27 March 2013
Muscat: Muscat Finance, a pioneer in auto finance, equipment leasing, working capital finance and debt factoring services, reported yet another year of improvements in profits and uninterrupted dividends since inception. At the annual general meeting held recently, the shareholders have approved the accounts for the year 2012 and approved a cash dividend of 10 per cent and a stock dividend of 7 per cent, on the capital of OMR20.16 million. This will increase the capital to OMR21.57 million.
The company's net profit grew by eight per cent last year, over the previous year, while assets soared by 21 per cent. With the approval and distribution of this dividend, the company will distribute a cumulative total of OMR33.69 million by way of dividends as against the capital of OMR7.4 million injected in cash.
Last year was the Silver Jubilee year of the company. The company has an enviable track record of successful operations over the last 25 years and the company celebrated the same with a special event on February 3 that was well attended by select customers, bankers and business associates.
The company offers a wide range of products - financing for cars, commercial vehicles, construction equipment, plant and machinery, financing of receivables and working capital requirements. While announcing the results, Ajit Engineer, CEO of the company, said: "During the year, the company has achieved 80 per cent Omanisation target as per regulatory requirements and has implemented various initiatives for training and development of Omani staff."
Muscat: Muscat Finance, a pioneer in auto finance, equipment leasing, working capital finance and debt factoring services, reported yet another year of improvements in profits and uninterrupted dividends since inception. At the annual general meeting held recently, the shareholders have approved the accounts for the year 2012 and approved a cash dividend of 10 per cent and a stock dividend of 7 per cent, on the capital of OMR20.16 million. This will increase the capital to OMR21.57 million.
The company's net profit grew by eight per cent last year, over the previous year, while assets soared by 21 per cent. With the approval and distribution of this dividend, the company will distribute a cumulative total of OMR33.69 million by way of dividends as against the capital of OMR7.4 million injected in cash.
Last year was the Silver Jubilee year of the company. The company has an enviable track record of successful operations over the last 25 years and the company celebrated the same with a special event on February 3 that was well attended by select customers, bankers and business associates.
The company offers a wide range of products - financing for cars, commercial vehicles, construction equipment, plant and machinery, financing of receivables and working capital requirements. While announcing the results, Ajit Engineer, CEO of the company, said: "During the year, the company has achieved 80 per cent Omanisation target as per regulatory requirements and has implemented various initiatives for training and development of Omani staff."
© Times of Oman 2013
