News & Events

AL OMANIYA DECLARES A PROFIT OF RO 882K FOR THE FIRST QUARTER 2010 – A GROWTH OF 11.8%


Al Omaniya Financial Services SAOG announced their approved un-audited first quarter results for the period ended 31st March 2010.

The company made a profit after tax of RO 882K as compared to RO 789K in the same period last year, resulting in a growth of 11.8%.  The hire purchase assets of the company stands at RO 118.9 million as compared to RO 115 million in the same period last year, an increase of 3.4%.  The company has provided RO 290K towards allowance for impairment for the period.  The total provision stands at RO 5.724 million as of 31st March 2010.  The company’s  current networth is in excess of RO 32.47 million.

Mr. Aftab Patel, Chief Executive Officer stated that the world economy has been in the recovery path with the help from government stimulus and improved sentiment.  The Oman economy is witnessing moderate growth with stable oil prices and continued spending by the government on the capital projects.  This has created optimism and confidence in the market.

Mr. Aftab Patel further stated that the company is planning to raise RO 10 million Unsecured Compulsorily Convertible Bonds through Rights Issue subject to the approval of regulatory authorities in lieu of earlier proposal of RO 20 million through private placement

PRESS RELEASE BY MR. AFTAB PATEL, CEO - AL OMANIYA FINANCIAL SERVICES SAOG.

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