News & Events

AL OMANIYA DECLARES A PROFIT OF RO 2903K FOR THE THIRD QUARTER 2010 – A GROWTH OF 10%


Al Omaniya Financial Services SAOG announced their approved un-audited nine months results for the period ended 30th September 2010.

The company made a profit after tax of RO 2903K as compared to RO 2639K in the same period last year, resulting in a growth of 10%.  The hire purchase assets of the company stands at RO 132 million as compared to RO 115 million in the same period last year, an increase of 15%.  The company has provided RO 940K towards allowance for impairment for the period.  The total provision stands at RO 6.374 million as of 30th September 2010. 

Mr. Aftab Patel, Chief Executive Officer stated that the Omani economic climate looks extremely positive.  The growth will continue albeit at a slower pace.  The credit growth is witnessing moderate growth. With stable oil prices and continued government spending on infrastructure projects, augurs well for the economy. The Muscat Securities Market also shows positive signs.   This has created optimism and confidence in the market.

Mr. Aftab Patel further stated that the company has successfully raised RO 7.7 million Unsecured Compulsorily Convertible Bonds through Rights Issue. This helps the company to improve its liquidity and will enhance the capital structure.

The company therefore maintains very positive outlook for the year’s performance and is expected to continue its track of increased earning and dividends on the strength of robust asset size and increased lending opportunities.
The company continues to maintain its number one position as the Sultanate’s Largest Non-Banking Financial Institution with largest asset size, market capitalisation, net worth, lowest non-performing loan and highest profit.
PRESS RELEASE BY MR. AFTAB PATEL, CEO - AL OMANIYA FINANCIAL SERVICES SAOG.

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