News & Events

The Extra-ordinary and Annual General Meetings of Al Omaniya Financial Services SAOG


The Extra-ordinary and Annual General Meetings of Al Omaniya Financial Services SAOG was held on 27th March 2011and the meeting was presided by the Chairman Mr. Khalid Said Al Wahaibi.

Mr. Khalid Al Wahaibi, Chairman stated that the company approved a dividend of 25% for the financial year 2010 (18% cash and 7% Bonus stock bonds).  The audited financial statements of the company have also been approved.

The board of directors appreciated the measures taken by the Central Bank of Oman and the Capital Market Authority with a view to strengthening the financial sector in the Sultanate.

Mr. Aftab Patel, Chief Executive Officer made the following statements after the meeting.

 
The total revenue of the company is RO 13.371 Million. The company has provided RO 1323K as provision for doubtful debts.  The cumulative provisions stand at RO 5.342 million.  The Earnings per Share is RO 0.027, the highest in the industry.  The company has maintained its track record of paying uninterrupted dividend since its inception taking into cumulative dividend paid so far as 253%.
 

The book value of the share is RO 0.220 the highest in the industry.  The company has a well diversified portfolio of assets with the lowest NPA ratio in the industry. The company focuses to strengthen its position as a specialised financial institution to meet the corporate needs besides continuing the retail and micro finance business.  The company has been posting higher earnings and profitability over the years and has been a consistent dividend payer since inception.

The company is expected to improve its performance and profitability for the year 2011 and maintains its number One position.

The Moody’s has reaffirmed the global scale long term issuer rating of ‘Ba3’ to AOFS for the year 2010-2011.

PRESS RELEASE BY MR. AFTAB PATEL, CHIEF EXECUTIVE OFFICER:
 

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