National Finance Company is 'cautiously optimistic' of continuing the strong growth it showed in 2011 after announcing a jump in net profits of 52 per cent in its unaudited year-end financial statements released to the Muscat Securities Market (MSM)
The MSM figures show profits for the non-banking finance company grew from RO2.3mn at the end of 2010 to RO3.5mn at the end of 2011, with total assets growing 32 per cent from RO85mn to RO111mn.
The statistics also reveal that the income from financing activities has risen 30 per cent from RO8.6mn in 2010 to RO11mn in 2011, as operating expenses grew 39 per cent from RO2.1mn to RO2.9mn.
Speaking to Muscat Daily,
National Finance Company CEO Robert Pancras explained that the company has "had good growth in its earning assets," adding that company profits have been driven by strong performances in the SME and corporate sectors as well as the retail sector.
Pancras added that the company is also adopting a cautious outlook in the face of insecure global financial markets despite domestic stability. He said, "We have got a cautiously optimistic view of the market. In Oman, all the lights are lined up for Oman to continue its path of growth. However, we are still in a volatile global environment, so we need to look at how global stresses play out."
National Finance scrip gained 6.25 per cent on Tuesday to close at 136bz on the announcement of robust profit growth.
© Muscat Daily 2012
