Muscat- Oman International Development and Investment Co (Ominvest) reported a more than 10 per cent growth in group net profit for the first half of 2019, mainly driven by strong performance of Ominvest’s major subsidiary companies.

The group’s net profit for the six months period ending June 30, 2019 rose to RO24.3mn compared to RO22mn in the corresponding period of 2018, according to Ominvest’s unaudited financial results submitted to the Muscat Securities Market.

‘Ominvest continues to deliver strong results in the prevailing challenging economic environment. The group is progressing well on the execution of its strategic and diversification initiatives,’ Ominvest said in its directors report.

The group’s total revenue grew 11.8 per cent to RO152mn in the first half of this year from RO136mn in the same period of 2018. ‘The growth is attributable to the strong performance of our major subsidiaries namely, Oman Arab Bank (OAB) and Oman National Investment Corporation (Jabreen),’ Ominvest said.

Ominvest’s banking subsidiary OAB reported a profit of RO14.7mn for the six months period ended June 30, 2019, recording a growth of 11.2 per cent compared to RO13.3mn profit reported in the same period of 2018. OAB’s loan book grew 6.7 per cent to RO1.95bn as of June 30, 2019, while customer deposits at the bank increased 3.6 per cent to RO1.94bn during the same period.

Ominvest said OAB’s potential merger discussions with Alizz Islamic Bank are progressing well. ‘If completed, the merger will further strengthen OAB’s market position and enable it to offer a wide array of products and services to both conventional and Islamic customers.’

Jabreen, Ominvest’s fully-owned private equity arm with a focus on international investments in diverse growth sectors, reported an impressive 179.4 per cent growth in profit for the first half of 2019 to RO10.9mn compared to a profit of RO3.9mn for the corresponding period of 2018. The strong performance of Jabreen is attributable to its steady share of results contribution from its investment in robust associate companies, Ominvest said.

Jabreen recently signed an agreement to acquire 43 per cent stake in EastBridge Partners Sinagapore, subject to regulatory approvals in Singapore.

Ominvest’s insurance sector subsidiary National Life & General Insurance Co (NLGIC), reported gross written premium of RO89mn, of which Oman contributed 45.2 per cent, UAE 51.2 per cent and Kuwait 1.4 per cent. NLGIC’s profit for the first half of 2019 amounted to RO5.1mn, representing a modest growth of 1 per cent compared to the corresponding period of 2018.

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