Muscat: With a sole purpose of enabling people to win and delivering on its brand principles of providing more value, vision, and velocity, Sohar International announced its net profit for the six months ended 30 June 2019 of OMR 18.584 million compared to OMR 13.982 million during the same period in 2018, reflecting a healthy growth of 32.91%.
Commenting on the financial results, Mr Mohammed Mahfoudh Al Ardhi, Chairman of the Board of Directors of Sohar International, stated, “The half year financial results are a great reflection of Sohar International’s new vision and strategy in full gear. We see greater demand for financing in the near future due to improved oil prices and the commitment of the government to continue focusing on infrastructure projects along with investments in sectors identified as key in the economic diversification plan. We see continued credit growth and government focus on economic diversification as well as investments in projects of national importance. Sohar International is well positioned to further build on its market excellence, capitalize on upcoming opportunities, play an active and positive role in enhancing the national economy, and continue to create value for Oman.”
Sohar International’s total operating income increased by 16.58 per cent from RO 42.503 million in the first six months of 2018 to RO 49.552 million for the same period in 2019. Operating profit increased by 21.24 per cent to RO 26.910 million as compared to RO 22.195 million at the end of June 2018. Gross loans and advances increased by 10.86 per cent to RO 2.510 billion this year, from RO 2.264billion as compared to the same period last year. Total assets grew by 7.05 per cent from RO 3.009 billion to RO 3.221 billion. Customer deposits increased by 14.09 per cent to RO 1.947 billion as at 30 June 2019 compared to RO 1.706 billion during the same time last year. During the first six months of 2019 operating expenses of the Bank increased by 11.49 per cent to RO 22.642 million compared to RO 20.308 million in the first six months of 2018, reflecting Sohar International’s continued investment in people and core infrastructure. The Bank continues to focus on delivering sustainable growth in line with its strategic objectives.
Commenting on the results, Chief Executive Officer of Sohar International - Mr Ahmed Al Musalmi remarked, “Continuing to embark on the path set by our new brand identity, and constantly persevering to increase value for stakeholders in particular, and the nation at large - we thank our valued patrons and partners for the trust and support reposed in the Bank.”
Mr. Al Musalmi added: “Sohar International entered 2019 with a great sense of optimism and embraced the principles of more velocity, more value, and more vision in its strategic approach; while embodying the attributes of being sharp, human and unstoppable. We are pleased that the effects of these principles are embedded in our half-yearly financial results. Our focus for the year remains geared towards helping customers win and achieve their goals, promising them unrivalled responsive banking services for their ever-changing world. Following the national agenda and playing an active role, Sohar International continues to seek and promote in country values (ICV), identifying key projects that will contribute in the short and long run towards the local economy while creating opportunities for individuals and businesses alike.”
The first half of the year witnessed significant progress and achievements. Marking a major milestone for the bank, Sohar International celebrated in April 2019 , 12 years of successful operations within the Sultanate. Coinciding with the anniversary, the Bank’s new brand “Sohar International” had been conferred with the prestigious ‘Excellence in New Brand Identity Award’ at the Oman Banking & Finance Awards 2019. The Bank has also been adjudged as a frontrunner under the Innovative Custom Components category at the fifth edition of the Infosys Finacle Client Innovation Awards.
Sohar International’s solid foundation and financial position enabled the Bank to have been rated in parity by renowned rating agency Moody’s. Of particular note, and despite a challenging operating environment, the Bank was highly successful in raising funds through perpetual bonds worth OMR 100 million within a mere one month time frame , an enviable achievement within the Banking sector. The last quarter witnessed the Bank launch its dedicated Corporate Campaign - ‘#Hello_Winning’. The campaign recognizes winning as a calling to achieve more and confidently step forward towards a brighter future, further cementing the Bank’s strong commitment to its various stakeholders.
Staying true to its identity and harnessing its core principles of delivering more value, more vision, and more velocity to customers, Sohar International launched a fully revamped proposition under Sohar | Wealth Management with a primary focus on providing fiduciary advice enabling customers to win in their own respective manner, as well as continue to build an ecosystem of services that fulfil such customer’s life style requirements.
Depicting its sharp, human and unstoppable personality and contributing towards the society Sohar International was the main sponsor of Nadhira Al Harthy – a true winner and the first Omani woman to scale the top of Mount Everest. Sohar International continued to reflect its commitment to the unstoppable Formula 4 Champion Shehab Al Habsi having hosted him at the Bank’s new headquarters to congratulate him on his countless achievements.
Furthermore, and with the objective of delivering value to retail and corporate clients, the Bank continued to expand its acquisition business having unveiled its new point of sale services (POS) with a state-of-the-art device, enabling merchants to make the best of what the service has to offer, empowering corporate customers as well as expand its merchant base for e-Floos – a unique digital payment method that seeks to provide convenience and security to the user and retailers alike.
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