanate.

Aftab Patel, chief executive officer made the following statements after the meeting. "Al Omaniya Financial Services retains its primarily pole position as Oman's largest non banking financial institution on all parameters."

The company's loan book stands at OMR255 million at the year end of 2015, the highest among the non-banking finance companies.

The total revenues of the company stood at OMR19.198 million. The pre-tax profit stands at OMR7.561 million and the net profit is OMR6.657 million. The company has provided OMR2 million as provision for doubtful debts. The earnings per share is OMR 0.028, for regulatory limits, the net worth of the company stands at OMR66.8 million. The book value of the share is OMR0.241.

The company has a well diversified portfolio of assets with the lowest NPA ratio of 0.62 per cent in the industry. The cumulative provisions stand at OMR8.658 million which covers 550 per cent of the non performing assets. The company has been posting higher earnings and profitability over the years and has been a consistent dividend payer since inception.

He further stated that cumulative dividend paid till date stands at 378 per cent. The company has the highest net worth, highest profit, highest EPS, highest profit per employee, lowest non-performing loans and largest market capitalisation on the MSM in the sector.

Patel further added that considering the challenging circumstances facing the Omani economy, the company is expected to perform above the industry average and would continue to focus on quality and consolidation. © Times of Oman 2016