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AL OMANIYA NET ASSETS CROSSES OVER USD HALF BILLION , A BENCHMARK FOR THE NBFCs IN OMAN


Al Omaniya Financial Services SAOG Oman’s largest Non banking Financial Institution announced their approved un-audited third quarter results for the period ended 30 September 2012.

The company has announced an asset size of USD512.616 million as compared to USD368.8 million in the same period last year registering an increase of 39%.This a milestone for the company as well as the NBFCs ,as this is the first time for any NBFC to report a asset size in excess of USD HALF BILLION.

The company made a profit after tax of RO 3693K as compared to RO 3209K in the same period last year, resulting in a growth of 15.08%.  The company has provided RO 1720K towards allowance for general impairment compared to 1575k for the same period last year, an increase of 9.25%.  The total provision stands at RO 7.742 million as of 30th September 2012.  The company’s networth is RO 56.046 million as compared to RO 43.844 million an increase of 27.83%.The paid up equity share capital stands at RO 20.209 million as compared to RO 15.58 million a growth of 29.89% as the result of conversion of bonds into equity in September 2012.
The company maintained its Number One position among the NBFCs in terms of Asset size, Net Profit, Profit per employee, Asset Quality, Networth and Market Capitalization.

Mr. Aftab Patel, Chief Executive Officer stated that we are really proud of this benchmark achieved by the company. This is the highest in the history among the NBFC’s in the country and he said that with the recent conversion resulting in an increase of company’s capital to RO 20.209 million , the market capitalization stands in excess of RO 62 million , almost twice the size of any peer in the industry. Mr. Patel further said that the Omani economy has shown stable growth on the strength of petroleum price, continuous infrastructure spending and reserves and surpluses of the past year. However, volatility in oil prices and international economic environment are causes of concern.  The creation of new jobs both in the government and private sectors will boost consumption expenditure and the demand for credit is expected to grow.
Barring unforeseen circumstances, the company is expected to perform very well and maintain its track record of increased earnings and consistent dividends on its increased capital of   RO 20.209 million

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

 

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