JANUARY 16, 2013
Muscat: The board of Oman Cables Industry, one of the leading power cable manufacturers in the Middle East, has proposed a 70 per cent cash dividend for last year, which is to be approved by the shareholders at the annual general meeting.
The company has achieved a 73.2 per cent growth in net profit at OMR11.9 million for 2012, against OMR6.9 million for the previous year, the company said in a stock market filing. Sales revenue was lower at OMR257.2 million in 2012, compared to OMR272.3 million in 2011 Earning per share (face value 100 baisas) was OMR 0.133 in 2012 compared to 77 baisas in 2011, while net asset per share increased to 653 baisas on December 31, 2012 compared to 554 baisas for the same period of 2011. On a quarter-on-quarter basis, net profit margin improved from 3.76 per cent for the third quarter of 2012 to 7.58 per cent for the fourth quarter of 2012, said Al Maha Financial Services in a research note.
Al Maha research note also said that on a quarterly basis too, net profit increased by 99.9 per cent to reach OMR4.64 million in the fourth quarter of 2012 compared to that of OMR2.32 million for the previous quarter. Oman Cables shares remained unchanged on the Muscat Securities Market.
© Times of Oman 2013
