News & Events

AOFS PRESS RELEASE APRIL' 2012


AOFS ANNOUNCES 17% GROWTH IN NET PROFIT  –  DECLARES 25% DIVIDEND

The Extra-ordinary and Annual General Meetings of Al Omaniya Financial Services SAOG was held on 22nd March 2012 and 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 2011 (20% cash and 5% stock dividend).  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.  The company elected its new board of directors at the AGM and size of the board has increased to 9 members.  The board has unanimously elected Mr. Khalid Said Al Wahaibi as Chairman and Sheikh Khalid Mustahil Al Mashani as Deputy Chairman.

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

The total revenue of the company is RO 14.436 Million. The company has provided RO 1970 K as provision for doubtful debts.  The cumulative provisions stand at RO 6.023 million.  The Earnings per Share is RO 0.031, the highest in the industry.  The company has maintained its track record of paying uninterrupted dividend since its inception and the cumulative dividend paid so far is 278%.

The book value of the share is RO 0.226 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 specialized 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.

On most of the parameters, the company stands at pole position viz. number one in Asset size, highest net worth, highest market capitalization, highest profit, highest EPS, highest profit per employee and lowest non-performing loans and largest market capitalization on the MSM in the sector.

The company’s unique distinction being that not only it is the largest NBFC in Oman with asset size in excess of RO 159 million and leads in all parameters, but it has the lowest non-performing loans among the Banking and Non-Banking sectors, reflecting the highest quality of its portfolio of Assets. 

The Moody’s has reaffirmed the global scale long term issuer rating of ‘Ba3’ to AOFS for the year 2011-2012.

Further the company is launching a Rights Issue of 100,000,000 fully compulsorily convertible bonds at RO 0.100 per bond to the Shareholders with a tenor of 5 years and 20% of the Bonds will be converted into equity shares of the company at the end of every year, i.e. 12, 24, 36, 48 and 60 months from allotment over the tenor of 5 years.  The issue opens on 25th March 2012 and closes on 8th April 2012. This will help us to meet the regulatory requirement of Capital enhancement for the next five years.

 

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